Bengaluru, 1 October 2024: The Institute of Chartered Accountants of India (ICAI) through its Committee on Public and Government Financial Management (CPGFM) is organising One and Half Day Local Governance Synergy Conclave at Hotel Le Meridien, New Delhi. The theme of the Conclave is सशक्त भारत: An Initiative to Strengthen Local Self-Government Accounting (स्थानीय स्वशासन की विकसित भारत में भूमिका), that aims to strengthen the accounting practices, improving financial management and decision-making at the grassroots level.
The Conclave was inaugurated by the Chief Guest Shri Girish Chandra Murmu Ji, Hon’ble Comptroller and Auditor General (CAG) of India in the presence of Shri Vivek Bhardwaj, IAS, Secretary, Ministry of Panchayati Raj (MoPR), Shri Subir Mallick, IAAS, Deputy CAG (Defence & LGA), and Ashwini Bhatia, Whole-Time Member, Securities and Exchange Board of India (SEBI), Ms. Yashodhara Ray Chaudhuri, IAAS, Additional Deputy CAG (Local Governance Audit) & Chairperson, Board for Local Bodies Accountants Certification (BLoAC) along with CA. Ranjeet Kumar Agarwal, President, ICAI and CA. Kemisha Soni, Chairperson, Committee on Public and Government Financial Management (CPGFM) and Vice-Chairperson, BLoAC.
The event brought together key stakeholders from across India, including officials from the Office of CAG, the Ministry of Housing and Urban Affairs (MoHUA), the Ministry of Panchayati Raj (MoPR), and the Ministry of Rural Development (MoRD), as well as principal secretaries, panchayat officers, state accountant generals, and municipal commissioners.
During the inaugural session Shri Girish Chandra Murmu Ji, Hon’ble Comptroller and Auditor General of India, highlighted the critical role of grassroots participation in achieving the vision of a ‘Viksit Bharat’ He said, “We must recognize that citizens are the principal stakeholders in the development process. Without focusing on local participation, true progress cannot be achieved. This conclave goes beyond accounting; it is about Jan Bhagidari at all levels. Panchayat and local bodies are the first respondents for the success of any Government schemes and Sustainable Development Goals (SDGs).
He further added, “At the local level, there is a lack of Accountants Officers for record keeping or maintaining accounts. Together with ICAI this Certificate Courses for Accountants of Panchayats and Municipal Bodies has been developed for capacity building and empowering citizens at the grassroot level. Further the credibility of ICAI for conducting the exam with highest integrity, itself gives credit to the certification through this course. I thank ICAI for partnering with us for financial literacy at the local level. This synergy must continue, and local bodies must continue to ensure sustainable growth and financial accountability across the country”
On this occasion, CA. Ranjeet Kumar Agarwal, President ICAI, said, “As a premier institution in auditing and accounting, ICAI takes immense pride in having one of the most robust examination systems in the country, a system that has been acknowledged by the Supreme Court. Our collaboration with the Comptroller and Auditor General (CAG) to empower accounting at the local level underscores our dedication to nation-building. In the past ICAI ARF has helped Indian Railways to convert from Single accounting to double entry accounting system.
He further added, “ICAI remains steadfast in its mission to strengthen India’s financial ecosystem. We all have come together to strengthen the best accounting and auditing practices across 2.6 lakh Panchayati Raj Institutions and 4,500 Urban Local Bodies and contribute to building an equitable and financially resilient nation.”
Shri Vivek Bhardwaj, IAS, Secretary, Ministry of Panchayati Raj (MoPR), emphasized, “Panchayats play a pivotal role in the development of villages and act as force multipliers in driving grassroots progress. Their importance must be fully recognized. The synergy and partnership between ICAI & CAG will make significant strides in strengthening the financial framework at the local level. To achieve the vision of a ‘Viksit Bharat,’ contribution of panchayats cannot be overlooked.”
Shri Subir Mallick, IAAS, Deputy CAG (Defence and LGA), stated, “Grassroots development can only thrive when people are actively engaged. Many educated individuals in villages are seeking employment but lack the necessary training for accounting. Basic training through this course is crucial to bridge this gap. We need more individuals ready to take on these roles, and increased awareness about this course is vital”
Ashwini Bhatia, Whole-Time Member, Securities and Exchange Board of India (SEBI) said “Developing the corporate bond market and municipal bonds is crucial to funding larger projects, especially as urbanization is expected to reach 70% by 2050. Addressing accounting challenges at the municipal level will unlock greater financial opportunities, enabling cities to grow and thrive.”
Ms. Yashodhara Ray Chaudhuri, IAAS, Additional Deputy CAG (Local Governance Audit) & Chairperson, BLoAC said, “ICAI has brought its hallmark professionalism to the realm of Panchayat accounting, a new and critical area for the institution. Today marks a significant milestone as we are proud to facilitate the toppers of Certificate Courses for Accountants of Panchayats and Municipal Bodies. This achievement reflects the commitment to strengthening financial governance at the grassroots level.”
Kemisha Soni,Vice-Chairperson, BLoAC highlighted the steps being undertaken by the Committee in the direction of improving financial reporting and management in Local-self Government.
A key highlight of the Conclave was the felicitation of toppers of the first batch of the Certificate Course for Accountants of Panchayats and Municipal Bodies held in August May. In total, 84 students successfully completed the course.
The Conclave also facilitated insightful discussions focussing on financial reporting, management and auditing in Local Self-Governments and the role of digital tools in enhancing transparency & accountability. Approx. 400 participants, comprising of local body officials and concerned stakeholders have gathered from across the country.