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About SAI20 Summit 

Focus: GS II: International Relations

Why in News?

The SAI20 Summit under India’s G20 Presidency began in Goa, led by the Comptroller and Auditor General (CAG) of India.

Key Points:

SAI20 Priority Areas:

  • The SAI20 (Supreme Audit Institutions 20) priority areas include “Blue Economy” and “Responsible Artificial Intelligence.”
  • These areas highlight both the opportunities and concerns associated with new-age developments.
  • Genuine cooperation among SAIs is crucial to address these priority areas effectively.

Cooperation and Capacity Building:

  • Close cooperation among SAIs is necessary for knowledge sharing and capacity building.
  • This collaboration enables SAIs to collectively tackle challenges and leverage opportunities in areas such as the Blue Economy and Responsible Artificial Intelligence.

Establishment of a Center of Excellence:

  • SAI India’s International Centre for Environment Audit and Sustainable Development (iCED) has established a Center of Excellence in the Blue Economy.
  • The center aims to foster research and act as a catalyst for knowledge sharing and capacity building among SAIs.

Compendiums on Blue Economy and Responsible AI:

  • Two compendiums on Blue Economy and Responsible Artificial Intelligence have been published with contributions from various Supreme Audit Institutions.
  • These compendiums provide valuable insights and information on these subjects.

Challenges and Role of SAIs:

  • Auditing the Blue Economy and Responsible AI poses challenges due to their pervasive and cross-cutting nature, coupled with evolving technology and usage.
  • SAIs have a crucial role in auditing these areas to ensure good governance, transparency, and accountability.

About Supreme Audit Institutions (SAIs):

  • SAIs are public oversight institutions that are responsible for auditing the use of public funds by governments.
  • They play a crucial role in ensuring accountability within a country.
  • SAIs scrutinize public financial management and reporting to provide assurance that resources are utilized in accordance with prescribed rules and regulations.
  • The mandate of most SAIs is derived from the constitution and/or legislation of their respective countries.
  • SAIs perform various types of audits, including financial audits, compliance audits, and performance audits.
  • Financial audits involve examining an organization’s accounting procedures and financial statements to ensure accuracy and transparency.
  • Compliance audits focus on reviewing the legality of transactions carried out by the audited body.
  • Performance audits assess the efficiency, effectiveness, and economy of the government’s activities and undertakings.
  • In India, the Comptroller and Auditor General (CAG) serves as the country’s SAI.

December 2023