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.
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.