Hyderabad: NIRDPR, ICAI ink MoU

Hyderabad: The National Institute of Rural Development &Panchayati Raj (NIRDPR) and Institute of Chartered Accountants of India (ICAI) signed a Memorandum of Understanding (MoU) on Thursday in virtual mode.

The MoU will lead to collaboration in the development of Accounting/Auditing Standards for Rural Local Bodies, ensuring accountability, transparency through social audit, maintenance of proper books of accounts, finance by various Rural Development functionaries, better systems of internal audit and control through data mining, preparation of detailed project reports by rural micro, small entrepreneurs.

Speaking on the occasion, Dr Narendra Kumar, Director General, NIRDPR, felt that the MoU is a landmark event in the Rural Development especially in the context of localiasation of Sustainable Development Goals with a view to develop government auditing, achieving Gram Panchayat Development Plan across 2.50 lakh rural local bodies spread across the country. He mentioned that proper financial management of Gram Panchayats, submission of Utilisation Certificates for the money spent, preparation of Detailed Project Reports for Rural Development programmes such as RURBAN, and NRLM by focusing on Return on Investment, seamless cash flows through Direct Benefit Transfer and Public Financial Management System for effective utilisation of funds will make rural India strong and accountable. He said that a core committee would be constituted soon to finalise the annual action plan to achieve the intended objectives of the MoU.

Debashis Mitra, President, ICAI stated that they have developed accounting/auditing standards for Risk Based Internal Audit in respect of Urban Local Bodies and would like to develop the same for Rural Local Bodies for the larger benefit of the nation.