Accounting of Public Spending
Our honorable chief
minister of Delhi, announced a special seven day drive of removing Malba, dust
and garbage in case he receives photographs through a special mobile app. Huge
amounts were spent on the entire exercise specially on advertisement. Delhi didn’t see any result and the outcome
couldn’t be measured, in the absence of accounting, MIS, proper checks and
control and no provision for monitoring of outcome. The Chartered Accountant profession hereby volunteers setting up of the
entire system of accounting of public spending including:-
Ø
A transparent pre sanction detailed techno
economic feasibility study
Ø
Disclosure of the entire break up of plan,
technical specifications, description of BOQ, including standard service level,
quality levels and other terms or
condition proposed to the potential
bidders through a transparent electronic public procurement process.
Ø
Post sanction implementation monitoring
including accounting, internal control, delegation of powers and record keeping
of actual deliveries against the committed deliverable by measurement of actual
physical outcome. A regular step by step website disclosure and invitation of
public questioning will ensure that BOQ is adhered in letter and spirit.
Public Accounting in a transparent manner and its disclosure
to the entire democracy is mandatory for structured and monitor growth. The
government has specified detailed disclosure, transparency requirement beside
compliances for the private sector. The similar accounting disclosure
requirement as well as internal control mechanism is to be put in place for the
Central, State
government and local bodies. The various social scheme plan expenditure
as well as unplanned expenditure needs to be properly accounted for, Management
information system to be put in place with clear cut governance process. In the
absence of above, the public funds will always be misused for Example-
Education Cess meant for modernization and infrastructure had been mainly spent
on mid-day meal for last several years.
The institute of Chartered accountant of India can provide a
framework and organise chartered accountant into groups to provide necessary
technology including hand holding of the implementation .This will ensure
eradication of mad competition in the tendering process and will provide suitable remuneration for professional services and high quality result to the central
government, state government, railways, national highway authority, PSUs and all other similar initiative & scheme
of government. The exercise can be funded to ICAI
body for onward CA groups to support the exercise professionally.
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