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The Comptroller and Auditor General (C&AG) of India, K Sanjay Murthy, today launched the Centre of Excellence for Financial Audit (CoEFA) in Hyderabad, marking a step towards advancing technology-driven financial auditing in the public sector.
Speaking to ANI at the sidelines of the launch, Sanjay Murthy said the Centre of Excellence on Financial Audit at Hyderabad will specialise in doing better, faster, quicker financial audits with the use of technology. "We hope that this Centre will not only serve academies across India in a similar space but also take a leadership role in providing capacity to international audiences," he said. The CoEFA aims to modernize the country's auditing systems by integrating digital tools, Artificial Intelligence (AI), and Machine Learning (ML) into financial audits of Public Sector Enterprises (PSEs), Autonomous Bodies (ABs), and Urban Local Bodies (ULBs). It will function under the Director General of the National Academy of Audit and Accounts (NAAA), Shimla, and serve as a knowledge-based platform to strengthen accountability and transparency in public financial management. The launch included demonstrations of two data analytics models by the Institute of Chartered Accountants of India (ICAI) and the Office of the Principal Director of Commercial Audit, Hyderabad, showcasing future research directions of CoEFA. A Framework Agreement was also signed between the CoEFA of NAAA and ICAI to promote collaboration in training, research, and publications related to financial auditing and public sector financial analysis. This builds upon an earlier MoU signed between the Office of the C&AG and ICAI in April 2025 to strengthen cooperation in the field of financial auditing and capacity development. The CoEFA, currently housed in the former Regional Capacity Building and Knowledge Institute (RCB&KI) complex in Hyderabad, will act as a hub for research, innovation, and training. Its vision is "to be recognised as a Centre of Excellence for Financial Audit of Public Sector Enterprises, Autonomous Bodies and Urban Local Bodies by effectively combining digital innovation with human expertise and institutional experience." On the same day, the C&AG inaugurated CoEFA's first capacity-building workshop on the Companies Act, 2013. Conducted in collaboration with RCBKI Mumbai, the three-day programme from November 26 to 28, 2025, focuses on enhancing the skills of audit officers engaged in financial audits of public institutions. (ANI)
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