About One Indian Audit & Accounts Department One System (OIOS):
- It is an enterprise-wide end-to-end IT application.
- It is a web-enabled solution with support for multiple languages with, offline functionality, and a mobile app.
- All new audit work in offices under the CAG will take place only through OIOS.
- Applications:
- All audit work can be carried out digitally.
- Offices will not have to go through files physically, and records can be maintained for eternity.
What is an Audit?
- Auditing, or a financial audit, is an official examination and verification of a business’s financial records.
- The financial records include a balance sheet, an income statement, a statement of changes in equity, a cash flow statement, and notes comprising a summary of significant accounting policies and other explanatory notes.
- The main goal of auditing is to make sure that a company’s financial statements are accurate and follow regulatory guidelines.
- Auditing also gives investors, creditors, and other stakeholders reasonable assurance that they can rely on a company and its integrity.
