One Indian Audit & Accounts Department One System (OIOS)

April 1, 2023

The Comptroller and Auditor General of India (CAG) recently announced the full activation of the One Indian Audit & Accounts Department One System (OIOS) workflow system in the audit offices.

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.