NARESH SALECHA MEMBER FINANCE RAILWAY BOARD

Reviewed progress of Accrual Accounting with President of ICAI Sh.Nilesh Vikamsey and his team.

AM Sh. A.K. Prasad advised ICAI to expedite the progress of transaction based accrual Accounting.

Markus Roesner of ADB visited for getting updates on latest Status of Accounting Reforms Project in Indian Railways.

Joint Expert Group meeting with President, ICWAI Sh. S. Gupta & his team regarding Performance Costing in Indian Railways held.

First Joint Expert Group meeting of ICAI and IR held to review progress on rolling out of IR. 130 CA working all over india .

Game changing project,going beyond basics like double entry&accrual,Outcome based,integrate Costing,a/c,MIS, etc,towards ERP#AccontingReform twitter.com/nsalecha1/stat…

Honourable Minister SURESH PRABHU himself taking keen interest in Accounting Reforms project twitter.com/sureshpprabhu/…

Supriya,Srikant,Prateek,N Babu&Vipul , RPM representing Mumbai, Kolkata, Allahabad,Secunderabad&Delhi Region gave overview of the progress

During RPM meeting, a Presentation on Actuarial Study was given by outside experts. The likely methodology and impact was discussed.

1 meeting with Regional Project Managers of Accounting Reforms held in Railway Board.

5/MR @sureshpprabhu has suggested that audit teams should be capable of detecting anomalies much before the same r pointed external agencies

4/The need for a robust and effective internal audit system is especially required now due 2 greater delegations of power at the field level

3/MR @sureshpprabhu stressed on internal audit which should be capable of detecting non-compliance of laid down procedures,sys failures, etc

2/The meeting was attended by Financial Commissioner (Railways) B.N.Mohapatra, Advisor Vigilance, Advisor Finance and other officials.

1/ MINISTER OF RAILWAYS @sureshpprabhu REVIEWED THE STATUS OF INTERNAL AUDIT SYSTEM ON INDIAN RAILWAYS

Internal Audit of key policies & initiatives to help in bringing in accountability and transparency in functioning of Indian Railways.

FC briefed MR plans to conduct internal audit of key processes to ensure sustainability of growth initiatives.Adv vig & adv f participated

Railway Ministry proposes to leverage internal audit to enhance customer satisfaction and improve productivity in operations.

Concept paper on Outcome Budgeting and preliminary milestones as received from various Dtes were apprised to Hon'ble MR.

Performance Costing status and implementation of Pilot Project with assistance of ICWAI in Delhi Division was reviewed by Hon'ble MR.