What is the full form of CAG?
The CAG full form is Comptroller and Auditor General of India. It is an authority formed under Article 148 of the Indian Constitution, and its principal responsibility is to examine all government-funded expenditures by the central government, state governments, and NGOs. It has its headquarters in New Delhi, India.
In the Indian hierarchy of priorities, the CAG occupies the same position as a Supreme Court judge. CAG is the head of the Indian Audits & Accounts Department. It is one of India’s most important investigators of financial fraud, such as the coal mine allocation fraud and the 2G spectrum distribution scandal. On the advice of the Prime Minister, the President of India appoints the CAG.
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CAG Powers
In accordance with the Companies Act of 1956, the CAG is permitted to:
- Appointing and reappointing the government agency’s auditor
- directing the examination of a government agency’s financial records
- Provide auditors with direction on all audit-related issues.
- Perform a sample audit of the accounts.
- Supplement to the audit report of the statutory auditors.
CAG’s tasks
As outlined by Congress and the Constitution, the CAG’s primary responsibilities are as follows:
- Audit of expenditure accounts from the Indian Consolidated Fund and each State and Union Territory’s Consolidated Fund
- Audit of accounts pertaining to expenditures from the contingency fund and the public accounts of India and each state.
- The revenue and payments of federal or state taxes funded by government agencies and businesses are subject to audit.
- To deliver the Governor a state accounts audit report
- To transmit the President the Center Accounts Audit Report.
- To audit the balance sheets, commerce, output, profits and losses, or any other account of any federal or state agency.
