Does CAG audit state government?

Does CAG audit state government?

Audit of government accounts (including the accounts of the state governments) in India is entrusted to the CAG of India who is empowered to audit all expenditure from the Consolidated Fund of the union or state governments, whether incurred within India or outside, all revenue into the Consolidated Funds and all …

Which government bodies accounts are not audited by CAG?

Q. The accounts of which of the following are not audited by CAG? Notes: Comptroller and Auditor General of India audits the receipts and expenditure of State Governments, Government Companies and Central Government. The audit of local bodies is not done by CAG.

What is the purpose of an audit of a government agency?

Government agencies at all levels require the use of audits and auditors in order help maintain public trust. The use of internal audits can help agencies meet accounting requirements and improve efficiency. External audits help agencies stay accountable when their finances are reviewed by an outside group.

Which government bodies accounts are audited by CAG?

All trading, manufacturing, profit and loss accounts, balance sheets and other subsidiary accounts kept in any Government department. All stores and stock accounts of all Government offices and departments. Accounts of all Government companies and Corporations e.g. ONGC, SAIL etc.

What can CAG audit?

According to this act, the CAG can audit: All receipts and expenditure from the Consolidated Fund of India and of the states and union territories. All transactions relating to the Contingency Funds and Public Accounts.

Who examines CAG report?

Notes: It is the Public Accounts Committee which examines the annual audit reports of the Comptroller and Auditor General of India (CAG), which are laid before the Parliament by the President.

Does CAG audit public account?

Can CAG audit PSU?

Audit of Government Companies is governed by Sections 139 and 143 of the Companies Act, 2013. Their accounts are subject to supplementary audit by the CAG. The State Government contributed Rs. 4,440.99 crore in Power Sector PSUs and Rs.

Does the government get audited?

While the federal government is not a tax-paying entity, it actually undergoes an audit of its financial statements every year. Today, the Department of the Treasury published the 2018 Financial Report of the United States Government , and our audit report on the consolidated financial statements is included.

Are government agencies audited?

The Financial Report is compiled primarily from individual federal agencies’ audited financial statements and related information included in the agencies’ financial reports. Inspectors General are generally responsible for annually auditing the financial statements for their respective agencies.

How is CAG audit done?

The Accountants General audits the transactions done from the Consolidated Fund of the state. The CAG then submits its findings to the state legislature. Similar to the case of union government, the audit is done in two streams namely Performance Audit and Regularity Audit.

Which accounts are audited by CAG?

Art 149 of the Constitution empowers CAG to audit the accounts of Union, States and other bodies as prescribed by any law of parliament. Accordingly, CAG audits following accounts: Departmental undertakings, Government companies and other bodies financed by Union or State.

What is the scope of CAG?

CAG audits all expenditure from the Contingency Fund of India and the Public Account of India as well as the Contingency Fund and Public Account of each state. CAG audits all trading, manufacturing, profit and loss accounts, balance sheets and other subsidiary accounts kept by any department of the Central Government and the state governments.

Should private telecom companies be audited by CAG?

But parliament has made no such law to audit private telecom companies by CAG. So DoT’s executive decision is invalid. SC’s logic is every penny that comes to Consolidated fund of India, needs to be audited. So on that logic, every company, every tax payer will fall under CAG audit.

Who is the Comptroller and Auditor General of India (CAG)?

The Constitution of India provides for an independent office of the Comptroller and Auditor General of India (CAG). He is the head of the Indian Audit and Accounts Department. He is the guardian of the public purse and controls the entire financial system of the country at both the levels- the centre and state.