Table of Contents
Does RBI audit CAG?
“In India, CAG does not audit the RBI, whose auditors are appointed by Central Government under the provisions of the RBI Act. CAG conducts audit of other financial sector regulators like SEBI, IRDA and PFRDA but does not conduct performance audits,” Mr. Sharma added.
Who checks 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.
What all does CAG audit?
CAG audits the accounts related to all expenditure from the Consolidated Fund of India, Consolidated Fund of each state and UT’s having a legislative assembly. He 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.
Does CAG audit central 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 …
Can CAG audit NGO?
The Comptroller and Auditor General of India (CAG) has now been empowered to vet all non-government organisations (NGOs) and other agencies involved in the government’s social sector schemes. The current law empowers it to audit only traditional government departments and public sector companies.
Who is the head of audit in India?
Girish Chandra Murmu
Murmu is the current CAG of India. He assumed office on 8 August 2020….
| Comptroller and Auditor General of India | |
|---|---|
| Incumbent Girish Chandra Murmu, IAS since 8 August 2020 | |
| Abbreviation | CAG |
| Reports to | President of India |
Can the Office of the CAG perform a propriety audit?
The office can perform a propriety audit, that is, it can look into the ‘wisdom, faithfulness and economy’ of government expenditure and comment on the wastefulness of such expenditure. However, unlike the legal and regulatory audit, which is obligatory on the part of the CAG, the propriety audit is discretionary.
Who is new Comptroller and Auditor General of India (CAG)?
On 7th August 2020, Girish Chandra Murmu has been appointed as the new Comptroller and Auditor General of India (CAG.) Earlier, he was the Lieutenant-Governor of Jammu & Kashmir Union Territory.
What are the types of accounts that are audited by CAG?
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.
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.