Table of Contents
What is 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.
Who performs audit of RBI?
The law says that ordinarily RBI will be audited by two auditors appointed by the GoI. It also says that the GoI may at any time appoint the CAG to examine the accounts of the RBI.
Does CAG audit public sector banks?
The Comptroller & Auditor General (CAG) has sought details of the ongoing performance audit of government’s massive recapitalisation exercise of public sector banks (PSBs), the Finance Ministry has informed the Rajya Sabha.
Is RBI audit circular?
The Circular dated April 27, 2021 on ‘Guidelines for Appointment of Statutory Central Auditors (SCAs)/Statutory Auditors (SAs) of Commercial Banks (excluding RRBs), UCBs and NBFCs (including HFCs), has been issued by RBI with the basic objectives of putting in place ownership-neutral regulations, ensuring independence …
Is internal audit mandatory for banks?
In order to achieve this target, the internal audit of banks is necessary. A periodic Internal audit is required to monitor the bank’s system of internal control and procedures. Good internal audit process helps the management in the effective discharge of its responsibilities.
Why sole proprietor may not get his accounts audited?
There is no legal compulsion for audit of accounts of a sole proprietor but usually business concerns get audited especially when the volume of transaction is large. The rights and duties of an auditor will depend upon the terms of agreement with the client.
Does CAG audit union territory?
It shall be the duty of the Comptroller and Auditor-General- (a) to audit all expenditure from the Consolidated Fund of India and of each State and of each Union territory having a Legislative Assembly and to ascertain whether the moneys shown in the accounts as having been disbursed were legally available for and …
Does CAG audit FCI?
The Comptroller and Auditor General of India (CAG), which examined the compliance audit of the financial transactions under 64 civil grants related to 27 government ministries and departments including FCI for the 2018-19 fiscal — presented its report in Parliament on Wednesday.
Can CAG audit Defence?
Audit of Defence Services is one of the most important audits of C&AG in terms of coverage and materiality. Defence audit has a chequered history as already briefly narrated in Chapter-1. Audit of defence transactions is done on the basis of records produced by the Ministry, the Services and allied organisations.
Can RBI be audited?
The law says that ordinarily RBI will be audited by two auditors appointed by the GoI. It also says that the GoI may at any time appoint the CAG to examine the accounts of the RBI.
What is the role of CAG in SBI SBI audit?
Incidently the Auditors from CAG /AGs office conduct an annual audit of Govt accounts maintained in The PAD (Public Accounts Department ) of RBI and CAS (Nagpur ) and we submit compliance thereon through our Central Office. For SBI and other PSBs audit purposes CAG empanels Statutory Central Auditors (SCAs)SCAs. Kindly refer below:
What is the difference between AAO in CGDA and CAG?
In CGDA AAO is incharge of a section, while in CAG most of the time you will be on audit under supervision of Sr. Audit Officer. In CAG they do audit of all the expenditure of Government of India, However in CGDA the scope is very limited, it only dealt with the store accounts of defence services.