Comptroller & Auditor General (CAG) Flashcards
Q. Write an introduction for the topic “CAG”.
Ans : -CAG is an independent authority under Article 148 of the Constitution of India.
- CAG is the Head of Indian Audit and Accounts and guardian of the public purse and supervises the whole financial system of the country at both central and state levels .
Q. What is the role of CAG ?
Ans: 1. Financial administration : to uphold the Constitution of India and the laws of Parliament in financial administration.
2. Uphold the accountability : Audit reports of CAG secure accountability in the sphere of financial administration of the executive.
3. Agent of Parliament: responsible only to parliament and conducts audits of expenditures on behalf of the parliament.
Q. Write Types of audits conducted by CAG .
Ans: 1. Financial Audit: to check the administrative action of the executive is not only in conformity with prescribed law, financial rules, and procedures, but it is also proper and does not result in extravagance.
2. Regularity audit : consists mainly in checking that the payments have been duly authorised and are supported by proper vouchers in the prescribed form.
3. Receipts Audit : involves the audit of income-tax and custom and excise receipts at the union leb and audit of state taxes at the state level.
4. Performance audit : focuses on the evaluation of a scheme or a program to which these transactions relate.
Q. What are some reforms required in the functioning of CAG ?
Ans : 1. Qualification for CAG should be laid down.
2. Constitutional status to the state accountant general.
3. All publicly funded bodies should fall under the ambit of CAG.
