Which accounts are audited by CAG?

Duties Of CAG He audits all the trading, manufacturing, profit and loss accounts, balance sheets and separate subsidiary accounts kept by any department of the Central Government and State governments.

What is CAG audit?

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 local bodies?

CAG is also responsible for the audit of local bodies (i.e. Panchayati Raj institutions and urban local bodies) under the provisions of some of the State Acts and provides technical and administrative guidance for accounting and audit functions in all States as per orders issued by Ministry of Finance, Government of …

What is regulation in auditing?

Audit regulation, as with many other forms of regulation, consists of five general elements: the setting of standards, their formal adoption, their implementation in practice, the monitoring of compliance, and enforcement procedures.

Which accounts are not audited by CAG?

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.

Which corporation is fully audited by CAG?

Notes: Some corporations like Damodar Valley Corporation, Air India are audited totally and directly by the Comptroller and Auditor General of India (CAG) whereas some are audited by private professional auditors who are appointed by the Central Government in consultation with the CAG like Central Warehousing …

What is the Article 148?

Article 148 – Comptroller and Auditor-General of India There shall be a Comptroller and Auditor-General of India who shall be appointed by the President by warrant under his hand and seal and shall only be removed from office in like manner and on like grounds as a Judge of the Supreme Court.

Is CAG statutory body?

The Constitution in Article 149 provides the legal basis for the Parliament to prescribe the duties and powers of the CAG in relation to the accounts of the Union and of the States and of any other authority or body. The CAG Duties, Powers and Conditions of Service (DPC) Act, was passed in the parliament in 1971.

Can CAG audit RBI?

The Comptroller and Auditor General of India (CAG) does not even audit RBI, while it audits all other regulators.

Who is the regulator of audit?

NFRA took over the function of regulating audit firms from the Institute of Chartered Accountants of India, the umbrella body that oversees the CA and audit profession.