CAG Full Form | What is Comptroller and Auditor General of India

What is the full form of CAG

CAG: Comptroller and Auditor General of India

CAG stands for Comptroller and Auditor General of India. It is an authority which is established under Article 148 of the constitution of India. Its primary role is to audit all the expenditure of central government, state government and organizations which are financed by the government. Its headquarters is in New Delhi, India.

CAG is ranked 9th in Indian order of precedence and has the same status as a judge of Supreme Court of India. CAG is also the head of the Indian Audit and Accounts Department. It is one of the most powerful bodies to investigate financial frauds in India such as coal mine allocation scam and 2G spectrum allocation scam.

CAG is appointed by the president of India on the recommendation of Prime Minister of India for a term of 6 years. As of 2016, Shashi Kant Sharma is the CAG of India. He was appointed on 23 May 2013, and he is the 12th CAG of India.

Powers of CAG

As per Companies Act, 1956, the CAG is empowered to:

Appoint and reappoint the auditor of a government company
Direct the audit of the accounts of a government company
Give instructions to the auditors regarding any matter related to audit
Conduct a test audit of the accounts
Supplement the audit report of the statutory auditors

Appoint and reappoint the auditor of a government company

Direct the audit of the accounts of a government company

Give instructions to the auditors regarding any matter related to audit

Conduct a test audit of the accounts

Supplement the audit report of the statutory auditors

Functions of CAG

Some of the major functions of CAG as prescribed by the Parliament and Constitution are given below:

To audit the accounts regarding expenditure from the consolidated fund of India and consolidated fund of each state and union territory
To audit the accounts related to expenditure from the contingency fund and public account of India and each state
To audit balance sheets, trading, manufacturing and profit and loss or any other account of any department of the central or state governments.
To audit the receipts and expenditure of government companies and other organizations financed from the central or state revenues.
To submit audit reports of the accounts of the centre to the President
To submit audit reports of the accounts of the state to the Governor

To audit the accounts regarding expenditure from the consolidated fund of India and consolidated fund of each state and union territory

To audit the accounts related to expenditure from the contingency fund and public account of India and each state

To audit balance sheets, trading, manufacturing and profit and loss or any other account of any department of the central or state governments.

To audit the receipts and expenditure of government companies and other organizations financed from the central or state revenues.

To submit audit reports of the accounts of the centre to the President

To submit audit reports of the accounts of the state to the Governor

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