What is the full form of CAG?

The full form of CAG is Comptroller and Auditor General of India. It is a body formed under Article 148 of the Indian Constitution. Its main duty is to examine all expenditures made possible by public funds by federal, state, and local governments and nonprofit organisations. Its corporate headquarters are in New Delhi, India.

CAG holds the same standing as an Indian Supreme Court judge and is ranked tenth in the Indian order of importance. CAG leads the Department of Indian Audits & Accounts. It is one of India’s most important financial fraud investigators, including the allocation scam involving coal mines and the allocation fraud involving the 2G spectrum. The President of India nominates CAG on the Prime Minister’s advice.

CAG Powers

By the Companies Act of 1956, the CAG is permitted to Name and reappoint the government firm’s auditor

• ordering the examination of a government company’s financial records
• Educate auditors on all subjects that are pertinent to the audit.
• Test-inspect the accounts and add a supplement to the audit report of the statutory auditors.

CAG’s Tasks

Here are a few of the key duties of the CAG as outlined by the Constitution and Parliament:

• Consolidated Funds of each State and Union Territory, as well as the Indian Consolidated Fund, have their expenditure accounts audited.
• Finances for spending from the contingency fund and the public accounts of India and each state are being audited.
• A review of the funds received and taxes paid by businesses and organisations funded by the government.
• To deliver the Governor’s state accounts audit report.
• To deliver the President, the centre accounts audit report.
• To audit any department of the federal or state governments’ balance sheets, commerce, output, profits and losses, or other accounts.