What is the CAG Full Form?

The CAG full form is Comptroller and Auditor General of India. It is a body established under Indian Constitution Article 148. Its primary responsibility is to investigate all expenditures made possible by public monies by federal, state, and local governments, as well as nonprofit organisations. It has its corporate headquarters in New Delhi, India.

CAG has the same status as a Supreme Court judge in India and is ranked ninth in the Indian order of significance. CAG is in charge of the Department of Indian Audits and Accounts. It is one of India’s major financial fraud investigators, having investigated the coal mine allocation scam and the 2G spectrum allocation scam. On the suggestion of the Prime Minister, the President of India appoints CAG.

CAG Powers

• The CAG is authorised by the Companies Act of 1956 to nominate and reappoint the auditor of a government corporation
• Ordering the audit of a government corporation’s financial records
• Educate auditors on all topics relevant to the audit
• Test the accounts and offer a supplement to the statutory auditors’ audit report

Also Read: How to Become an Auditor?

CAG Tasks

• The expenditure accounts of each state’s and union territory’s consolidated funds, as well as the Indian Consolidated Fund, are audited.
• Finances for expenditure from the contingency fund are being audited, as are India’s and each state’s public finances.
• A review of the finances received and taxes paid by government-funded enterprises and agencies.
• To deliver the Governor’s audit report on state accounts.
• To give the centre’s accounting audit report to the President.
• To audit the balance sheets, commerce, output, earnings and losses, and other accounts of any federal or state government department.

Also Read: Certified Internal Auditor

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