CAG Full Form Duties and Powers Explained!
Category | Full Form |
Constitutional Post, Officer, Authority | Comptroller and Auditor General of India |
Introduction
CAG stands to Comptroller & Auditor General of India. It is an authority that was established by Article 148 of India’s constitution. Its primary function is to audit the expenditures of the central government, the state governments and the organizations that are funded by the government. Its headquarters are in New Delhi, India.
The Indian Audit and Accounts Department is headed by the CAG. Officers of Indian Audit and Accounts Service manage its affairs.
Articles 148-151 of the Constitution of India concern the establishment of the CAG of India.
The CAG ranks 9th in India and has the same rank as a Supreme Court of India sitting judge, in order of precedence.
CAG is an important body that investigates financial frauds in India, such as 2G spectrum scam and coal mine allocation scam.
Former Lt. Governor of UT of Jammu Kashmir G. C. Murmu, India’s current CAG.
He took office on the 8th of August 2020. He is the 14th CAG in India. (CAG Full Form)
The President of India appoints the Comptroller-General and Auditor General of India, on recommendation by Prime Minister of India, for a term of six years.
Powers of the CAG
The Companies Act, 1956 gives the CAG the power to:
- Appoint and reappoint an auditor for a government organization
- Direct the audit of accounts for a government agency
- Instructions to auditors on any matter related audit
- Perform a test audit of accounts
- Complement the audit report prepared by the statutory auditors
Duties of the CAG
Below are some of the main functions of CAG, as outlined by the Constitution and Parliament.
- Audit the accounts relating to expenditure from the consolidated funds of India and each state or union territory.
- To Audit the accounts relating to expenditures from the contingency funds and public accounts of India and each State
- Audit balance sheets, trading, manufacturing, profit and loss, and any other account in any department of the central government or state government.
- Audit the receipts and expenses of government companies and other organizations that get fund from central or state revenues.
- To submit audit reports on the accounts of the center to the President
- To submit audit reports on the state’s accounts to the Governor
Achievements of CAG
- 2G Spectrum allocation
- Coal mine allocation
- Fodder scam
- Krishna-Godavari (KG) D-6 gas block
CAG has been elected the Chairman of the United Nations‘ Board of Auditors. CAG has been appointed as external auditor of eleven UN organizations:
- World Intellectual Property Organization (WIPO)
- United Nations Secretariat (Volume 1)
- UN Children’s Fund (UNICEF)
- United Nations Escrow (Iraq) Account
- United Nations Joint Staff Pension Fund (UNJSPF)
- Strategic Heritage Plan (SHP)
- United Nations Compensation Commission (UNCC)
- International Trade Centre (ITC)-Capital Master Plan (CMP)
- United Nations Office for Project Services (UNOPS)
- Information Communication Technology (OICT)
- Umoja
FAQs CAG Full Form:
₹250,000 per month
CAG was founded in 1858.
CAG is appointed by the President of India on recommendation of the Prime Minister.
6 yrs or up to 65 yrs of age (whichever is earlier).
G. C. Murmu is the current CAG of India. He assumed office on 8 August 2020. He is the 14th CAG of India.
The job of the CAG is to look after the external and internal audits of the expenses of the National and state governments.