CAG FULL FORM
Full Form of CAG : The full form of CAG is Comptroller and Auditor General of India.
What is the full form of CAG?
No:1. The full form of CAG is Comptroller and Auditor General of India.
No:2. It is an authority established under Article 148 of the Indian Constitution and its primary function is to inspect all the government-funded expenditures of the central government, state government and organizations.
No:3. Its headquarters are located in New Delhi, India.
No:4. In the Indian order of priorities, CAG is ranked ninth and has the same position as an Indian Supreme Court judge.
No:5. CAG is the head of the Department of Indian Audits & Accounts.
No:6. It is one of India’s most crucial financial fraud investigators, including the coal mine allocation fraud & the 2G spectrum allocation fraud.
No:7. On the recommendation of the Prime Minister, the President of India nominates CAG.
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CAG Powers
Following the Companies Act, 1956, the CAG is allowed to:
No:1. Appointing and reappointing the auditor of a government firm
No:2. Directing the inspection of a government company’s accounts
No:4. Provide auditors with guidance on all audit relevant matters.
No:4. Perform a test inspection of the accounts
No:5. Supplement to the statutory auditors’ audit report.
CAG’s tasks
Following are a few of the leading roles of CAG as defined by Parliament & the Constitution:
No:1. Audit of expenditure accounts from the Indian Consolidated Fund and the Consolidated Fund of each State and Union Territory
No:2. Audit of accounts relating to contingency fund spending and the public account of India and every state.
No:3. Audit of the revenue and payments of federal or state taxes funded by government organizations and companies.
No:4. To send to the state accounts audit report to the Governor
No:5. To send the center accounts audit report to the President
No:6. To audit the balance sheets, trade, production and profits and losses, or any other account of any central or state government department.
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