CAG full form is Comptroller and Auditor General of India. CAG is the constitutional body of India its name usually comes in Newspaper. It had the biggest hand in detecting famous coal mine allocation and 2G Spectrum allocation scam. The CAG is an authority which has been established under Article 148 of the Indian Constitution. 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 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.
The highest officer of CAG is also called CAG, as you know, it is appointed by the President. Arrangements relating to CAG have been made from Articles 148 to 151 of our Constitution. The tenure of CAG is 6 years or 65 years of age, whichever is earlier.
Power Of CAG
- Appointment and reappointment of auditors of a government company.
- CAG can check accounts of any government company.
- Conduct audit audit of accounts.
- Supplement to the audit report of statutory auditors.
Salary Of CAG
- If we talk about the salary of CAG, then the salary and other facilities of CAG are decided in the Parliament of the country under the 1971 CAG Act.
- His salary is equal to the salary of the judge of the Supreme Court.
- Currently the salary of a CAG is Rs. 90,000.
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