Question

Who has the constitutional authority to scrutinize the country's entire financial system, both at the level of the Union and the States?

• A. The Attorney-General of India
• B. The Comptroller and Auditor-General of India
• C. Finance Minister
• D. Finance Secretary

Answer 1

Answer:

B. The Comptroller and Auditor-General of India

The Comptroller and Auditor-General of India (CAG)

• The Comptroller and Auditor-General of India (CAG) is a constitutional authority vested with the responsibility of auditing all receipts and expenditures of the Government of India and the governments of each state and union territory.

• This authority is derived from Article 148 of the Constitution of India, which provides for the appointment of the CAG.

• The CAG audits the accounts relating to all expenditure from the Consolidated Fund of India, Contingency Fund of India, and Public Account of India, as well as the accounts of all bodies and authorities substantially financed by the Government of India.

• Similarly, the CAG audits the accounts of all expenditure from the Consolidated Fund of a State, Contingency Fund of a State, and Public Account of a State.