CAG Full Form: What is CAG?
CAG Full Form: The Apex Auditor of India
CAG Full Form: The Comptroller and Auditor General (CAG) of India stands as the paramount auditor for the Government of India. It holds a constitutional position within the Indian Parliament and oversees the financial governance of the Central Government, State Governments, Union Territories, and Local Bodies. The President of India appoints the CAG under Articles 148 to 151 of the Constitution, as enhanced by the 73rd Amendment.
The Role and Functioning of CAG
The CAG’s reports are crafted for the Parliament and the public, mirroring the role of a Supreme Court judge by providing transparency in government expenditure. The CAG’s duty is to audit public accounts and suggest fiscal improvements. This process begins with the examination of government accounts and extends to advising the Finance Ministry and the Prime Minister’s Office on the legitimacy of expenses. CAG Full Form
Leadership within the Audit and Accounts Department
The Secretary of the Audit and Accounts Department acts as the Head of the Department (HOD), with authority equivalent to a Supreme Court judge. The CAG Chairman, a senior officer appointed by the President, is supported by the CAG Council. The CAG’s annual report is traditionally published on June 1, with previous reports available for public access. CAG Full Form
Eligibility and Membership of CAG
CAG’s membership is capped at five, with a maximum of three members from a single political party. Eligible candidates must have served 20 years at the Joint Secretary level and possess an MSc in Financial Management, along with a comprehensive understanding of Indian Accounting Standards. The age limit is set at 62 years, and a first-class Master’s degree in Commerce is required. The chairman position is also open to qualified candidates following a selection process.
Composition of CAG: CAG Full Form
The CAG comprises four key members: CAG Full Form
- Comptroller and Auditor General of India
- Additional Secretary, Department of Personnel & Training
- Chief Vigilance Commissioner
- Additional Secretary, Department of Economic Affairs
Appointment and Budget of CAG
The CAG is appointed by the President for a five-year tenure and is the principal auditor responsible for the financial scrutiny of government entities. Established on April 30, 1972, it led to the formation of the Ministry of Corporate Affairs. The CAG operates autonomously with an audit budget of ₹500 crore, under the Companies Act of 1956.
Conclusion
The CAG (CAG Full Form), synonymous with the Comptroller and Auditor General and the Government Audit Office, plays a vital role in ensuring fiscal responsibility. This guide can serve as a resource for personal use or to assist others in understanding the CAG’s significance. If you find this information useful, please share it and consider following for more updates.
