Question

Explain about the Indian government accounts and audit.

Answer 1

Indian Audit and Accounts Service (IA&AS) is an Indian Central Government service, free of control from any executive authority, under the Comptroller and Auditor General of India. The officers of the Indian Auditand Accounts Service serve in an auditmanagerial capacity, in the Indian Audit and Accounts Department

Answer 2

The initial accounts of Government transactions are prepared at the offices where the transaction occurs. From this, Indian Audit & Accounts Department compiles the accounts under different heads, as given by Office of CAG. CAG, further compiles this into Union & State Accounts. Audit of government accounts - Union & States is done by the CAG. CAG is given power to audit all expenses from the Consolidated Fund of the Union or State Governments, whether done within India or outside. CAG also monitors all income into the Consolidated Funds. The audit verifies that the accounts maintained truly represent facts. They check whether the rules and orders of financial matters have been obeyed. They also check that the expenditure has been done with due aptness and consistency, and it is not a wasteful expenditure.