Audit of which among the following financial transactions come under the duties of the Comptroller and Auditor General of India?
1.Money received and spent from Consolidated Fund of India
2.Money received and spent by Government ministries and departments
3.Money received and spent by all bodies funded from Consolidated Fund of India
4.Grants and Loans by Government
5.Financial transactions of Panchayats if CAG is entrusted for the same
Choose the correct option from the codes given below:

Answer: [D] 1, 2, 3, 4 & 5 are correct

Duties of CAG

As per the provisions of the constitution, the CAG’s (DPC) (Duties, Powers and Conditions of Service) Act, 1971 was enacted. As per the various provisions, the duties of the CAG include the audit of:

·         Receipts and expenditure from the Consolidated Fund of  India and of  the State and Union Territory having legislative assembly;

·         Trading, manufacturing, profit and loss accounts and balance sheets, and other subsidiary accounts kept in any Government department;

·         Accounts of  stores and stock kept in Government offices or departments;

·         Government companies as per the provisions of  the Companies Act, 1956;

·         Corporations established by or under laws made by Parliament in accordance with the provisions of  the respective legislation;

·         Authorities and bodies substantially financed from the Consolidated Funds of  the Union and State Governments;

·         Anybody or authority even though not substantially financed from the Consolidated Fund, the audit of which may be entrusted to the C&AG;

·         Grants and loans given by Government to bodies and authorities for specific purposes; and

·         Entrusted audits e.g. those of Panchayati Raj Institutions and Urban Local Bodies under Technical Guidance & Support (TGS).

This question is a part of GKToday's Integrated IAS General Studies Module