First Audit Diwas Celebration
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♦ The first edition of the Audit Diwas will be commemorated to commemorate the institution of CAG’s historic beginnings and contributions to governance, transparency, and accountability.
♦ The event will take place at the CAG headquarters. The PM will also unveil a statue of Sardar Vallabhbhai Patel on the occasion.
Comptroller and Auditor General of India (CAG)
♦ Comptroller and Auditor General of India is known as the CAG. CAG is the Constitutional Authority in India.
♦ It was founded in compliance with Article 148 of the Indian Constitution. The CAG has the authority to audit all federal and state government receipts and expenditures.
♦ The CAG is the government-owned corporation’s statutory auditor.
♦ It conducts additional audits of government firms in which the government owns 51 percent of the stock.
♦ The CAG’s reports are presented to Parliament or legislatures. Public Accounts Committees (PACs) and Committees on Public Undertakings (COPUs) are debating them (COPUs).
♦ Special committees in the Parliament and state legislatures are known as PACs and COPUs.
♦ The CAG is currently rated 9th in the precedence list. It has the same status as a sitting Supreme Court judge.
♦ G. C. Murmu, the former Lt. Governor of the UT of Jammu Kashmir, is currently the CAG of India.
♦ He is India’s 14th Chief Accountant General. His term began in August of 2020.