Article 148 to 151 of Indian Constitution

The constitution through articles 148 to 151 in Part V makes provisions for a Comptroller and Auditor General of India for checking the accounts and assessing the soundness of the financial transactions of the executive. The fundamental basis of the parliamentary system of the Government is the responsibility of the executive to the legislature for all its actions. The legislature is able to enforce this responsibility only if it is competent to scrutinize the activities of the executive.

Types of Audits done by CAG:

Compliance Audit

Compliance audit is sometimes called transaction audit in which some selected transactions of an entity for a particular financial year are chosen for audit scrutiny.

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An auditor doing compliance audit would examine what has been done/not done in a transaction against rule, sanction, provision and propriety. He checks whether a transaction:

1. Conforms to sanction/provision of funds
2. Adheres to all rules and regulations
3. Adheres to principles of financial propriety, which go beyond mere observation of rules.
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1. Financial Attest Audit

Financial statements are prepared by undertakings run by various departments, statutory corporations, government companies and other autonomous bodies and authorities.

CAG certify how far the accounts are 'true and fair' i.e., whether the financial statements (accounts) are properly prepared, complete in all respects and are presented with adequate disclosures.

2. Performance Audit

Performance audits seek to establish at what cost and to what degree the policies, programmes and projects are working. Performance audit, apart from asking whether things are being done in the right way, goes a step further and analyses whether the right things are being done.

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In addition to all the financial audit checks, the Performance Audit seeks to assess whether a programme, scheme or activity deploys sound means to achieve its intended socio-economic objectives.