PM unveils statue of Sardar Vallabhbhai Patel to mark First Audit Diwas

Recently, the Prime Minister unveiled the statue of Sardar Vallabhbhai Patel at the office of the Comptroller and Auditor General (CAG) of India to mark the First Audit Diwas (16th November 2021).

Context 

Recently, the Prime Minister unveiled the statue of Sardar Vallabhbhai Patel at the office of the Comptroller and Auditor General (CAG) of India to mark the First Audit Diwas (16th November 2021).

About CAG

• Comptroller and Auditor General (CAG) is Head of the Indian Audit and Accounts Department - created in 1753.
• He is the guardian of the public purse and controls the entire financial system of the country at both levels- the center and state.
• It is one of the bulwarks of the democratic system of government in India. The others are the
  • Supreme Court
  • Election Commission
  • Union Public Service Commission
• The CAG is mentioned under Article 148 – 151 of the Constitution of India.
• Appointment: CAG is appointed by the President of India by a warrant under his hand and seal.
• Tenure: CAG tenure is six years or up to the age of 65 years, whichever is earlier.
• Removal: CAG can be removed by the President on the same grounds and in the same manner as a judge of the Supreme Court. He does not hold his office till the pleasure of the President.

Duties of CAG

• To audit the accounts related to all expenditures from the Consolidated Fund of India, Consolidated Fund of each state, and UT (with legislative assembly).
• To audit all expenditure from the Contingency Fund of India and the Public Account of India as well as the Contingency Fund and Public Account of each state.
• To audit all trading, manufacturing, profit and loss accounts, balance sheets, and other subsidiary accounts kept by any department of the Central Government and the state governments.
• To audit the accounts of any other authority when requested by the President or Governor.
  • For example, the audit of local bodies.
• He must uphold the Constitution of India and the laws of Parliament in the field of financial administration.
• He ascertains and certifies the net proceeds of any tax or duty and his certificate is final on the matter.
• He acts as a guide, friend, and philosopher of the Public Accounts Committee of the Parliament.