Eric Adjei Asked: December 1, 20202020-12-01T21:39:26+00:00 2020-12-01T21:39:26+00:00In: Public Sector Accounting in India Who is the guardian of public funds in India Who is the guardian of public funds in India? Share Facebook Related Questions How much is the Consolidated Fund of India? How many types of budget are there in India Is the consolidated fund of India kept in State Bank of India What is Consolidated Fund of India treasury of government of india Who is the guardian of public funds in India Who controls Contingency Fund of India How many types of funds are there in India Who controls Consolidated Fund of India Who get salary from Consolidated Fund of India 2 Answers Voted Oldest Recent PSAmaster 2022-03-17T21:52:01+00:00Added an answer on March 17, 2022 at 9:52 pm The CAG of India, also known as the “Guardian of the Public Purse,” is tasked with inspecting and auditing all expenditures by the Central and State governments, as well as those organizations or bodies that receive significant funding from the government. CAG Responsibilities There are a lot of accounts he looks at. He looks at all spending from the Consolidated Fund of India, the Consolidated Funds of each state and UT with a legislature, and the funds of the Union Territories. He audits all expenditure from India’s contingency fund and public account, as well as from each state’s contingency fund and public account. He audits all commercial, manufacturing, profit and loss, balance sheets, and separate subsidiary accounts maintained by any department of the central or state governments. He audits all receipts and expenditures of bodies and authorities that receive substantial funding from central or state revenues, government corporations, other corporations, and bodies as required by applicable laws. Reply Share Share Share on Facebook Share on Twitter Share on LinkedIn Share on WhatsApp PSAmaster 2022-03-17T21:53:35+00:00Added an answer on March 17, 2022 at 9:53 pm This answer was edited. In India, the Comptroller and Auditor General of India and the Public Accounts Committee are the guardians of public funds. The Indian Constitution’s Articles 266 and 267 deal with the government of India’s funds. The Comptroller and Auditor General of India and the Public Accounts Committee are responsible for safeguarding public funds in India. Articles 266 and 267 of the Indian Constitution deal with the government of India’s funds. Reply Share Share Share on Facebook Share on Twitter Share on LinkedIn Share on WhatsApp Leave an answerCancel replyYou must login to can add an answer. Username or email* Password* Remember Me! Forgot Password?