who examines the report of the comptroller and auditor general of india
Comptroller and Auditor General of India The Comptroller and Auditor General (CAG) of India is an authority, established by Article 148 of the Constitution of India, which audits all receipts and expenditure of the Government of India and the state governments, including those of bodies and authorities substantially financed by the government. The CAG is also the external auditor of Government-owned corporations and conducts supplementary audit of government companies, i.e., any non-banking/ non-insurance company in which Union Government has an equity share of at least 51 per cent or subsidiary companies of existing government companies. The reports of the CAG are taken into consideration by the Public Accounts Committees (PACs) and Committees on Public Undertakings (COPUs), which are special committees in the Parliament of India and the state legislatures. The CAG is also the head of the Indian Audit and Accounts Department, the affairs of which are managed by officers of Indian Audit and Accounts Service, and has over 58,000 employees across the country.
Auditor's report The auditor's report on the financial statements typically provides very limited details on the procedures and findings of the audit. In contrast, auditors provide much more detail to the board of directors or to the audit committee of the board. Beginning in 2002, many countries have tasked the audit committee with primary responsibility over the audit.[10] For example, in the United States, section 204 of the Sarbanes-Oxley Act passed in 2002[11] required auditors to communicate certain information to audit committees, which were required to be entirely independent, and also made the audit committee responsible for the auditor's hiring.[12] In August 2012, the U.S. Public Company Accounting Oversight Board finalized Auditing Standard No. 16,[13] which requires additional communications to the audit committee.[14]