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CMA Final · Corporate Financial Reporting · Government Accounting in India

Under the Government Accounting framework in India, which authority is responsible for auditing the receipts and expenditure of the Union and States and submits audit reports that are laid before Parliament or State Legislatures?

The Comptroller and Auditor General of India audits the receipts and expenditure of the Union and States, and its reports go to Parliament or State Legislatures. The Controller General of Accounts compiles accounts rather than performing the constitutional audit.

  1. AController General of Accounts
  2. BComptroller and Auditor General of IndiaCorrect
  3. CReserve Bank of India
  4. DFinance Commission

Explanation

The CAG audits Union and State accounts and the reports are laid before Parliament or legislatures. The Controller General of Accounts is the principal accounting adviser and prepares the Union's accounts, but does not carry out the constitutional audit. RBI and the Finance Commission have different roles.

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