Para 2.6.4 — MSO

A. Audit under Section 14 2.6.4 Under Sub-section (1) of Section 14 of the Act, it is obligatory for the Comptroller and Auditor General to audit all receipts and expenditure of any body or authority and to report thereon, if the body or authority has been substantially financed by grants or loans from the Consolidated Fund of India, or of any State or Union Territory having a Legislative Assembly. A body or authority is deemed to be so financed if the amount of grant or/and loan to it in a financial year is not less than Rs 25 lakhs and is also not less than 75 per cent of its total expenditure in that year. Audit under this Section is subject to the provisions of any law applicable to the body or authority, and will co-exist with and complement the audit arrangements, if any, that may be specified in such law.