Regulation 22 — REGULATIONS_AUDIT

(2) The basic principles of audit of expenditure incurred from the Consolidated Fund apply mutatis mutandis to transactions relating to the Public Account and Contingency Fund.

(3) Section 16 of the Act authorises the Comptroller and Auditor General to audit all receipts of the Government of India payable into the Consolidated Fund of India and of each State and of each Union Territory having a legislative assembly, and to satisfy himself that the rules and procedures are designed to secure an effective check on the assessment, collection and proper allocation of revenue and are being duly observed.

(4) Audit of receipts and expenditure is comprehensive and is carried out in the nature of financial audit, compliance audits, performance audits and any combinations thereof. Audit checks include whether financial statements/accounts of the Government are in compliance with the prescribed financial accounting framework, applicable laws, rules and regulations and accounting principles, policies and applicable standards including conformity with the form of accounts prescribed by the President on the advice of the Comptroller and Auditor General; Audit also checks for relevant assertions, such as completeness, occurrence, measurement, disclosure, regularity, existence, valuation and ownership.

22. Authority of the Comptroller and Auditor General in regard to audit of expenditure and receipts (1) Section 13 of the Act authorises the Comptroller and Auditor General to audit all expenditure from the Consolidated Fund of India and of each State and of each Union Territory having a legislative assembly. Section 13 read with Section 2

(e) of the Act also authorises the Comptroller and Auditor General to audit all transactions of the Union and of the States and Union Territories relating to Contingency Funds and Public Accounts.