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Its central civil servants serve in an audit managerial capacity in the Indian Audit and Accounts Department (IA&AD), and are responsible for auditing the accounts of the Union government and state governments, as well as their public commercial enterprises and non-commercial autonomous bodies. [6]
The Comptroller and Auditor General (CAG) of India is an authority, established by the Constitution under Constitution of India/Part V Chapter V/Sub-part 7B/Article 148, who 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.
It was the 74th amendment to the Constitution of India in 1992 that brought constitutional validity to municipal or local governments. Until amendments were made in respective state municipal legislations as well, municipal authorities were organised on an ultra vires (beyond the authority) basis and the state governments were free to extend or control the functional sphere through executive ...
Anybody or authority even though not substantially financed from the Consolidated Fund, the audit of which may be entrusted to the CAG. Grants and loans given by Government to bodies and authorities for specific purposes. Entrusted audits e.g. those of Panchayati Raj Institutions and Urban Local Bodies under Technical Guidance & Support (TGS).
This local government structure extends up to the district level. The urban local government is commonly referred as "urban local bodies" (ULBs). Municipal corporations, municipal councils, and nagar panchayats are examples of urban local bodies responsible for managing local affairs, such as infrastructure development, public health, and ...
The primary bodies in each country are affiliated to the International Federation of Accountants while a few do not belong to IFAC as they operate more like specialist bodies helping the work of accountants and auditors such as the field of taxation, forensic auditing and systems auditing. These bodies include:
Non-compliance of these standards by the members will lead to disciplinary action against them. The technical standards issued by ICAI include Accounting Standards, Engagement, and Quality Control Standards, Standards on Internal Audit, Corporate Affairs Standard, Accounting Standards for Local Bodies, etc.
Local Body Elections (India) are conducted periodically in states and union territories of India as per the provision made in Constitution. [1] The reasons for forming these local bodies are 1. Decentralisation of process of democracy and 2. Power devolution at local levels. Local Body Elections are conducted by State Election Commission. [2] [3]