Audit of which among the following financial transactions come under the duties of the Comptroller and Auditor General of India?
1.Consolidated Fund of India
2.Contingency Fund of India
3.Public account of each state
4.Contingency fund of each state
5.Consolidated fund of each state
Choose the correct option from the codes given below:

Answer: [D] 1, 2, 3, 4 & 5

Duties of CAG

As per the provisions of the constitution, the CAG’s (DPC) (Duties, Powers and Conditions of Service) Act, 1971 was enacted. As per the various provisions, the duties of the CAG include the audit of:

·         Receipts and expenditure from the Consolidated Fund of  India and of  the State and Union Territory having legislative assembly;

·         Trading, manufacturing, profit and loss accounts and balance sheets, and other subsidiary accounts kept in any Government department;

·         Accounts of  stores and stock kept in Government offices or departments;

·         Government companies as per the provisions of  the Companies Act, 1956;

·         Corporations established by or under laws made by Parliament in accordance with the provisions of  the respective legislation;

·         Authorities and bodies substantially financed from the Consolidated Funds of  the Union and State Governments;

·         Anybody or authority even though not substantially financed from the Consolidated Fund, the audit of which may be entrusted to the C&AG;

·         Grants and loans given by Government to bodies and authorities for specific purposes; and

·         Entrusted audits e.g. those of Panchayati Raj Institutions and Urban Local Bodies under Technical Guidance & Support (TGS).

This question is a part of GKToday's Integrated IAS General Studies Module