As per Article 149, CAG Act 1971 enacted by Parliament which describes the powers and duties.
- audits receipts & expenditures from Consolidated Fund of India (CFI)
- audits transactions related to Contingency Fund of India and public accounts
- audits all govt companies and central PSU
- audits all autonomous bodies and authorities receiving govt funds
- audits accounts of any other authority at request of President
- assesses net proceeds of taxes
- acts as agent of parliament and conducts expenditure audit on their behalf
- ensures accountability of exec to the legis in financial administration
- checks on legality of funds shown in accounts and they have been disbursed properly for the specified purpose by specified body
- also termed compliance audit