Sign Up

Have an account? Sign In Now

Sign In

Forgot Password?

Don't have account, Sign Up Here

Forgot Password

Lost your password? Please enter your email address. You will receive a link and will create a new password via email.

Have an account? Sign In Now

You must login to ask a question.

Forgot Password?

Need An Account, Sign Up Here

Please briefly explain why you feel this question should be reported.

Please briefly explain why you feel this answer should be reported.

Please briefly explain why you feel this user should be reported.

Sign InSign Up

Abstract Classes

Abstract Classes Logo Abstract Classes Logo
Search
Ask A Question

Mobile menu

Close
Ask a Question
  • Home
  • Polls
  • Add group
  • Buy Points
  • Questions
  • Pending questions
  • Notifications
    • sonali10 has voted up your question.September 24, 2024 at 2:47 pm
    • Abstract Classes has answered your question.September 20, 2024 at 2:13 pm
    • The administrator approved your question.September 20, 2024 at 2:11 pm
    • banu has voted up your question.August 20, 2024 at 3:29 pm
    • banu has voted down your question.August 20, 2024 at 3:29 pm
    • Show all notifications.
  • Messages
  • User Questions
  • Asked Questions
  • Answers
  • Best Answers
Home/ Questions/Q 32379
Next
In Process
Ramakant Sharma
Ramakant SharmaInk Innovator
Asked: March 18, 20242024-03-18T20:47:54+05:30 2024-03-18T20:47:54+05:30In: Philosophy

Explain the budgetary and audit system in India.

Describe India’s auditing and budgetary systems.

BPAE-143IGNOU
  • 0
  • 11
  • 19
  • 0
  • 0
Share
  • Facebook

    1 Answer

    • Voted
    • Oldest
    • Recent
    1. Ramakant Sharma Ink Innovator
      2024-03-18T20:48:59+05:30Added an answer on March 18, 2024 at 8:48 pm

      1. Introduction to the Budgetary and Audit System in India

      The budgetary and audit system in India forms the cornerstone of fiscal governance, ensuring transparency, accountability, and efficiency in the management of public finances. The system encompasses the formulation and execution of the government budget, as well as the auditing of government expenditures to ensure compliance with legal and financial regulations.

      2. Budget Formulation Process

      The budget formulation process in India begins with the presentation of the Union Budget by the Finance Minister to Parliament. The budget comprises estimates of government revenue and expenditure for the upcoming fiscal year, along with policy proposals and financial allocations for various sectors and programs. The process involves consultations between the Ministry of Finance, line ministries, and other stakeholders to assess priorities, evaluate resource requirements, and allocate funds accordingly. The budget document is subject to parliamentary scrutiny and approval before it can be implemented.

      3. Types of Budget

      In India, the budgetary system includes several types of budgets, each serving specific purposes:

      • Union Budget: The Union Budget, presented by the central government, outlines the financial plans and policies for the entire country, covering both revenue and expenditure aspects.

      • State Budgets: Each state government presents its own budget, known as the State Budget, which reflects the fiscal priorities and allocations for that particular state.

      • Railway Budget: Historically, India had a separate Railway Budget presented before the Union Budget. However, since 2017, the Railway Budget has been merged with the Union Budget.

      4. Budget Execution and Monitoring

      Once the budget is approved by Parliament, the government proceeds with the execution of budgetary allocations. Line ministries and departments are responsible for implementing programs and projects in accordance with the approved budget. Financial controls and monitoring mechanisms are put in place to ensure that funds are utilized efficiently, expenditures are incurred as per budgetary allocations, and outcomes are achieved as intended. The Ministry of Finance oversees budget execution and conducts periodic reviews to assess progress and address any deviations or bottlenecks.

      5. Audit System

      The audit system in India is overseen by the office of the Comptroller and Auditor General (CAG) of India, which is an independent constitutional authority. The CAG is responsible for auditing the accounts and financial transactions of the central and state governments, as well as other public entities and bodies receiving government funds. The audit aims to ascertain whether public funds have been spent legally, economically, and efficiently, and whether the financial statements present a true and fair view of the government's financial position.

      6. Types of Audit

      The CAG conducts various types of audits to fulfill its mandate:

      • Financial Audit: This audit examines the accuracy and reliability of financial statements and transactions, ensuring compliance with accounting standards and legal requirements.

      • Performance Audit: Performance audit assesses the economy, efficiency, and effectiveness of government programs and activities, evaluating whether intended objectives have been achieved and resources have been optimally utilized.

      • Compliance Audit: Compliance audit verifies whether government entities have complied with relevant laws, rules, and regulations in their financial and administrative operations.

      7. Role of Parliament

      Parliament plays a crucial role in overseeing the budgetary and audit processes in India. The Public Accounts Committee (PAC) and the Committee on Public Undertakings (COPU) are parliamentary committees responsible for scrutinizing the reports of the CAG and examining government expenditures and performance. These committees provide recommendations and suggestions to improve fiscal management and accountability.

      8. Challenges and Reforms

      Despite the existence of a robust budgetary and audit system, India faces challenges such as inadequate capacity and resources, delays in budget execution, and issues of transparency and accountability. To address these challenges, ongoing reforms aim to strengthen financial management practices, enhance the effectiveness of audit mechanisms, and promote greater transparency and accountability in the management of public finances.

      Conclusion

      The budgetary and audit system in India plays a critical role in ensuring fiscal discipline, transparency, and accountability in the management of public finances. Through a comprehensive framework of budget formulation, execution, and audit oversight, India strives to achieve efficient allocation and utilization of resources, promote good governance, and meet the needs and aspirations of its citizens.

      • 0
      • Share
        Share
        • Share onFacebook
        • Share on Twitter
        • Share on LinkedIn
        • Share on WhatsApp

    Related Questions

    • Write a short note on explain the functions of Central Secretariat.
    • Write a short note on describe the characteristics of Pressure groups in India.
    • Write a short note on enumerate the financial resources of urban local bodies.
    • Write a short note on the National Commission for Scheduled Castes.
    • Write a short note on describe the reform measures undertaken by government since Independence.
    • Write a short note on briefly explain the scope and forms of Judicial control over administration.
    • Write a short note on explain the provisions underlying the financial relations between the Union and the state.
    • Write a short note on discuss the issues confronting Police Administrations.

    Sidebar

    Ask A Question

    Stats

    • Questions 21k
    • Answers 21k
    • Popular
    • Tags
    • Pushkar Kumar

      Bachelor of Science (Honours) Anthropology (BSCANH) | IGNOU

      • 0 Comments
    • Pushkar Kumar

      Bachelor of Arts (BAM) | IGNOU

      • 0 Comments
    • Pushkar Kumar

      Bachelor of Science (BSCM) | IGNOU

      • 0 Comments
    • Pushkar Kumar

      Bachelor of Arts(Economics) (BAFEC) | IGNOU

      • 0 Comments
    • Pushkar Kumar

      Bachelor of Arts(English) (BAFEG) | IGNOU

      • 0 Comments
    Academic Writing Academic Writing Help BEGS-183 BEGS-183 Solved Assignment Critical Reading Critical Reading Techniques Family & Lineage Generational Conflict Historical Fiction Hybridity & Culture IGNOU Solved Assignments IGNOU Study Guides IGNOU Writing and Study Skills Loss & Displacement Magical Realism Narrative Experimentation Nationalism & Memory Partition Trauma Postcolonial Identity Research Methods Research Skills Study Skills Writing Skills

    Users

    Arindom Roy

    Arindom Roy

    • 102 Questions
    • 104 Answers
    Manish Kumar

    Manish Kumar

    • 49 Questions
    • 48 Answers
    Pushkar Kumar

    Pushkar Kumar

    • 57 Questions
    • 56 Answers
    Gaurav

    Gaurav

    • 535 Questions
    • 534 Answers
    Bhulu Aich

    Bhulu Aich

    • 2 Questions
    • 0 Answers
    Exclusive Author
    Ramakant Sharma

    Ramakant Sharma

    • 8k Questions
    • 7k Answers
    Ink Innovator
    Himanshu Kulshreshtha

    Himanshu Kulshreshtha

    • 10k Questions
    • 11k Answers
    Elite Author
    N.K. Sharma

    N.K. Sharma

    • 930 Questions
    • 2 Answers

    Explore

    • Home
    • Polls
    • Add group
    • Buy Points
    • Questions
    • Pending questions
    • Notifications
      • sonali10 has voted up your question.September 24, 2024 at 2:47 pm
      • Abstract Classes has answered your question.September 20, 2024 at 2:13 pm
      • The administrator approved your question.September 20, 2024 at 2:11 pm
      • banu has voted up your question.August 20, 2024 at 3:29 pm
      • banu has voted down your question.August 20, 2024 at 3:29 pm
      • Show all notifications.
    • Messages
    • User Questions
    • Asked Questions
    • Answers
    • Best Answers

    Footer

    Abstract Classes

    Abstract Classes

    Abstract Classes is a dynamic educational platform designed to foster a community of inquiry and learning. As a dedicated social questions & answers engine, we aim to establish a thriving network where students can connect with experts and peers to exchange knowledge, solve problems, and enhance their understanding on a wide range of subjects.

    About Us

    • Meet Our Team
    • Contact Us
    • About Us

    Legal Terms

    • Privacy Policy
    • Community Guidelines
    • Terms of Service
    • FAQ (Frequently Asked Questions)

    © Abstract Classes. All rights reserved.