The most important Parliamentary Committee that exercises control on public administration is the Public Accounts Committee (PAC). The PAC is a significant committee as it plays a crucial role in ensuring transparency, accountability, and financial prudence in the functioning of the government.

1. **Role of the Public Accounts Committee:**
The main role of the PAC is to examine the audit reports of the Comptroller and Auditor General (CAG). The CAG is responsible for auditing the accounts of the central and state governments, as well as various government departments and agencies. The PAC scrutinizes these audit reports and examines the financial transactions and actions of the government to ensure that public money is spent judiciously and in accordance with the law.

2. **Examination of the Audit Reports:**
The PAC reviews the audit reports presented by the CAG and examines any irregularities, financial mismanagement, or non-compliance with the rules and regulations. It also examines the efficiency, effectiveness, and economy of government spending. The committee has the power to summon government officials and seek explanations on financial matters.

3. **Report and Recommendations:**
After conducting a thorough examination, the PAC prepares a report highlighting its findings, observations, and recommendations. The report is then presented to the Parliament for discussion and further action. The recommendations made by the PAC are taken seriously and can lead to policy changes, improvements in governance, and even recoveries of misappropriated funds.

4. **Oversight of Public Administration:**
The PAC provides oversight on the functioning of the public administration by holding it accountable for its financial decisions and actions. It ensures that public funds are utilized for the intended purposes and that there is no wastage or misappropriation. By conducting a detailed examination of the audit reports, the PAC acts as a watchdog for public administration.

5. **Parliamentary Control and Accountability:**
The PAC is an important mechanism for ensuring parliamentary control and accountability over public administration. It allows Members of Parliament to scrutinize the government's financial decisions and actions, thereby ensuring that the executive branch of the government remains answerable to the legislature.

In conclusion, the Public Accounts Committee (PAC) is considered the most important Parliamentary Committee that exercises control on public administration. It plays a crucial role in ensuring transparency, accountability, and financial prudence in the functioning of the government. By examining audit reports, making recommendations, and providing oversight, the PAC contributes to better governance and the efficient utilization of public funds.