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Consider the following statements regarding Supreme Audit Institutions (SAIs):
  1. They are public oversight institutions which audit a government’s use of public funds.
  2. Although they conduct financial and compliance audits, they do not undertake performance audits to scrutinize the efficiency, effectiveness or economy of government’s undertakings.
Which of the statements given above is/are correct?
  • a)
    1 only
  • b)
    2 only
  • c)
    Both 1 and 2
  • d)
    Neither 1 nor 2
Correct answer is option 'A'. Can you explain this answer?
Most Upvoted Answer
Consider the following statements regarding Supreme Audit Institutions...
's financial operations and management.
They provide an independent assessment of the effectiveness and efficiency of government programs and policies.
They play a key role in promoting transparency and accountability in government.
They are often established as a constitutional body or by law to ensure their independence from political influence.
They may also provide advisory services to governments to improve financial management and strengthen internal controls.
They operate in accordance with international standards and best practices, such as the International Standards of Supreme Audit Institutions (ISSAI) developed by the International Organization of Supreme Audit Institutions (INTOSAI).
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Community Answer
Consider the following statements regarding Supreme Audit Institutions...
The Comptroller and Auditor General (CAG) of India recently said that Supreme Audit Institutions (SAIs) must inevitably prepare themselves for auditing AI-based governance systems and look for opportunities to adopt AI into their audit techniques.
About Supreme Audit Institutions (SAIs):
  • They are public oversight institutions which audit a government’s use of public funds.
  • They are a critical link in a country’s accountability chain.
  • By scrutinizing public financial management and reporting they provide assurance that resources are used as prescribed .
  • Most SAIs derive their mandate from the constitution and/or legislation.
  • SAIs undertake financial audits of organizations’ accounting procedures and financial statements, and compliance audits reviewing the legality of transactions made by the audited body. 
  • They also conduct performance audits to scrutinize the efficiency, effectiveness or economy of government’s undertakings.
  • The Comptroller and Auditor General (CAG) of India is India’s SAI.
Hence only statement 1 is correct.
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Consider the following statements regarding Supreme Audit Institutions (SAIs): They are public oversight institutions which audit a government’s use of public funds. Although they conduct financial and compliance audits, they do not undertake performance audits to scrutinize the efficiency, effectiveness or economy of government’s undertakings.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer?
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