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Authors
Affiliations
1 Department of Commerce, M.D. University, Rohtak, Haryana, IN
2 HCL Technologies, DHBVN, Hisar, IN
Source
International Journal of Education and Management Studies, Vol 5, No 1 (2015), Pagination: 89-94
Abstract
The famous writer Mr. E. L. Normanton states in his Book titled “The Accountability and Audit of Government” states “without audit, no accountability, without accountability, no control”.The main object of commercial audit is to present before the proprietor or proprietors of the business an accurate statement of the position of affairs together with a Profit and Loss Account showing how this position has been reached. In the case of companies the duty of an auditor is mainly in the interest of the shareholders, who are practically sleeping partners in the business. On the other hand the Government is responsible to spend the money which is collected from the public in shape of Taxes and Levies. As such the Government Audit is rather more important than that of the commercial audit and was recognised during pre-independence era with the introduction of constitutional Reforms of 1919. The necessity and importance of Government Audit has increased day by day as the Governments have involved in more and more activities by using the public funds.
Keywords
Government Audit, Public Funds, Taxes.
