Public Financial Accounting and Auditing: Principles and Practices

Abstract

The paper presents an account of the government accounting and auditing principles, structures, the roles of treasury, Accountant General and the government accounting reform initiatives of Government of Karnataka. The structure of accounts under the Consolidated Fund and the coding pattern of revenue and expenditure are discussed. Major roles and responsibilities of the Comptroller and Auditor General (CAG) and the major checks undertaken are critically evaluated. The paper also presents a critical account of the major reform initiatives under treasury system initiated in Karnataka. Issues regarding effectiveness of corrective action and public financial accountability in the backdrop of the delays that occur in addressing the audit paras and the subsequent limited scrutiny by the parliament institutions are addressed.