Banking service chronicle published this article page no 9 the cag audit reports presented to the parliament/ state legislatures are selected by the legislative committees for detailed examination. the cag functions as a friend philosopher and guide to the legislative committees by suggesting topics of focus and highlighting issues of concern. Banking service chronicle magazine the committees carry out an in- depth examination of the cags audit observations and call upon the executive ministries and departments to explain their actions on the irregularities pointed out in the reports. the cags audits are of three types: financial attest audit to ascertain the accuracy and correctness of the financial statements of the entity; compliance audit to check adherence to applicable rules regulations and procedures; and performance audit to assess whether systems within the entity operate with economy efficiency and effectiveness Banking service chronicle magazine subscription.
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