The correct answer is (b) Comptroller and Auditor General.
The Comptroller and Auditor General (CAG) is the head of the Indian Audit and Accounts Department. The CAG is appointed by the President of India on the advice of the Prime Minister. The CAG is responsible for auditing all receipts and expenditure of the central and state governments, as well as of all public undertakings. The CAG is also responsible for auditing the accounts of local bodies and other statutory bodies.
The CAG is an independent constitutional authority and is not subject to the control of any ministry or department of the government. The CAG reports directly to the Parliament of India. The CAG’s reports are considered to be very important and are often used by the Parliament to hold the government accountable for its financial management.
The other options are incorrect because:
- The President is the head of the state and is not directly involved in the management of public finances.
- Parliament is the supreme legislative body of India and is responsible for making laws. However, Parliament does not have any direct role in the management of public finances.
- The Council of Ministers is the executive body of the government and is responsible for the day-to-day management of public finances. However, the Council of Ministers is not the ultimate authority on public finances and is subject to the scrutiny of the CAG.