Abstract
Public financial accountability has gained considerable importance of late and is rated more in terms of the efficiency with which public funds are expended, services delivered and the extent to which, the targeted output and outcomes are achieved than the quantum of financial allocations made year on year. This chapter makes an attempt to examine the issues that are of concern for India in the areas of financial accountability slated to achieve through the institutions that are responsible for ensuring accountability. The analysis focuses on the working of the current systems in place to ensure public financial accountability in India, their inadequacies and some corrective measures. Key issues addressed include whether the current control mechanism captures entire public spending, secondly, adequacy of the control mechanism in terms of providing insights on the results of public expenditure, thirdly departmental response to the CAG audit findings.
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