Appointment Procedure of CAG

About Appointment Procedure Comptroller and Auditor General of India (CAG)

Article-148: CAG is appointed by the President of India.
The procedure starts with the cabinet secretary preparing a shortlist of names, which is approved by the finance minister.
It is then placed before the PM, who then recommends a name to the President.
There are no criteria for the shortlist. The Constitution or the 1971 Act does not prescribe any required qualifications for candidates.

More about CAG

Tenure: As per CAG (Duties, Powers and Conditions of service) Act, 1971, CAG holds office for a period of 6 years or up to the age of 65 years, whichever is earlier.
Resignation: CAG can resign at any time by addressing the resignation letter to the President.
Removal: CAG can only be removed from his office in the same manner and on the same grounds as a judge of the Supreme Court.
Edward Drummond was the first Auditor general who was appointed in the Year 1860.
In 1976, CAG was relieved of his responsibilities of compilation and maintenance of the accounts of the Central Government because of separation of accounts from audit.

UPSC PYQ

In India other than ensuring that public funds are used efficiently and for intended purpose, what is the importance of the office of the Comptroller and Auditor General (CAG)? (2012)

CAG exercises exchequer control on behalf of the Parliament when the President of India declares national emergency/financial emergency.
CAG reports on the execution of projects or programmes by the ministries are discussed by the Public Accounts Committee.
Information from CAG reports can be used by investigating agencies to press charges against those who have violated the law while managing public finances.
While dealing with the audit and accounting of government companies, CAG has certain judicial powers for prosecuting those who violate the law.

Which of the statements given above is/are correct?