Which of the following statements is/are correct for the Public Accounts Committee ? 1. It comprises of not more than 10 members from the Lok Sabha and not more than 7 members from the Rajya Sabha. 2. As per convention a member of the opposition acts as its Chairman. 3. It examines the statement of accounts showing the income & expenditure of the state corporations, autonomous and semi-autonomous bodies. 4. The term of the Committee does not exceed one year at a time. Choose the correct answer from the options given below:

• It investigates the central government’s appropriation and finance accounts, which are presented to the Lok Sabha.
• It presently comprises 22 members (15 members elected by the Lok Sabha Speaker, and 7 members elected by the Rajya Sabha Chairman) with a term of one year only. Hence statement A is incorrect and D is correct.
• Chairman: The speaker appoints him/her from amongst the members; Invariably the chairman has been from the Opposition Party since 1967. Hence statement B is correct.

It carefully examines CAG audit reports to ensure that

• The funds disbursed were legally available for the applied service or purpose.
• The expenditure is in accordance with the authority that governs it.
• Every re-appropriation has been carried out in accordance with the applicable rules.
• It investigates the accounts of state corporations, trading companies, and manufacturing projects.
• It also examines the statement of accounts showing the income and expenditure of autonomous and semi-autonomous bodies, the audit of which may be conducted by the C&AG of India either under the directions of the President or by a statute of Parliament. Hence, statement C is correct.
• If any money has been spent on any service during a financial year in excess of the amount granted by the House for that purpose, the Committee examines the circumstances leading to such an excess and make such recommendations as it may deem fit.