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Glossary
| Term (EN) | Definition | Exam Relevance |
|---|---|---|
| Auditing | Systematic, independent examination of financial records to determine accuracy, fairness, and compliance | Core definition — from Latin audire |
| True and Fair View | Primary audit criterion — financial statements must present true and fair picture of financial position | Primary objective of audit |
| SA-200 | Standard on Auditing 200 (ICAI) — establishes objectives, scope, and responsibilities of auditor | Professional standard |
| Audit Programme | Written plan detailing audit procedures, timeline, and team responsibilities | Syllabus topic — likely PYQ |
| Error | Unintentional misstatement in financial statements (omission, commission, principle errors) | Secondary audit objective |
| Fraud | Intentional misrepresentation — defalcation, falsification, window dressing | Secondary audit objective |
| Defalcation | Misappropriation of cash or goods by employees or management | Type of fraud |
| Social Audit | Community-led examination of social outcomes of government programmes | MGNREGS Section 17 mandate |
| Jan Sunwai | Public hearing in Gram Sabha — core of MGNREGS social audit process | Social audit mechanism |
| MGNREGA Section 17 | Mandatory Gram Sabha social audit of all works every 6 months | Legal mandate for social audit |
| RSAU | Rajasthan Social Audit Unit, Jaipur — state-level body for MGNREGS social audits | Rajasthan-specific |
| Performance Audit | VFM audit — evaluates Economy, Efficiency, Effectiveness of public resource use | CAG function — frequently asked |
| Economy | Minimum cost for required quality inputs — first 'E' of performance audit | Performance audit dimension |
| Efficiency | Maximum output from given inputs — second 'E' | Performance audit dimension |
| Effectiveness | Whether intended outcomes achieved — third 'E' | Performance audit dimension |
| Efficiency Audit | Specific examination of input-output ratio — subset of performance audit | Syllabus topic |
| CAG | Comptroller and Auditor General — constitutional authority under Article 148 | Most examined topic |
| Article 148 | Constitutional article establishing CAG | Must memorize |
| PAC | Public Accounts Committee — examines CAG reports in Parliament | Parliamentary financial oversight |
| ZBB | Zero Based Budgeting — every expenditure justified from zero each cycle; Peter Pyhrr, 1969 | PYQ in both years |
| Peter Pyhrr | Introduced ZBB at Texas Instruments, USA, 1969 | ZBB founder |
| Decision Package | ZBB unit — each activity described with cost, output, outcome, and alternatives | ZBB mechanism |
| Performance Budgeting | Links budget to physical targets and outcomes — India from 1968-69 | PYQ 2021, 2023 |
| Outcome Budget | Central Government performance budgeting document — introduced 2005-06 | Central govt application |
| Statutory Audit | Legally required audit by independent CA under Companies Act 2013 | Type of audit |