CAG's report on 2G spectrum fool proof and best: Rai

Former Comptroller and Auditor General Vinod Rai today said the audit report on 2G spectrum allocation was approved by a group of 12 CAGs from around the world, who described it as "best."
"CAG is the supreme audit agency in the country and its reports were being scrutinised and reviewed by CAGs of other nations," Rai, who faced intense attack from the government over the 2G spectrum report, said at a meet-the-press programme of the Thrissur Press Club here.
The report had pegged the presumptive loss at Rs 1.76 lakh crore.
CAGs from 12 countries, including UK, US, Australia, Germany and Japan, had scrutinised the audit report on 2G spectrum allocation and stated that the guidelines for audit approved by the International Auditors Institute globally had been followed by the CAG here.

While auditing, CAG has to calculate the "revenue foregone" as per the norms of auditing accepted globally, he said.
He said that it was a question of serious debate that loss of "potential revenue" had to be calculated by the auditors.
Rai, who demitted office on May 22, said the privilege of the governments was to make "policy formulations." CAG has to examine whether policies were being implemented or not.
He also welcomed the proposal of making CAG a multi-member body and said that he had made three recommendations to the government in this regard.