To whom does the Public Accounts Committee submit its report?

The correct answer is Speaker of Lok Sabha.

Key Points

• The Public Accounts Committee (PAC) submits its report to the Parliament of India.
• The PAC is a committee of selected Members of Parliament, constituted annually by the Parliament.
• Its primary function is to examine the audit reports of the Comptroller and Auditor General (CAG) of India after they are laid before the Parliament.
• The CAG acts as the "friend, philosopher, and guide" of the Committee, assisting it in its deliberations.
• The Committee scrutinizes the Appropriation Accounts of the Government of India and the Audit Reports of the CAG on these accounts.
• It also examines the Finance Accounts of the Government and any other accounts laid before the Parliament that the Committee may deem fit.
• One of the key functions of the PAC is to ascertain whether the money granted by Parliament has been spent by the Government "within the scope of the demand."   
• This involves ensuring that the expenditure conforms to the authority that governs it and that every re-appropriation has been made in accordance with the relevant rules.
• The Committee also examines cases involving losses, nugatory expenditure, and financial irregularities that are brought to light in the audit reports.
• When instances of negligence leading to loss or extravagance are identified, the Committee seeks explanations from the concerned Ministry or Department about the action taken to prevent recurrence.
• The PAC can record its opinion in the form of disapproval or pass strictures against extravagance or a lack of proper financial control.
• Another important function is to discuss points of financial discipline and principle.
• If any money has been spent on a service in excess of the amount granted by the Parliament, the Committee examines the circumstances leading to such excess and makes recommendations.
• The Committee also looks at savings arising from incorrect estimating or other procedural defects.
• While scrutinizing the Reports of the CAG on Revenue Receipts, the Committee examines various aspects of the Government's tax administration, including under-assessments, tax evasion, and non-levy of duties.   
• It identifies loopholes in taxation laws and procedures and makes recommendations to prevent revenue leakage.
• The PAC consists of not more than members, with from the Lok Sabha and from the Rajya Sabha.
• The members are elected annually according to the principle of proportional representation by means of a single transferable vote.
• The Chairperson of the Committee is appointed by the Speaker of the Lok Sabha, and by convention, it is usually a member of the opposition party.
• Ministers are not eligible to be members of the Committee, ensuring its independence in scrutinizing government expenditure.
• The reports prepared by the Public Accounts Committee, after their consideration and adoption, are presented to the Parliament for further action and discussion.