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Correct Option is 3 and 4

Public Accounts Committee (one of the three financial committees) It was set up first in 1921 under the Government of India Act of 1919 and has since been in existence. At present, it consists of 22 members (15 from the Lok Sabha and 7 from the Rajya Sabha). The members are elected by the Parliament every year from amongst its members according to the principle of proportional representation by means of the single transferable vote. The term of office of the members is one year. A minister cannot be elected as a member of the committee. Since 1967 a convention has developed whereby the chairman of the committee is selected invariably from the Opposition. The function of the committee is to examine the annual audit reports of the Comptroller and Auditor General of India (CAG), which are laid before the Parliament by the President. The CAG submits three audit reports to the President, namely, an audit report on appropriation accounts, an audit report on financial accounts and the audit report on public undertakings. Its recommendations are advisory and not binding on the ministries. Hence only statement 3 and 4 are correct. Some limitations 1. It conducts a post-mortem examination of accounts 2. Its recommendations are advisory and not binding on the ministries 3. It is not vested with the power of disallowance of expenditures by the departments 4. It is not an executive body and hence, cannot issue an order. Only the Parliament can take a final decision on its findings

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