It is a 22 member committee which belongs to the Lok Sabha, to avoid any prejudice or bias. The speaker, by convention, appoints a member of opposition to chair the committee from the selected 15 members of Lok Sabha. The main role of this committee is
i. To examine the accounts showing the appropriation granted by the parliament to meet the expenditure of the government of India.
ii. To examine the Annual Finance Accounts of the government of India and other accounts laid before the House.
iii. To examine the reports of comptroller and Auditor General of India on revenue receipts.
iv. This committee is primarily meant to relieve the parliament from complex and enormous- load of work on financial matter.