Statements (1), (2) and (4) about the Comptroller and Auditor General of India (CAG) are correct. CAG of India is a 'single-member body' appointed by the President and who can be removed from the office in a manner and on the grounds like the Judge of a Supreme Court. So, statement (3) is incorrect. The Comptroller and Auditor General of India is an authority established by Article 148 of the Constitution of India. The CAG's audit reports help ensure an executive's accountability to the Parliament in the sphere of financial administration.