● 'Public Accounts Committee' is the committee to audit the expenses of the Government of India. ● In this committee, it consists of 22 members , out of which 15 members are from Lok Sabha and 7 are from Rajya Sabha. ● Its members are elected by a single transferable vote system. ● The Chairman of the Public Accounts Committee is a member of the opposition party. ● This committee examines the annual reports of the CAG, which are presented to the Parliament by the President. Hence statement 3 is correct. ● The committee examines public expenditure not only from a legal and formal point of view to discover technical irregularities but also from the point of view of the economy, prudence, wisdom and propriety. Hence statement 2 is correct.