Comptroller and Auditor General of India (CAG) K Sanjay Murthy on Wednesday held consultations with Chairman of 16th Finance Commission Arvind Panagariya on various aspects of public finance, including untapped revenue sources, GST administration, and standardisation of accounting practices in all tiers. The high-level consultation formed a critical part of the commission's ongoing assessment of the financial landscape of the Centre and states, the CAG office said in a release. The deliberations mainly focused on three key areas - Union and state finances, local bodies, and Public Sector Enterprises (PSEs). The Union, the states, local bodies and the PSEs are under the audit of the CAG. In addition, the CAG maintains the accounts of the states. The CAG shared various audit findings for the Union and states in different sectors, fiscal challenges and stress points, including the gap between expenditure and non-debt receipts for the Union and states combined. The key areas of concer