Explanation:

The Comptroller and Auditor General (CAG) of India is a constitutional authority responsible for auditing all receipts and expenditure of the Government of India and the state governments. This role is crucial for ensuring financial accountability. * **Correct Option (D) V. Narahari Rao:** V. Narahari Rao served as the first Comptroller and Auditor General of India from 1948 to 1954. His tenure was instrumental in setting up the institutional framework for auditing in independent India, establishing the standards and practices for financial oversight. * **Incorrect Option (A) A.K. Chandra:** A.K. Chandra is not recognized as the first CAG of India. The historical records clearly indicate V. Narahari Rao as the inaugural officeholder. * **Incorrect Option (B) A.K. Roy:** A.K. Roy is not associated with the position of the first CAG of India. This option is factually incorrect regarding the history of the CAG's office. * **Incorrect Option (C) S. Ranganathan:** S. Ranganathan is not the first CAG of India. While there have been other distinguished individuals who held the position, V. Narahari Rao holds the distinction of being the first.