Making auditors accountable

The role of auditors has come under significant scrutiny in recent years with the emergence of high-profile corporate frauds. The auditors are expected to protect the interests of stakeholders of the companies they audit. To plug the gaps, the Ministry of Corporate Affairs has put out a consultation paper, inviting suggestions on enhancing the independence and accountability of auditors. While the paper talks about a number of issues, some of the possible interventions can significantly affect the auditing business. One of the proposals is to prohibit non-audit services to audit clients .....

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