Objecting to the Maharashtra government’s decision of removing the audit limit for non-CAs government-authorised auditors, the accounting regulator Institute of Chartered Accountants of India (ICAI) has urged to restore the audit limit of Rs 1 lakh at the earliest. No audit limit enables the auditors to perform audit of trusts of any size. ICAI president Uttam Prakash Agarwal told FE, “In case a CA fails to discharge his duties properly, disciplinary mechanism is in place but in case of the government-authorised auditors, no such mechanism exists presently."
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