Role of auditors in creation of black money and bad assets

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Shreya Aggarwal (Student) (125 Points)
Replied 12 February 2012

Few months back my father, who is a tax practioner, told me that a CA came to his office and asked for business. He assured him that he will stamp any balance sheet or audit report. He can even help clients in taking loans from banks. Though my father told him that he will consider him next year but he wasn't happy with his views.

We study that audit can be done when accounting books are maintained. How can you audit a balance sheet prepared on estimates? Many professionals and bank officials indulge in malpractices to give loans that are never repaid to the bank. Looking such incidents it seems that the corruption in present in professionals as well.

 


SSG (1936 Points)
Replied 14 August 2015

The conditions hasn't improved. The NPAs are getting worse in the public sector banks. May be members can come up with more ideas on improving the quality of assets in the public sector banks and recovery in the economy.

1 Like

SSG (1936 Points)
Replied 18 February 2016

As discussed earlier, the NPA position of the public sector banks has worsed in the third quarter. There is more to follow. The scam in Bank of Baroda, unearthed in the third quarter of 2015-16, again highlighted the mismanagement and negligence of the banking and audit community. 



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