I THINK THE BEST SOLUTION IS THAT THE AUDITS OF LISTED COMPANIES BE ALLOTED BY CENTRAL GOVERNEMNT OR SEBI OR C & AG LIKE PSU AUDITS .....THIS WILL ENSURE INDEPENDENCE OF AUDITORS .
YOUR OPINION PLEASE!
7 Replies
ASHISH YADAV
(Chartered Accountant)
(119 Points)
Replied 12 January 2009
Yes
It will be better for appointment by CAG for maximum 3 years per firm by CAG.
Krunal Raichura
(Financial Advisory)
(2134 Points)
Replied 12 January 2009
Fraud cannot be deterred with mere pecuniary and criminal punishments and the deterance should be a social one which is in absentia.
The logic behind the same is that if say an individual does a fraud of Rs. 10000 the maxiumum jail term is 10 years and also for a fraud tuning to 100000000000000000000……and so on.
What we really need is a society that banishes fraudsters on a social ground?
Prakash Popat
(3134 Points)
Replied 14 January 2009
Let's Hope that Govt create more employment oppurtunities for CA.
Ameet
(L)
(1678 Points)
Replied 14 January 2009
WHO IS SURE THAT IT WILL NOT HAPPEN UNDER CA SELECTED BY CAG.
CMA.Devarajan Swaminathan
(ACMA)
(1067 Points)
Replied 14 January 2009
If SEBI or any other Authority starts allocating audit, in all probability it will only result in back door entry by the auditor.
In my view its high time we have an audit governing structure like the US, the UK or even in Canada. But that again does not guarantee a clean audit.
Ethics is sadly missing in governance.
CA. Rajeev Aggarwal
(Chartered Accountant)
(3424 Points)
Replied 14 January 2009
Audit shuld be very hard and productive
Shudhanshu Agrawal
(Business)
(2570 Points)
Replied 14 January 2009
I think more power should be given to the CA's ....... for big companies, make CA's the internal part of management and specially for financial decisions......and with that more accountability should be added to CA's
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