Financial Daily from THE HINDU group of publications
Tuesday, Aug 13, 2002
Financial Daily from THE HINDU group of publications Tuesday, Aug 13, 2002 |
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Opinion
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Letters Audit focus
In `Refocussing the audit effort' (Business Line, August 8), the author has rightly condemned the unfortunate practice of the audit exercise being converted into a money-making venture. Good governance and professional ethics should prevail over all other aspects. The ICAI has a definite role to play in curbing large-scale financial irregularities. Legally permissible practices do not necessarily constitute the right methods. Audits should not be carried out by the same person/entity for more than a specified continuous period of, say, three-five years in a span of 10-15 years. Hence, it is essential to rotate the auditor after five years. Even when a company adopts time-tested accounting standards such as the GAAP and the International Accounting Standards (IAS), a lot depends on those who manage, administer and oversee the same. Audit focus and independence should never be forgotten if the public's faith is to be regained. R. S. Raghavan
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