Financial Daily from THE HINDU group of publications
Tuesday, Aug 27, 2002
Financial Daily from THE HINDU group of publications Tuesday, Aug 27, 2002 |
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Opinion
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Letters Making CAs accountable
The news that a high level committee has been set up by the Ministry of Finance and Company Affairs is welcome. However, the panel does not include representatives from the Institute of Cost and Works Accountants of India and the Institute of Company Secretaries of India. To submit a realistic report on the relationship between the auditors and companies, the panel must include representatives from the ICWAI and ICSI. It must also study how companies are continuously able to get assistance from their bankers despite defaulting on payments. The panel must also recommend fixing responsibility on auditors with punitive actions for any misstatement of facts in the final accounts or frauds discovered later. It is time that CAs are also made responsible for the irregularities in the companies they audit, because a company's stakeholders determine their courses of action based on the certification of the chartered accountant. S. Rajagopalan
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