Big 4 accounting firms

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jayaram (Querist)
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29 December 2009 Dear All

I am not aware to which form I should post this question but want to know why cant the CA Institute put a cap on this Big 4 audits. By joining / taking CA's they are eating away bread from fresh and really talended people in profession.

I read one article today in one of the web sites where E&y agreed to pay US$ 8.5 Million to SEC for failing to disclose fraudulent financial accounting.

Though the incident happend in US it is the same firm which has numerous audits of companies in India.

Why can it be put under watch list like PWC for satyam in CA website

The link is added from where I read may be memebers could put in the adress bar and have a look on the situation

Thx
Jayaram

http://www.taxguru.in/chartered-accountant/ernst-young-and-six-of-its-current-and-former-partners-charged-for-failing-to-disclose-fraudulent-financial-accounting.html

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
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29 December 2009 Although I do not know whether the answer is convincing one or not; but it is true that in medical profession there is no such cap.

If a Doctor is expert in "Eye Operation" most of the big cases (ready to pay even 1.50 Lacs per case) will go to him from all over India.

In my opinion; if professional ethics are prorperly governed; there should not be any cap on auditing. Let it be headache of the person who undertakes such responsibility. He has to manage it like doctors manage (refer supra).

There are many areas opened for CA which are more lucrative than auditing.

Although it is true that if auditing is with one firm; rest of consultancy also go to it. To that extent it must be avoided to make him independant.

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