Staturory Audit

Yes. One need not look into law. Indepndance is a matter of mind and such close relationships would affect independance. ON the lighter side, if one wants to retain the instituton of marriage, better not to appoint one's wife as Auditor. The BOSS stays Home.

Also an firm of CA can be appointed as auditors if all the partners are CA.

yup u cannot appoint such firm.

As rightly said by Mr. Murali that independence is something which is both in form and also in substance. I should not only be actually independent but also be perceived as independent. The corner stone of our profession lies in the fact that we are the persons above any conflict of interest and only thus we can deliver opinions which are not biased.

what is cost audit ? what is point of cost audit at pharma co.