In most of the Countries more than one accounting bodies are authorised to conduct Statutory Audit. (in some developed countries 4-5 accounting bodies are allowed). It creates open market competition and increases the quality audit. India is exception wherein statutory audit is the domain of only ICAI. Dont you think that ICWAI (in some cases such as VAT/ IT audit ICSI also) should also be authorised for the same? Obviously then Cost Audit shall be open to Chartered Accountants.
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