Quick Summary
The Ministry of Corporate Affairs may take serious steps to safeguard the interests of the Statutory auditors. Firms auditing the accounts of public interest entities such as listed or large unlisted companies could be debarred from providing non audit services to them. The ministry is also explo
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Broadcasts
- Daily E-Newsletter
- Unlimited News Access
BEST VALUE
2 YEAR PLAN
3,499
(Inclusive of GST)
1 YEAR PLAN
1,999
(Inclusive of GST)
View all CCI PRO benfits
Already a PRO member? Login here for an ad-free experience.
FAQ :
The government is considering a ban on firms auditing public interest entities from providing non-audit services to those same clients.
The aim is to safeguard the interests of statutory auditors, enhance transparency, and make the audit market more competitive.
Currently restricted services include accounting and book-keeping, internal audit, design and implementation of financial information systems, actuarial services, investment advisory, investment banking, outsourced financial services, and management services.
Services outside current restrictions include tax audit, secretarial services, transfer pricing-related services, and mergers and acquisitions advisory.
Yes, the ministry is exploring ways to break the cartel of Big 4 accounting firms and limit the number of statutory audits a firm can take on.
CAclubindia
