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 exploring ways to break the cartel of Big 4 accounting firms to make the audit market more competitive and transparent. This shall also include limiting the number of statutory audits one firm can take up.
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 Community
- Daily E-Newsletter
- Unlimited News Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
1 Year PLAN
1999
(Excl. of GST ₹359)
BEST VALUE
2 Years PLAN
3499
(Excl. of GST ₹629)
3 Months PLAN
999
(Excl. of GST ₹179)
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
