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Sub: ICAI invites suggestions/comments from members on Consultation paper to examine the existing provisions of law and make suitable amendments therein to enhance audit independence and accountability by 12.00 Noon on 21st February, 2020.

The Ministry of Corporate Affairs, Government of India has issued a Consultation paper to examine the existing provisions of law and make suitable amendments therein to enhance audit independence and accountability wherein the comments have been invited by 28th February, 2020.

The Concept Paper interalia highlights that the concept of Auditor independence requires the auditor to carry out his or her work freely, with integrity and in an objective manner. Though auditor is appointed by the shareholders, effective power of their appointment and dismissal lies with the management. Hence, time and again, audit independence has been questioned, as to
whether the auditor is really doing justice to the interest of shareholders. Also, the auditor’s responsibility is not limited to shareholders, as audit report is a public document relied on to by various stakeholders, including Financial Institutions, Government and general public. Further, it has been mentioned that broadly, the auditor’s financial or other interest in client’s
business inappropriately is likely to influence his judgement/ behaviour and a conflict of interest may exist.

Considering the above, ICAI invites suggestions/comments from members on various questions framed in this regard by 12.00 Noon on 21st February, 2020. 

A copy of the Consultative Paper is available at the link
http://www.mca.gov.in/Ministry/pdf/Comments_08022020.pdf

Members are requested to provide their comments at the following link:
https://forms.gle/uwDoPdgEL7ucsYyy7

A copy of the questionnaire on which you are requested to submit your views is enclosed here.

With Regards
Rakesh Sehgal
Acting Secretary, ICAI

PFA the file to know more in details

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