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October 18, 2013

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Ranjan Joshi

Would it be correct to surmise that the clients look at the big accountancy firms for comfort that the finances and accounts are in order, rather than for putting their imprimatur on the formal accounts, which is something that the government and the investors want? If this is indeed the case, it would make sense for the big audit firms to move away from statutory audit, where the big risks reside and concentrate on operational audits and internal reviews, in which the exposure can perhaps be legally contained or avoided altogether. This would also help eliminate conflict-of-interest issues arising out of their consultancy practices.

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