Government to proceed with caution on policy to improve audit quality
New Delhi, July 23 -- The government has decided to move with caution while changing the rules governing audit. The decision comes despite the slew of defaults by non-bank lender Infrastructure Leasing and Financial Services Ltd group, which has more than Rs.90,000 crore in debt, igniting a liquidity crisis in the shadow banking sector last year. The crisis had prompted policymakers to take a long hard look at how to better regulate key gatekeepers in the corporate world-statutory auditors....
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