New Delhi, Nov. 14 -- Proposed revisions in the audit standard for consolidated financial statements of business groups could lead to the concentration of the audit market around big audit firms at the expense of other auditors, said an official of the Institute of Chartered Accountants of India (ICAI), the profession's self-regulator and rule maker.
A senior ICAI official said that the existing standard framed by ICAI-called SA600-has served well for the last 22 years and that a few corporate scandals cited in a public feedback note for the proposed revision are aberrations and should not be the basis for a change.
Audit concentration refers to a big chunk of the audit market going to the top audit firms, a trend seen in economies like...
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