Reform in three Acts with long-overdue Bill to improve audit discipline

The government introduces a long-overdue Bill to improve the audit discipline

A Bill to amend the three Acts that regulate the business of Chartered Accountants, Cost and Works Accountants and Company Secretaries was introduced in the last week of the winter session of Parliament by the Ministry of Corporate Affairs. The core of the Bill is about the auditing role of chartered accountants, though it covers much else, too. It was only appropriate that the Bill was referred to the standing committee of finance, and one can be sure the provisions will be heavily contested.

Since the Satyam saga of 2009, whenever the role of auditors was questioned, it primarily revolved around