 "Illustration by Binay Sinha")
On February 7, Institute of Chartered Accountants of India (ICAI), the self-regulatory body for audit profession, had its 70th Annual Day bash at a five-star hotel in the national capital which was attended by hundreds of its members and students from across the country. The same day, the ministry of corporate affairs (MCA), the presiding ministry of ICAI, uploaded on its website a consultation paper, seeking views of stakeholders on measures to enhance audit independence and accountability.
Over the last three-four years, auditors have been under scrutiny for their role in financially stressed and fraud-hit companies. Several expert groups over the
