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Vishesh C Chandiok & Yogesh Sharma: India Inc needs choice in auditing

Having a few firms audit large and listed companies is not in the interest of either vibrant capital markets or a vibrant economy

Vishesh C Chandiok & Yogesh Sharma 

Vishesh C Chandiok & Yogesh Sharma

The Companies Act, 2013, which became effective from April 1, 2014, has brought significant changes in the areas of auditor independence, limits on the number of audits for an auditor and responsibility and also introduced the mandatory firm rotation (MFR) requirement in India.

The Act requires all large and listed companies to change their audit firms if they have completed 10 consecutive years, as of April 1, 2017. This regulatory requirement has the potential to pave the way for substantial changes in the structure of the audit profession, with substantial consolidation of audit of public ...

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First Published: Sun, September 25 2016. 20:56 IST
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