Watchdog for accountants

Independent and robust regulation of auditors a must

Prime Minister Narendra Modi has been particularly keen on curbing corruption and the black economy and almost all his speeches have stressed on the big and small changes needed to make India less corrupt. Much attention has been focused on the financial rectitude of businesses in India. The goods and services tax regime, notwithstanding its inefficient avatar, is expected to bring about transparency in financial transactions. In this regard, reports suggesting that the Centre is likely to institute a new independent regulator – the National Financial Reporting Authority (NFRA) – to monitor the conduct of chartered accountants in the country