Audit profession needs independent regulator

The need for change has been felt at the highest level

The debate over an independent regulator for chartered accountants (CAs) has been rekindled by the Kotak panel report on corporate governance.

The panel has recommended that the Quality Review Board (QRB) be strengthened to meet the independence criteria laid down by the International Forum of Independent Audit Regulators (IFIAR), an international body that comprises independent audit regulators of 52 jurisdictions. India is not yet a member of the IFIAR but the Institute of Chartered Accountants of India (ICAI) has maintained that the QRB has applied for IFIAR membership, Business Standard reported recently.

Though several panels of wise men have arrived at such