Letters: Auditors' rotation a must

Is four years too short a time to establish a comfortable relationship?

Auditors’ rotation a must

As Anup Roy’s report, “RBI directive on auditors to benefit second-tier firms” (August 2) rightly points out, public sector banks are outside the ambit of the audit done by PricewaterhouseCoopers, Deloitte, KPMG and EY. Their audits are done by empanelled members of the Institute of Chartered Accountants of India.

The regulator also correctly says that some private and foreign banks do not follow the rotation period in letter and spirit. The central bank knows that frequenting of any auditor to the same bank might establish a comfortable relationship and compromise adherence to audit principles. This knowledge