NFRA has its task cut out to bring in more accountability in audit services

For improvement in audit quality, corporate India, too, has to become more accountable to its auditors for business decisions

A report prepared by a group of British academic experts (Reforming the Auditing Industry, December 2018) for the UK’s Labour Party has suggested that the state should consider offering statutory audit services to the financial sector. The proposal to ‘nationalise’ audit services to fix the increasing instances of audit failures across countries is debatable. However, the watchdog role of auditors has come under scrutiny after every instance when a business goes under due to financial stress or fraud. The ongoing crisis at IL&FS is no different and has put the spotlight on the role of present and previous auditors of