Public Perception on Role of Audit Professionals is Different from the Reality

Never in the past has the role of the auditors come under so much of intense scrutiny as it has today, especially in the post IL&FS and PMC Bank Crisis. In both cases, it was alleged that the financial reporting lapses were not red-flagged by the statutory auditors, which eventually led to a systemic crisis-like situation for the Indian economy.
 

Thus, Business Standard organized Smart Business conclave in association with the Institute of Company Secretaries in India (ICSI) – Bengaluru chapter last week. Several panellists were of the view that the reality in many of these cases are different from