Business Daily from THE HINDU group of publications
Tuesday, Jan 13, 2009
ePaper | Mobile/PDA Version | Audio | Blogs
Business Daily from THE HINDU group of publications Tuesday, Jan 13, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Opinion
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Letters Lessons from Satyam The Satyam episode is prima facie a result of omissions and commissions of statutory auditors, the Board of Directors and the management over a prolonged period. All their roles obviously need deep investigation. Equally, the role of the internal auditors also needs to be probed as they should have smelt a rat much earlier. For an immediate check on malfeasance of similar kind elsewhere, the Government should make it mandatory that each company with a turnover of, say, Rs1,000 crore should be statutorily audited by a minimum of two audit firms, beginning this financial year, and waive for the current year, due to paucity of time, approval of the shareholders for the appointment of additional audit firm(s). Second, it is necessary to prescribe rotation of audit firms once in, say, 3-5 years, as is being done in the case of banks. Similarly, the Government may also proscribe any consulting work (other than on tax-related issues) being done by a member of the Board or by the audit firm. P. V. Maiya Bangalore More Stories on : Letters | Economic Offences
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