Financial Daily from THE HINDU group of publications
Thursday, Apr 21, 2005
Financial Daily from THE HINDU group of publications Thursday, Apr 21, 2005 |
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Corporate
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Auditing Industry & Economy - Regulatory Bodies & Rulings CAG plans review of audit reports of top firms in select sectors Our Bureau
New Delhi , April 20 AUDIT reports of top companies in select sectors such as automobiles, cement, textiles, pharmaceuticals and food processing may come under the scanner of the Comptroller and Auditor General of India (CAG) in the coming years. The office of CAG is planning an `audit review' of the audit reports of top companies in the select sectors for 2007 and 2008, according to a press release issued by CAG here on Wednesday. This was disclosed by the CAG, Mr V.N. Kaul, during his address at a meeting of the Audit Advisory Board of CAG held here recently. Mr Kaul said the proposal to conduct the review was based on the suggestions from the former Chairman of the Central Board of Direct Taxes, Mr N Rangachari, who is also a member of CAG's Audit Advisory Board. Reacting to CAG's plan, the President of the Institute of Chartered Accountants of India, Mr Kamlesh Vikamsey, told Business Line that he "did not see any regulatory intent" behind such a move. "It could be more in the nature of research for analysis and to derive conclusions that could be used for own audits within the public sector and Government ambit," Mr Vikamsey said.
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