Investors to Feel more Confident and Safe

ICAI in favour of rotating audit firms for efficiency

Delhi : Investors can soon feel more confident that the audit which companies are required to do under the law is less prone to human errors. The regulator of accounting profession now wants audit firms to rotate after every few years the partner within the firm who verifies a client’s books for certification. The core governing team of Institute of Chartered Accountants of India (ICAI), the accounting and auditing regulator, will examine a new auditing standard proposing this in July. This is based on the international auditing standard on quality control. Companies, however, need not rotate the audit firm per se.