Friday, June 15, 2012

Shareholders may lose right to appoint Auditors

A Finance Ministry-appointed panel has suggested that the Centre should establish a regulator to
empanel auditors in different grades and randomly assign them to private sector firms. The Central Board of Direct Taxes (CBDT) Chairman has said that the current audit system must be detached
from management and control of the business. Company shareholders or managements will have
no say in the appointment of statutory auditors if this recommendation will be accepted.

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