In an interview to ET CFO, the ICAI President Sh. Debashis Mitra has stated that Audit is a serious business and CA professionals those who can’t meet the expectation gap, should stay away from the audit assignments which carries huge amount of responsibilities, to avoid getting into trouble(s)/ penal actions and also to avoid getting bad name for the Institute.
ICAI President’s comments over chartered accountants staying away from becoming auditors of companies have come in the backdrop of spurt in business and accounting failures and auditors facing increased scrutiny from regulators. Mr Mitra has rather suggested to look at alternative professional avenues, like GST litigation, insolvency, valuation, etc.
Source: ET CFO dt. 28/03/2022