Set-up against the background of massive accounting frauds in companies abroad, the Committee on Corporate Audit and Governance headed by the former Cabinet Secretary, Naresh Chandra, has recommended the Chief
Box 17.3 provides the professional view of auditors with regard to audit firm rotation.
BOX 17.3 AUDIT FIRM ROTATION—PROFESSIONAL VIEWS
There are certain views in the profession of auditors which approve audit rotation of partners. Commenting on this issue, Mike Rake, chairman of KPMG International, one of the world’s Big Five auditing firms, has this to say: ‘After the series of scandals, there has been a lot of reform, regulation and legislation-some well thought through, some not so well thought through. All ...