Auditors, especially the BIG 4, have been under the hammer of late. Recently they are being held liable for their misdeeds and misconduct and unlike earlier where the audit firm could not be punished, now, the firm as well as their partners will be held liable and prosecuted. Companies Act 2013, RBI, SFIO, NFRA, SEBI and other such authorities have been given powers to punish delinquent auditors. Examples such as IL&FS and others have made it necessary. Most recently the example of PWC resigning from Reliance ADAG companies has made news. #AnilAmbani #PWC #IL&FS
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