It would be no exaggeration to state that every large corporate fraud has had the support and involvement of the statutory auditor, without which such frauds could not have occurred. The auditors were either active participants in the frauds and did not report them, or they were incompetent and negligent, which is often not the case, after all chartered accountants are a highly trained lot. The promoter directors are generally the prime beneficiaries and culprits in these crimes and they deserve the strictest punishment, when they cheat the shareholders, the lenders and the government. But it is the auditors too who must be strictly punished, because they are appointed to keep a check on the management and report their misdeeds if any, and it is they who betray the trust reposed in them, for sheer personal greed and ambition and thus also become the prime accomplice in the scams. In this episode of the Business Tit-Bits, Our Business Editor Mr Akhilesh Bhargava shares his take on the matter.
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