Does India need an independent regulator of audit firms?
On this, Ved Jain, President, ICAI said, There is no need because we have a body better than PCAOB at one stage. We as an institute regulate the profession, we are overseeing it then we have a Quality Review Board, we are overseeing it, we have a Peer Review Board and then we have on top of it Financial Reporting Review Board where we review the balance sheet and financial statement of all the corporates. Rajesh Kapadia, Partner, GM Kapadia & Co said, If we have not been subjected to a Peer Review, it would automatically become a disqualification and in fact all your prescriptions, which are there under the PCAOB or under the Sarbanes-Oxley Act find place at some place or the other in all the regulations that I have mentioned here. Natrajan Ramkrishna, Partner, Audit, BSR & Co said, There is a very significant difference between what the PCAOB does and what the institute does. For example, the institute typically looks at financial statements and looks out for deviations whereas the PC