Tuesday , August 4 2020

India considers tougher rules for audit firms

Bloomberg

India is considering tougher rules for audit firms, including a cap on the number of listed companies they can examine, according to a person with knowledge of the matter, as the government seeks to tighten oversight after a recent spate of governance lapses.
To stamp out conflicts of interest, the corporate affairs ministry is also weighing either a complete ban on non-audit services or limiting the revenue generation from consulting businesses such as advising companies on restructuring and valuing mergers, the person said, asking not to be identified as the information isn’t public. The ministry, which governs the nation’s professional body of chartered accountants, is in early stages of discussing these changes that may be introduced later in the year by amending the Companies Act, the person said.

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