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Supporting the capital market regulator SEBI's proposal for an independent auditing regulator in India, global auditing and consultancy major PwC has said there is an urgent need to have a strong and powerful watchdog for this business.
“It's a great suggestion on the SEBI's part, but the decision has to be taken by the government, including by the Corporate Affairs Ministry and the Finance Ministry. There has to be a political will and then we can emulate the global example,” PwC India Chairman, Mr Deepak Kapoor, told PTI here on the sidelines of World Economic Forum Annual Meeting 2012.
Separately, SEBI plans to put in place a proper mechanism “for enforcing compliance with auditing standards by the auditors of listed companies”.
Currently, the Institute of Chartered Accountants of India (ICAI) regulates accounting and auditing professions.
ICAI is a licensing-cum-regulating body of the audit and accounting profession in India.
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