Reliance On The Sanctity Of Audited Balance Sheet And Safeguarding The Country’s Financial Ecosystem: A Letter To The President, ICAI

Once in a Blue Moon Academia

To

The President,

Institute of Chartered Accountants, India

ICAI Bhawan, Indraprastha Marg

Post Box no: 7100

New Delhi – 110 002

Sub: Reliance on the Sanctity of Audited Balance Sheet and safeguarding the Country’s Financial Ecosystem

Dear Sir/Madam,

It is redundant to state to you that the sections224, 225 and 226of the Companies Act, 1956, compel an auditor for diligent scrutinization of the respective company’s audit-books’ fair and true value in an unambiguous manner. Mentioningtheright to inspect,duty to reportand liabilities of an auditor, according to section 227 of the Companies Act, 1956, is just carrying coal to Newcastle.

However, it is a matter of regret to inform you that in the context of contemporary scenario, in many cases, auditors’ reports have cut a sorry figure to execute proper surveillance and vigilance. The”Statement of Accounting Principles” of The Institute of Chartered Accountants (ICAI) states that an…

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