Who should decide on whether self regulation works? The other regulators? The MCA? The RBI? SEBI? …hmmm tough choice!

The ICAI of course a well run body representing the interest of the C As. Well if this is what you think, you think wrong. Once you get in you realize that many of the regulators are not happy.

When I was doing my CA articles – it was clear that we would not do ANY CONSULTANCY work for the client. We had some amazingly high standards (I have no contact with Sharp & Tannan since 1985 when I completed my articles). I do not think we could have taken an assignment of ‘setting up internal controls’ for a client! Fairly obvious, we thought.

After all, as stat auditors we HAD TO CERTIFY that the company has adequate Internal Controls….! So what was obvious to our partners and kids who did CA is perhaps not so clear to many people today.

If we create 100 companies and say each one is a ‘different corporate entity’ – should not the ICAI lift the corporate veil and see beyond he veil? This is not sad, it is sick.

No, I am not saying this, one Mr. Subbarao who heads RBI said this. And he was addressing the ICAI which needs a LOT OF GOVERNING changes. Mr. Subbarao was very polite in what he said, but I guess the more sensitive people can get the gist of what he is saying! Just because he stopped short of saying  ICAI needs to be supervised…I think those who heard the speech…understood what he said! Read on:

http://www.dnaindia.com/money/report_subbarao-cautions-cas-against-enronisation_1626890