India has seen its fair share of scams, frauds and rackets in the financial sector. Financial institutions can now appoint auditors for a period of three years provided they satisfy all the eligibility norms. But after three years they have to look for somebody else. The motive for introducing this rule should be obvious. Auditors depend on companies for payment.
In today's episode we talk about new guidelines on auditing commercial banks, NBFCs, and housing finance corporations.