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Corporate - Accountancy
ICWAI seeks regulator for auditing, accounting practices

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Hyderabad, Feb. 7 The Government should set up a regulatory body to supervise auditing and accounting practices, according to the Institute of Costs and Works Accountants of India (ICWAI). An ‘Accounting Oversight Board’ should be formed as a regulator with powers to verify and take action on malpractices, if found, Mr Kunal Banerjee, President, ICWAI, told newspersons here on Saturday. A second audit, as proposed by the Securities and Exchange Board of India should adopt a different approach by checking the efficiencies, costs and other activities, he said.

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