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Apropos your report ‘Towards simple and clear audit reports’ (Business Line, January 31), it is naive to presume that we can restore public confidence in audit work by merely making changes in the audit report format.Unless some effective measures such as appointment of corporate auditors through empanelment process, ban on appointment of statutory auditors for non-audit services, restriction on audit remuneration, implementation of audit peer review process, provision in CA Act for temporary removal of an auditor from membership even in case of a suspected fraud in an audited company, and so on, are taken by the Government, public reliance on auditors’ report cannot be ensured.

Dipak Thakker email

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