Under the lens

The chill in the air that's giving auditors the shivers

A series of events has created unprecedented pressure on the audit profession, resulting in a spate of resignations. But it could change corporate governance for the better.
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The Uday Kotak Committee's recommendations, likely to take effect in FY19, demand greater transparency from auditors; Arijit Sen/Hindustan Times via Getty Images
April to June is the time of the year when people in the audit profession burn the midnight oil. These three months keep them extremely busy as annual accounts are finalised, audit reports get written, and company executives prepare for annual general meetings. But this year, the script has changed — auditors are busy running away from the companies they audited. suit over the next two three years," said Gupta of SES.Sweeping change seems to be on the anvil. When it comes, the recent auditor resignations will perhaps be seen as the harbinger of the change itself.(Clarification: The story has been updated with a correction in a quote by the Alvarez & Marsal spokesperson.)(With inputs from Priyanka Salve)
April to June is the time of the year when people in the audit profession burn the midnight oil. These three months keep them extremely busy as annual accounts are finalised, audit reports get written, and company executives prepare for annual general meetings. But this year, the script has changed — auditors are busy running away from the companies they audited. suit over the next two three years," said Gupta of SES.Sweeping change seems to be on the anvil. When it comes, the recent auditor resignations will perhaps be seen as the harbinger of the change itself.(Clarification: The story has been updated with a correction in a quote by the Alvarez & Marsal spokesperson.)(With inputs from Priyanka Salve)

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