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Audit for INR12,000 a month? That will be a sham, warn CAs, and seek fee reforms.

Organisations are increasingly offering a pittance for audits, looking at them merely as a formality and a cost. However, auditors say if they have to ensure financial compliance and ensure rigour in their work, the remuneration should be in tune with their efforts.
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nsundareshasubramanian
22 Aug 2019 9 Mins Read 8 comments
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Earlier this month, Delhi-based chartered accountant Kanta Sharma wrote to Corporation Bank declining to perform a concurrent audit of one of its branches in Bengaluru. The reason: paltry fees. Sharma said in her e-mail to the bank that the INR12,000 per month offered would not even cover the salary of an assistant, let alone compensate the assurance work of the
help the profession avoid falling into a lose-lose situation of low fees and poor audit to a win-win of realistic fees and a better quality of audit. Clearly, the bidding system seems to have caused as much harm to the society as much as it has to the profession. They both deserve better. ( Graphics by Sadhana Saxena)
Earlier this month, Delhi-based chartered accountant Kanta Sharma wrote to Corporation Bank declining to perform a concurrent audit of one of its branches in Bengaluru. The reason: paltry fees. Sharma said in her e-mail to the bank that the INR12,000 per month offered would not even cover the salary of an assistant, let alone compensate the assurance work of the help the profession avoid falling into a lose-lose situation of low fees and poor audit to a win-win of realistic fees and a better quality of audit. Clearly, the bidding system seems to have caused as much harm to the society as much as it has to the profession. They both deserve better. ( Graphics by Sadhana Saxena)

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CONTRIBUTORS WHO HAVE COMMENTED ON THIS STORY

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user Pradeep Kamath ASPR & Co, Partner

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user Basant Jajoo Primax Engineers Private Limited, Director - Finance

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user Anuj Ranaut PwC, Director

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