SC Urges Centre to setup commitee o monitor BIG 4 Audit Firms

New Delhi Feb 24: The Supreme Court has recently passed a Judgement regarding the regulatory policy governing Multinational Accounting Firms in India.The Judgement was passed in a case filed against a Karnataka High Court judgment.

The Apex court had also urged the government to tighten the regulatory mechanism of Big 4 Audit agencies that are operating globally.The Top court had also said that the government must change the existing regulatory if required.

The Court has also observed that "Financial statements audited by qualified auditors are acted upon and failures of the auditors have resulted into scandals in the past. The auditing profession requires proper oversight".

Finally, the SC has set a deadline of two months to set up a committee and submit its findings to the court in 3 months.