Government to Outsource Audit Work to Private Contractors
Sept. 25 – The government is considering outsourcing its corporate audit duties to private contractors to improve surveillance of corporate financial statements and check for regulatory compliance for 2009-2010.
Due to limited resources, the government is unable to check all the 800,000 registered companies in the country which have submitted balance sheets to the Registrars of Companies (RoC).
Private contractors will come from chartered members from India’s three statutory regulators for accounting, company secretaryship and cost accounting says The Economic Times.
Private contractors will be subject to due diligence to confirm their integrity and absence of conflict of interest before being contracted under the RoC.