India's Top Auditors Discuss Audit Quality
ฝัง
- เผยแพร่เมื่อ 11 ก.ย. 2018
- There’s something rotten in the state of audits in India? Bah, say auditors.
Top auditors from Deloitte, EY and KPMG discuss audit quality. #BQLive
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One of the best discussions i have seen in quite a while. The accuracy and completeness with which the questions were asked and the answer were provided just blew me up. Hats off to Ms. menaka how effectively the questions were placed. And the Heads of the Big 4 , must say how graciously they answered given the constraints they are in from the corporates, institute , mca and all the stakeholders. Please do bring more of such discussions Ms. Menaka👌
Fully intend to do more. Thank you for watching and the feedback.
Menaka
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@Javier Darius instablaster =)
@Mohammed Conor i really appreciate your reply. I got to the site thru google and I'm trying it out now.
Looks like it's gonna take a while so I will reply here later when my account password hopefully is recovered.
Meneka Doshi mam is a gem of a person in her profession. She is so curious and possess the acumen to deal with each statement from the right perspective. True delight to watch her.
Nice of you to say that. I'm fortunate to be able to interact with experts that can help analyse important issues.
Menaka
22:30-23:10 Ramesh explaines quite precisely what happens in companies.
Indian me RBI governor resign karta hai aur bolta hai because of personal reason I am resigning aur yaha expectation hai ki auditor resign kare to proper explanation de. Big hopes !!
Waah Bhosdiwale Waah
An excellent discussion providing great clarity on such an important topic with regards to company governance and auditors responsibility. It’s a great insight especially for aspiring CA’s to ensure better compliance to auditing requirements and ensuring protection of stakeholder’s interests.
This is the best feedback a journalist can get. That a discussion can help foster a change in approach. Thank you for saying that.
Menaka
Fine high quality discussion by Ms. Menaka Doshi with top-shots of big audit firms, and Mr. Mirza for a 'balanced' view. Besides the depth of the whole discussion, I applaud Ms. Doshi for her knowledge in the matter (perhaps being a veteran Fin Sec journalist helps !), which enabled her to 'rein in' the discussion when it was veering off (or being veered off ?) at times. Liked the way Ms. Doshi politely chided Mr. PR Ramesh a couple of times !! Look forward to many more such discussions from the Bloomberg-Quint stable. Way to go Ms. Doshi !
P R Ramesh is very much experienced and knowledgeable as compared to others...
The problem is same across the board on media outlets, the anchor just wants to shout out and put his/ her views across. Please note that we did tune into to have a healthy discussion from the panel as well. I acknowledge Ms. Menaka's thoroughness and knowledge of the facts, but respectfully, you need to talk less and listen more because it looked issued put out with no solutions discussed. you may as well not called them and carried out your tirade.
Hats off to Menaka. As CA and ex-auditor, I am really impressed in-terms of boldy and effectively asking questions. Kindly release more of such videos. I hope this video gets viral amongst atleast the CA fraternity
Really interesting discussion. PwC was missed ;) I think BQ provides the most in depth technical coverage of these matters.
One point on Auditor Resignation which I wish somebody had raised is that the auditing process in India is strictly governed by Standards on Auditing (SA's). The recent resignations by auditors were as per framework prescribed in the relevant SA's.
Now it is a different problem the standards themselves don't tell WHAT to disclose and HOW MUCH to disclose. This is a deficiency/ grey area in the auditing standards, and the usual suspect is again - ICAI, the standard setting body. Believe MCA has asked ICAI to make necessary revisions in the SA's. In absence of specific requirements, any practical person would disclose minimal information and err on the cautious side.
This was long due. An impeccably organised debate where views and responses were both solicited and elicited. I must add that the Audit heads of 3 of the leading firms in India were brave enough to gracefully take on the tough questions, although understandably they failed to answer them, atleast in the spirit intended. The collective responses were cryptic but something was glaring visible to even a layman who watches this, that the best and brightest themselves are no longer comfortable in their own skin. However that said, it is also pertinent to take a global view that audit engagements in themselves are undergoing a seachange in their scope of satisfying stakeholder expectations and are themselves being scrutinized. One thing is for certain that welcome changes are on their way and regulators are to take the primary role in setting the benchmarks. The industry stalwarts should look into regulatory capture and find a solution to nurse the sorry situation presently faced by hapless stakeholders who are left holding the bag when the music stops.
hahe your english crazy me .. some of the words IS added to my dictionary
"The Gate Keepers" to Share Holders in GColor(Galfar).
Menaka did a great job.
Great discussion for my Audit exam preparation :)
Interview was excellent.
Views put forth by Mr Nawshir Mirza are very concise, accurate and worth appreciating.
Mr. Mirza is truly a valued guest with meaningful insights.
Menaka
Most Audit Programs do not unearth risks of misreporting effectively and applying sampling techniques leads to material misstatements being missed out. A fundamental standard needs to be written on planning, supervising, evidence gathering of an audit. How assistants will be supervised by the Principal, when will management assertions of existence, completeness and value be accepted, when will it have to be drilled down. These matters have to be discussed in this standard,
They knew everything , now they are trying to come clean.
Icai in not responding to them as well I wonder what they do
Content Quality of interview was excellent. Ms.Meneka did ask tough questions to Auditor on their face. Satisfied. Worth watching.
Ramesh of Deloitte seems to be very aware of IL&FS, so he is pushing it to management !!! hahaha
Do you know who he is?
High time big 4s should break up
ALL of these big 4's have made all the same reasons while resigning and now they are fumbling to Answer....Menaka is just grilling with very very point questions
👌
These companies pays money to auditors for reports that favor the company that they audit for, to get better rating to get funds.
if business goes like this, i am afraid of my finance, this nation wll go to hell shortly.
I am genuinely impressed. Having audited at a big 4 firm I know these questions are tough. I am happy to learn the discussion was about Audit Quality and how it adds value to an organisation. Mr. Khatri put it beautifully when he stated that the lack thereof leads to a decrease in perceived value. This is excellent stuff and I wish you the very best to formulate a series on such financial debates with tough questions put out there. More power to you Ms. Menaka
Thank you. The comment on value was truly insightful.
Menaka
The clarity of Mr. Mirza is brilliant. The Auditor, Audit Committee, Company management are all to be blamed....but Auditors priding themselves as Professionals will have to take the brickbats. I reckon that a financial penalty (X times the fall in share price OR X times the quantum of the mis-statement) and banning the partner for X number of years may help rather than tarnish the profession of Auditing. May I also suggest that for signing each financial statement (based on turnover limits and market capitalisation or valuation), there has to be signature of the Engagement Partner as well the Concurrent Partner. Audit is a Human Capital oriented practice and so mistakes are only expected.....
Ban the Firm ha, that too by the fall in price of share. You know how Indian markets work, how many of them believe in AR, how many of those know what is FS? Hope you are asserting after knowing the essence of Auditing profession and auditing standards.
Aniruddha, you have not reviewed the comment. I haven't spoken about the FIRM....I have only mentioned about the partner concerned, hence you are missing the point. I have been in the profession for two decades and as a younger member of the profession, you need to hear Mr. Mirza (a past partner at SRB). About the share price fall, it is SEBI which has to clarify about any wrong doing (as has been ordered now to inquire into the Infosys share price movement). Finally, my tone is that the Audit profession cannot be tarnished because of some black sheep, hence you need to appreciate that.
@@ranabhaumik4964 I completely agree with that those who collude shoulf be severely punished. These black ships are definitely a taint to our Profession. And I completely agree with what Mr Mirza spoke and opined in this debate. He was completely neutral, and thats why he is an eminent Independent Director, while being an Ex Auditor. But the way media goes about this is not correct, they are directly attacking the auditors. Even the law, has not given adequate powers to the Auditors. That i believe should be introspected
Really loved the way Ms. Menaka tried to support the shareholder's interest. The audit quality really needs to improve a lot. Perhaps the institute needs to bring more clearer and in depth standards so that we as auditors have more light when a decision needs to be made on the basis of judgement.
Will Ramesh of Deloitte be invited to the above panel after IL&FS fiasco???
It’s about time the assumed utter invulnerability - to the student community, and various stakeholders in general - and the consequent arrogance of ICAI is put to check. More questioning like this should happen.
Chiz hi bawaal h saara system hil jaata hai
Change law relating to appointment of auditors in companies act allow cost and management accountants as financial auditors along with foreign qualified auditors with CPA USA ACCA CIMA etc as financial auditors as they are more athical and knowledgable ICAI is a joke numerous scams are talking place in india so opening of financial audit should be opned for other qualifications moreover internal audit should only be done by certified Internal Auditors USA qualified Internal Auditors.
Hehehe R u even a professional?
@@rohitranjan6045 Mr Rohit I am CMA CA and CIMA qualified so I am both Cost and management Accountant and chartered Accountant and working in one if the biggest MNC in India as Associate Vice president Internal Audit .
Sheer arrogance from Anchor
What happened to giving a qualified or an adverse opinion instead of quitting half way through..these auditors need more regulations imposed on them
shut up stupid, it is not that black and white. You just wont able to comprehend the situation, being an former auditor i can clearly concur with the view of Big 4 heads, and ablosulte gem of audit commitee member like Mr. Mirza. Ms. Menka did really good job of grilling!.
@@hollyholm4481 you might wanna watch your language being a former auditor and all... And it isnt easy being able to take decisions but isn't it their job. pretty sure they earn big bucks, so might as well do their job to the fullest and not leave the shareholder totally clueless halfway through. You probably have no empathy for shareholders who lost big money in Vakrangee, manpasand cases
Auditors charging hefty fee to publish fake numbers and fooling investors ?
Auditors audit should be there as they are not up to the mark☺☺
Such fardulent companies need to be spanked and ousted of the market immediately.
Anchor is nicely intruding into the nerve.
These guys are very defensive and she is nicely grilling them ☺
Hefty fees ha, check whats the Audit fees, of the corporate Behemoths, and compare it with the risk the partners, abd the audit firms take
jail this auditors, those who dosen't own the resposiblity.
Auditors: 0 | Menaka: 1 - Let the next round begin.
Chiz hi bawaal h saara system hil jaata hai