| Who will regulate the ICAI? | |
 The 60th Annual Report (abridged version) of The Institute of Chartered Accountants of India (ICAI), the statutory body regulating all accounting and auditing matters in India, presents the audited financial statements for the year ended 31st March 2009.
It has some errors, which even a layman, with no accounting background or financial knowledge, can point out!
The Income and Expenditure Account as well as the Cash Flow Statement have been titled Abridged Balance Sheet as at 31st March 2009. The balance sheet has omitted to state that the Amount is in Rupees Lakhs.
A statutory body which regulates professionals, who are expected to "audit" accounts of multi-nationals, large corporates and government undertakings, cannot itself escape, by over-looking such errors, which its students are taught as basics. Who is to regulate the ICAI, then?
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CA.RAJESH DHIRAJLAL DESAI
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