ICAI has formed a group for looking into the matter of appointments/reappointments of statutory/internal auditors of various units/branches of ICAI for the year 2016-17.
Till now there does not seems to be any guidelines for appointment of auditors of ICAI decentralised offices including branches.
With increased cashflow at branches and widespread allegations of corruptions against those managing affairs of the branch, this was a needed steps.
If proper guidelines are formed in this regard, it would certainly put an end to all controversies and ensure the independence of auditors of ICAI units.
The announcement made by ICAI in this regard is as under:
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