Self- regulation is key: Business Standard, Issues and Insights

Self- regulation is key: Regulatory oversight alone cannot ensure best practices of governance in organisations...

Self regulation is the key
With reference to Anup Roy’s report, “Reserve Bank extends ‘rest’ period for auditors to 6 years” (July 28), the grounds on which this decision was taken are justified. They are also suggestive of the unethical practices being followed by professionals and banks alike.
Regulatory oversight alone cannot ensure best practices of governance in organisations that manage huge resources, including public funds. Diminishing public trust in professionals is a matter of worry not only for the government or regulators, but also for the citizen and taxpayer. Even the possibility of lateral movement of individuals from one chartered accounting (CA) firm to another can reduce the impact of forced “rest” periods. 
The only option is self-regulation by professional bodies. The institute of CAs, the Reserve Bank of India and banks should expose unethical approaches by individual firms and their employees. If proven guilty, the firms/individuals in question should be punished. If there are legal hurdles, the government needs to step in.

M G Warrier   Mumbai


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