“Satyam Scam has raised basic questions about the depth and devotion in statutory audit conducted by one of the big four audit firms, the PWC. In India the professional depth and devotion of small and medium size audit firms are of quite high level but unfortunately their potential remains heavily under utilized. One of the main factors responsible for such under utilization is inadequate infrastructure at their disposal.
However, it is only preliminary that for the evaluation of the proficiency of a professional firm, the depth and integrity should carry primary weightage rather than the size of the firm. But the big corporate groups are not ready and willing to place faith in SME audit firms. Given a chance, I am sure the SMEs, if tested preferably as joint auditors would render far more efficient services. Let us therefore hope that in the aftermath, the SMEs would not be deprived of due professional opportunities simply on the basis of size factor. : CA. Tarun Ghia ” as reported in Vyapar dated 17th Jan., 2009.
