I was reading the recent book ” not just an Accountant ” by Vinod Rai .
An excellent book, worth a read for all auditors, in particular . It narrates the plight and complexities of the task of an auditor very lucidly.

one thing which I clearly noticed was that the real complex findings of the CAG emerged out of the Performance Audit that the CAG is called upon to perform as an auditor . The reason is simple. He is supposed to audit the Revenue and expenses for and on behalf of the people of India. It is the matter related to spending public funds and use of public resources.Hence he is called upon to look at the propriety aspect of the expenditure and conduct performance audit.Quite rightly so .

I am sure you will agree that even the large and listed companies, to a huge extent use public funds and resources. Why should we shy away from getting the Propriety aspect of the audit and performance audits when it comes to regulating audit requirements of such companies . Who should conduct such audit, what should be the Terms of Referance, periodicity and circulation of such reports etc can be brought out for debate and serious mind needs to be be applied at relevant level sonner than later .