Before concluding, let me say a few words on the role of auditors in economic reforms. While the reform process had largely emphasised the need for improving the balance sheets, it is very critical that these measures really get reflected in the financial statements and present a true and fair view of the financial position of all entities.
The reform process would be evidently incomplete if the balance sheet integrity is not ensured. Though it is generally thought that the primary responsibility of the auditor fraternity is towards the shareholders of the entity, I believe that in the financial sector in a liberalised environment, their role is much wider.