First, the average growth rate of the Indian economy over a period of 25 years since 1980-81 (financial year beginning April) has been about 6.0 per cent, with the growth rate averaging 9.1 per cent during the last two years.
It can only be hoped that the scope and quality of audits in the vast majority of cases go well beyond the legislative requirements. In this respect self-checks and quality controls by the authorities are both important tools for ensuring trust in auditors.