<p>Auditing major Deloitte Haskins & Sells and its network firms in India will no longer offer non-audit services to public interest entities that they audit in the country, the company said on Sunday.</p>.<p>The announcement by Deloitte comes days after another audit firm Price Waterhouse Network of Firms in India said they will no longer provide non-audit services to their audit clients that are governed by the National Financial Reporting Authority (NFRA).</p>.<p>In a statement, Deloitte said this voluntary action is in the spirit of self-regulation and extends beyond non-audit services permissible under prevailing rules and regulations in India.</p>.<p>"We believe this would increase the public's confidence in auditor independence and quality and will remove ambiguity in a public and business environment that demands greater clarity about our services," a spokesperson from Deloitte said.</p>.<p>The jurisdiction of the NFRA -- which would be an oversight body for auditors -- extends to all listed companies as well as large unlisted public companies.</p>.<p>On February 7, the corporate affairs ministry proposed significant amendments to existing regulations to enhance independence and accountability of auditors.</p>.<p>Against the backdrop of instances of many auditors and auditing entities coming under the regulatory lens for alleged misdoings, the ministry came out with a consultation paper on proposed legal changes regarding audit.</p>.<p>The paper is to 'examine the existing provisions of law and make suitable amendments therein to enhance audit independence and accountability'.</p>
<p>Auditing major Deloitte Haskins & Sells and its network firms in India will no longer offer non-audit services to public interest entities that they audit in the country, the company said on Sunday.</p>.<p>The announcement by Deloitte comes days after another audit firm Price Waterhouse Network of Firms in India said they will no longer provide non-audit services to their audit clients that are governed by the National Financial Reporting Authority (NFRA).</p>.<p>In a statement, Deloitte said this voluntary action is in the spirit of self-regulation and extends beyond non-audit services permissible under prevailing rules and regulations in India.</p>.<p>"We believe this would increase the public's confidence in auditor independence and quality and will remove ambiguity in a public and business environment that demands greater clarity about our services," a spokesperson from Deloitte said.</p>.<p>The jurisdiction of the NFRA -- which would be an oversight body for auditors -- extends to all listed companies as well as large unlisted public companies.</p>.<p>On February 7, the corporate affairs ministry proposed significant amendments to existing regulations to enhance independence and accountability of auditors.</p>.<p>Against the backdrop of instances of many auditors and auditing entities coming under the regulatory lens for alleged misdoings, the ministry came out with a consultation paper on proposed legal changes regarding audit.</p>.<p>The paper is to 'examine the existing provisions of law and make suitable amendments therein to enhance audit independence and accountability'.</p>