However, there is a need being felt for yet another body, similar to PCAOB, to keep an eye on the workings of registered Chartered Accountants in India. People hold various views for this. According to the President of ICAI, Ved Jain there is no such need as the current committee is responsible enough to understand its duties and abide by the rules. ICAI, together with the Quality Review Board, Peer Review Board and the Financial Reporting Review Board is capable to scrutinize the financial statements of corporate and make them move on prescribed guidelines. Whereas some others feel there is no need to give second thought to the fact that there will be an increase in the efficiency, if this is done. However, non-overlapping of functions should be avoided. At the end of the day, the question that despite such a body operating in US since a long time, subprime crisis occurred and has taken away with it several of the established and strong companies remains unanswered. So, the viability of this concept is always doubtful.
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