What is The Way Forward for CAs in India

I will give below some important exchanges of thoughts with two other very respectable CAs in the profession about Satyam, Big Four and our profession. 

Satyam - The irony about Satyam was S Gopalakrishnan, Partner, PwC, ex-Lovelock & Lewes, Hyderabad, the man who signed the Satyam annual reports till 2008, and who was held responsible was a member of ICAI AASB (ICAI - Auditing &  Assurance Standards Board). And he was considered to be big audit quality. A lot of lessons need to be learnt from IL&FS too. I think it is bigger than Satyam.
 
Joint Audit - Joint Audit not only of banks but in other organizations is required for transparency and independence. This will increase professional opportunities and overall fees too.
 
But will it stop another PNB scam? There were eight joint auditors. But in spite of that Nirav Modi and Mehul Choksi made a fool of everybody. Bypassed the system through SWIFT. Looted the bank in crores and crores of unearned income. And escaped to London and Antigua (now Dominica). Could we do anything? 
 
ICAI Regulations - The problem is with some ICAI regulations which have never been touched. 
 
ICAI cannot punish a firm ever. End of the story. That rule has not been changed even after Satyam when SEBI had to come in after a long time and punish. But it's still lying in court. 
 
A member can be punished. An easy thing to do. But never the firm. This is the root of the problem.
 
But there has to be enough room for ICAI, now NFRA, when the firm has to be punished. IL&FS is the biggest scam - corruption - greed case ever. Rs 1 lakh cr. So don't you think KPMG and Deloitte need to be hauled up? 
 
NFRA has punished Deloitte's managing partner, Udayan Sen. But is that enough? What about the firm? Check up what's happening against the Big Four in the UK and China. And how they have cleaned up the mess.

The UK has changed the regulator. And scrapped the old one. Financial Reporting Council. FRC. The Audit, Reporting and Governance Authority is a proposed audit regulator intended to be established in the United Kingdom to replace the Financial Reporting Council.
.
For an act of one person should an entire firm be banned? A firm can set up process and procedures...but no one can control human being. For this reason, the definition of Asset uses the word Control. For one corrupt minister you don't pull down the entire government. There should be process and justice delivery should be time bound. The US sets a good example. It is not that in the US partners in firms are not corrupt. I suggest and support a strong system.
 
There should be thorough investigation of the process of Deloitte or KPMG. Firms should be punished for shortfall in their process, not for individual partners taking calls.