I would like the Learned Legal Professionals to educate me on the following.
Is ther any provision under the Constitution that the accounts of Public Sector Companies and Public Sector banks and financial institutions shall have to be audited either by the regulator( that is CAG in the case of PSUs and RBI in the case of banks) or by auditors appointed by them only.
The reason for this question, is that recently GOI has given autonomy to bank managements to appoint their own auditors.I feel that since huge public money is involved only the regulator must appoint the auditors.
PLEASE clarify the correct position under any Law.
