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ICAI opposes move

MUMBAI: The Institute of Chartered Accountants of India (ICAI) on Thursday criticised the Finance Ministry's move to empower the boards of public sector banks to appoint statutory auditors at their discretion. ``The appointment of statutory auditors in any business entity should be made by the shareholders and owners and not by the management in order to ensure their independence,'' ICAI President Kamlesh S. Vikamsey said.

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