To sustain its recent economic growth India needs to upgrade its auditing systems at the earliest. This article gives the bird's eyeview of the current scenario of auditing in India and its preparations for the future needs.

Let every one of us develop the ability to see ourselves as others see us. With the annual Gross Domestic Product (GDP) growth at 8% for the last couple of years the Indian economy is on a roller-coaster ride. The regular inflows of foreign investments growth of public and private corporate and ever-increasing domestic consumption are making India a country to be reckoned with in the global economy. To sustain this growth both the private and public corporates need to upgrade their auditing systems thus responding to the developing economy. An effective disclosure system leads to the enhancement of shareholders' wealth. It has been observed that a country that does not have a reputation for strong corporate governance where the investors are not confident and where the level of disclosure is not up to the standards the capital flows elsewhere. 

A regular capital inflow has never been easy as now corporates not only have to gear up for global supply-and-demand pressures but also should be in the good books of all concerned consistently. For this both public and private corporates need to imbibe quality financial reporting that is globally acceptable. Though many of the Indian corporates enforce International Financial Reporting Standards (IFRS) this practice is limited to private sector only. At this juncture a centralized and upgraded quality "Audit system" is needed to bring together both these sectors on a common platform for global recognition. Such audit systems will further promote ethical decision-making internal controls and risk management enhancing the Indian audit profession.