Corporate accounting scams have become an issue of major significance in the public arena at national as well as international level since the shocking revelation of the financial difficulties of Enron and a succession of other companies such as WorldCom, Satyam and others. These corporate failures and accounting scandals have shaken the foundations of investors' confidence in the transparency, integrity and accountability of corporations and capital markets.Statutory auditors' independence has been impaired and ethical responsibility of them has not been performed effectively. As a result,...