Statutory Auditors’ Independence in Protecting Stakeholders’ Interest
This chapter presents a conceptual discussion of the ‘Ethical Responsibility of Statutory Auditor... more This chapter presents a conceptual discussion of the ‘Ethical Responsibility of Statutory Auditors in the Backdrop of Corporate Accounting Scandals’. Respondents to the fieldwork discussed in Chap. 4 identified a number of key variables that impact on the ethical responsibility of statutory auditors. In this chapter, their opinions on those variables are analysed in order to draw some salient conclusions on this particular theme. Five major factors are identified which play an important role in impacting the ethical responsibility of statutory auditors, of which the ‘regulatory framework and recent events’ is believed to be the most significant. The theme of ethical responsibility is represented by four key distinct dimensions: (a) existing regulation and its inherent limitations, (b) behavioural improvements, (c) global and social approach, (d) education and training in ethics. In this chapter, the opinions of different occupational categories are critically evaluated. While professional accountants (chartered accountants and cost and management accounts) tend to place emphasis on ‘Practical Approaches of Education on Ethics to Professionals’, respondents from the academic fraternity, whether students or academics, give maximum importance to ‘Increasing focus on Ethics in Education’. Investors, who are the major impacted party of statutory auditors’ lack of ethical responsibility, emphasize punitive action and the inner values of statutory auditors. Corporate executives, finally, see the key governing factor of ethical responsibility as the regulatory framework and recent events.
Statutory Auditors’ Independence in Protecting Stakeholders’ Interest
The concluding chapter presents a summary of findings of previous chapters followed by suggestion... more The concluding chapter presents a summary of findings of previous chapters followed by suggestions based on current research. Finally, proposals for further research are identified. The chapter reveals that Indian regulators of the accounting and auditing profession have already taken significant steps to improve statutory auditor independence through regulatory reforms, improving ethical responsibilities and modifying quality control procedures. However, gaps and inconsistencies remain. The importance of strict disciplinary actions to ensure regulatory compliance by statutory auditors cannot be ignored, and while new measures may actually instigate for the auditor independence of appearance, this is only one half of picture. Achieving independence of mind in auditors is only possible through nurturing their inner value sense. The sustained efforts of professional institutes and industry bodies to bring ethics into accounting education, increase awareness, orientation and training and introduce recognition schemes to reward good ethical practice might be successful in making statutory auditors more ethically conscious and in touch with their inner value sense. This book recognizes that what is required is both these dimensions. It is only with both regulatory compliance and a real inner value sense that statutory auditors will be able to protect their independence and in turn safeguard stakeholder interests in the future.
The concluding chapter presents a summary of findings of previous chapters followed by suggestion... more The concluding chapter presents a summary of findings of previous chapters followed by suggestions based on current research. Finally, proposals for further research are identified. The chapter reveals that Indian regulators of the accounting and auditing profession have already taken significant steps to improve statutory auditor independence through regulatory reforms, improving ethical responsibilities and modifying quality control procedures. However, gaps and inconsistencies remain. The importance of strict disciplinary actions to ensure regulatory compliance by statutory auditors cannot be ignored, and while new measures may actually instigate for the auditor independence of appearance, this is only one half of picture. Achieving independence of mind in auditors is only possible through nurturing their inner value sense. The sustained efforts of professional institutes and industry bodies to bring ethics into accounting education, increase awareness, orientation and training a...
Journal of Poverty, Investment and Development, 2016
The study identifies a few audit activities which may have significant influence on overall audit... more The study identifies a few audit activities which may have significant influence on overall audit quality. They are, ‘accepting the terms of engagement’, ‘formulating an audit plan’, ‘collecting audit evidences’, ‘adopting audit samples’, ‘documenting audit working papers’ and ‘preparing auditors’ report’. Statutory auditors’ responsibilities with regard to each of these issues are prescribed in separate Standards on Auditing (SAs) issued by the Institute of Chartered Accountants of India (ICAI). They are SA-210, SA-300, SA-500, SA-530, SA-230, and SA-700 respectively. Important requirements of these SAs keeping in view overall audit quality are discussed in this paper. Keywords: Audit Engagement, Audit Planning, Audit Evidences, Audit Sampling, Audit Documentation, Auditors’ Report, ICAI, SAs .
Statutory auditors are required to attest material accuracy, appropriateness and fairness about f... more Statutory auditors are required to attest material accuracy, appropriateness and fairness about financial statements of corporate enterprise. Quality of their work depends upon their competence and independence towards their profession. Existing auditing standards guides an auditor through the audit procedure. Out of them, there is one standard that set the overall objectives of an independent auditor. The current study makes a comparative analysis of overall objectives of an independent auditor as per their governing standards in USA, UK and India. It is observed that the requirements relating to overall objectives are almost similar in UK and India. However, the standard governing overall objective is more comprehensive in USA. Keywords: Statutory Audit, USA, UK, India, Overall Objectives.
This chapter presents an empirical study on opinions of respondents including chartered accountan... more This chapter presents an empirical study on opinions of respondents including chartered accountants (CAs) and students pursuing chartered accountancy courses on select issues (in the form of statements in a structured questionnaire) relating to the quality control procedures for statutory financial audits and draws some conclusions on this theme. The research reveals that there are 21 factors governing the quality control procedures for statutory financial audit. Of these factors, a ‘nexus with management and negligence in duty’, ‘professional scepticism and physical inspection’, ‘role of accounting firm in designing quality control procedures’ and ‘engagement quality control review’ have significant influence. The theme as a whole is organized into two distinct dimensions: (a) ‘input factors to quality control procedures of audit in ensuring audit quality’, (b) ‘process factors to quality control procedures of audit in ensuring audit quality’. While the majority of the CAs consulte...
The study identifies three pertinent areas in an audit procedure where statutory auditors depend ... more The study identifies three pertinent areas in an audit procedure where statutory auditors depend upon other internal or external parties for developing audit plan or collecting audit evidences. They are, ‘using the work of internal auditors’, ‘external confirmations’ and ‘using the work of an auditor’s expert’. Auditing standards governing these three distinct issues in three different countries, the United States of America (USA), the United Kingdom (UK) and India have been considered and a comparative analysis among their requirements has been made. The study observes that comparable standards governing ‘using the work of internal auditors’, ‘external confirmations’ and ‘using the work of an auditor’s expert are almost identical. However, the standards in UK and India with respect to these issues are more comprehensive than that of USA. Keywords: Internal Auditor, External Confirmations, Auditor’s Expert, USA, UK, India, Comparative Analysis
The primary capital market is the appropriate route for the capital formation in corporate sector... more The primary capital market is the appropriate route for the capital formation in corporate sectors through public offers, rights issues and private placement, etc. The largest sources of funds from the primary capital market to the corporate sectors are mobilized through public and rights issues. Basically, an invitation is made by a company to the public to subscribe to its securities offered through prospectus is called as public offers, which can be adopted either under fixed price, book- building method or pure auction method. Public issues are of two types, namely Initial Public Offer (IPO) and Further Public Offer (FPO). On the other hand, the existing equity shareholders of the company are given opportunity to invest their money in the form of rights issues. The study analyses the forecasting of money mobilization through public and rights issues in Indian primary capital market during 2000-2001 to 2020-2021 based on data during 2000-2001 to 2018-2019 using ARIMA Modeling. Th...
In the era of globalisation, there has been a paradigm shift to a number of companies in India, w... more In the era of globalisation, there has been a paradigm shift to a number of companies in India, which have made an endeavour to attain global standards. These companies working globally have formulated operational strategies to achieve sustainable growth in the Global environment. As a result, in the last few years they have been taking this issue of sustainability extremely serious through active participation in strengthening their internal governance and taking initiatives for protection of environment and development of society at large. It is needless to mention that contribution of computer - software industry cannot be ignored in case of economic growth in India. Select large corporate houses including major players in computer - software industry like Tata Consultancy Services; Infosys; Wipro adopted global standards in preparing sustainability reports. Major corporate entities including select companies in computer – software industry used framework proposed by Global Repor...
Journal of Resources Development and Management, 2016
The study reviews the existing Standards on Auditing (SAs) issued by the Institute of Chartered A... more The study reviews the existing Standards on Auditing (SAs) issued by the Institute of Chartered Accountants of India governing ‘using the work of internal auditors’, ‘external confirmations’ and ‘using the work of an auditors’ expert’ and identifies 12 critical issues that may have significant impact on quality of statutory financial audit. Opinions of 227 Chartered Accountants (CAs) and 146 Students pursuing Chartered Accountancy course have been collected through a field survey using a close ended structure questionnaire. Respondents’ opinions are analysed using proportion of respondents with different degrees of agreement and their mean scores for different issues contained in the questionnaire. The study finds that auditors should necessarily check the internal control system present in the client company before starting the actual work. A strong Audit Committee could facilitate that purpose. Scientific design of confirmation requests is also necessary. Finally, it is inferred t...
In this chapter, an attempt has been made to critically review statutory auditor independence in ... more In this chapter, an attempt has been made to critically review statutory auditor independence in five high profile accounting scandals selected from each of the five select countries and to conduct a comparative analysis of them. The five scandals occurred at Enron, Polly Peck International, Satyam, Zhengzhou Baiwen and ComRoad AG. The analysis shows that a lack of professional scepticism of statutory auditors is a major sign of impaired independence in a corporate failure. Fundamental issues governing audit procedure, such as appointment, remuneration, non-audit services, tenure, the role of the audit committee, the role of audit inspection mechanisms and the disciplinary framework have always played a significant role in controlling statutory auditor independence in each of those corporate accounting scandals. Hence, every time a scandal occurred, these fundamental issues were revisited by the regulatory authorities.
The paper empirically analyses business performance of Indian computer software industry over the... more The paper empirically analyses business performance of Indian computer software industry over the years 2003-04 to 2012-13 with the help of Return of Investment (ROI) and Economic Value Added (EVA) of select 10 companies in this industry. A comparative analysis of ROI and EVA reflected in these companies is made using some statistical tools like average, Standard Deviation, Maximum and Minimum values and Coefficient of Variation. It is observed that Tata Consultancy Services (TCS), Infosys and Wipro are the top companies in this industry in terms of their ROI and EVA. One way ANOVA conducted to analyse the significant difference among select companies in terms of their ROI and EVA shows that select companies are significantly different. Pearson’s Correlation Coefficient (r) between ROI and EVA depicts a strong positive correlation between these two business performance indicators. Significance of this correlation is then tested using t test. The result suggests that the correlation ...
Compliance with applicable legal and regulatory requirement and issuing reports which are appropr... more Compliance with applicable legal and regulatory requirement and issuing reports which are appropriate in circumstances is the basic prerequisite of quality audit. According to framework of audit quality proposed by International Auditing and Assurance Standards Board (IAASB) under International Federation of Accountants (IFAC), quality of audit depends upon certain underlying factors, communication among the stakeholders of financial reporting supply chain and certain contextual issues. In this current study, an attempt has been made to conceptually discuss the framework of audit quality as proposed by IAASB and draw conclusion on its applicability in ensuring quality of audit. Keywords: Statutory Audit, Quality Control, Audit Quality.
Journal of Poverty, Investment and Development, 2016
The study initially deduces that quality of financial reporting depends upon quality of statutory... more The study initially deduces that quality of financial reporting depends upon quality of statutory financial audit. Adequacy and reliability of audit evidences may influence quality of audit. While collecting audit evidences, the auditor has to depend upon a few internal and external members of the company, such as internal auditors, auditor’s expert, external third parties (e.g. Banks, Debtors, Creditors, etc.). Statutory auditors’ responsibilities with respect to collection of sufficient and appropriate evidences from these parties are governed by their respective standards. The current study conceptually reviews statutory auditors’ responsibilities with respect to ‘using the work of internal auditors’, ‘external confirmations’, and ‘using the work of auditor’s expert’ in light of their governing auditing standards. Keywords: Internal Auditor, External Confirmation, Auditor’s Expert, ICAI, SAs.
Corporate finance is raised from the primary capital market through public offers, rights issues ... more Corporate finance is raised from the primary capital market through public offers, rights issues and private placement, etc. Public offer is the largest sources of funds from the primary capital market to the company. Basically, an invitation is made by a company to the public to subscribe to its securities offered through prospectus is called as public offers, which can be adopted either under fixed price, book- building method or pure auction method. Public issues are of two types, namely Initial Public Offer (IPO) and Further Public Offer (FPO). The study analyses the trend and forecasting of money mobilization through public issues in Indian primary capital market during 2000-2001 to 2020-2021 based on data during 2000-2001 to 2018-2019 using ARIMA Modeling. The study finds that the ARMA (6, 5) model has become the best model to depict the behaviour of the first differences of the capital raised through public issues over the study period. The study also explores that the forec...
Statutory Auditors’ Independence in Protecting Stakeholders’ Interest
This chapter presents a conceptual discussion of the ‘Ethical Responsibility of Statutory Auditor... more This chapter presents a conceptual discussion of the ‘Ethical Responsibility of Statutory Auditors in the Backdrop of Corporate Accounting Scandals’. Respondents to the fieldwork discussed in Chap. 4 identified a number of key variables that impact on the ethical responsibility of statutory auditors. In this chapter, their opinions on those variables are analysed in order to draw some salient conclusions on this particular theme. Five major factors are identified which play an important role in impacting the ethical responsibility of statutory auditors, of which the ‘regulatory framework and recent events’ is believed to be the most significant. The theme of ethical responsibility is represented by four key distinct dimensions: (a) existing regulation and its inherent limitations, (b) behavioural improvements, (c) global and social approach, (d) education and training in ethics. In this chapter, the opinions of different occupational categories are critically evaluated. While professional accountants (chartered accountants and cost and management accounts) tend to place emphasis on ‘Practical Approaches of Education on Ethics to Professionals’, respondents from the academic fraternity, whether students or academics, give maximum importance to ‘Increasing focus on Ethics in Education’. Investors, who are the major impacted party of statutory auditors’ lack of ethical responsibility, emphasize punitive action and the inner values of statutory auditors. Corporate executives, finally, see the key governing factor of ethical responsibility as the regulatory framework and recent events.
Statutory Auditors’ Independence in Protecting Stakeholders’ Interest
The concluding chapter presents a summary of findings of previous chapters followed by suggestion... more The concluding chapter presents a summary of findings of previous chapters followed by suggestions based on current research. Finally, proposals for further research are identified. The chapter reveals that Indian regulators of the accounting and auditing profession have already taken significant steps to improve statutory auditor independence through regulatory reforms, improving ethical responsibilities and modifying quality control procedures. However, gaps and inconsistencies remain. The importance of strict disciplinary actions to ensure regulatory compliance by statutory auditors cannot be ignored, and while new measures may actually instigate for the auditor independence of appearance, this is only one half of picture. Achieving independence of mind in auditors is only possible through nurturing their inner value sense. The sustained efforts of professional institutes and industry bodies to bring ethics into accounting education, increase awareness, orientation and training and introduce recognition schemes to reward good ethical practice might be successful in making statutory auditors more ethically conscious and in touch with their inner value sense. This book recognizes that what is required is both these dimensions. It is only with both regulatory compliance and a real inner value sense that statutory auditors will be able to protect their independence and in turn safeguard stakeholder interests in the future.
The concluding chapter presents a summary of findings of previous chapters followed by suggestion... more The concluding chapter presents a summary of findings of previous chapters followed by suggestions based on current research. Finally, proposals for further research are identified. The chapter reveals that Indian regulators of the accounting and auditing profession have already taken significant steps to improve statutory auditor independence through regulatory reforms, improving ethical responsibilities and modifying quality control procedures. However, gaps and inconsistencies remain. The importance of strict disciplinary actions to ensure regulatory compliance by statutory auditors cannot be ignored, and while new measures may actually instigate for the auditor independence of appearance, this is only one half of picture. Achieving independence of mind in auditors is only possible through nurturing their inner value sense. The sustained efforts of professional institutes and industry bodies to bring ethics into accounting education, increase awareness, orientation and training a...
Journal of Poverty, Investment and Development, 2016
The study identifies a few audit activities which may have significant influence on overall audit... more The study identifies a few audit activities which may have significant influence on overall audit quality. They are, ‘accepting the terms of engagement’, ‘formulating an audit plan’, ‘collecting audit evidences’, ‘adopting audit samples’, ‘documenting audit working papers’ and ‘preparing auditors’ report’. Statutory auditors’ responsibilities with regard to each of these issues are prescribed in separate Standards on Auditing (SAs) issued by the Institute of Chartered Accountants of India (ICAI). They are SA-210, SA-300, SA-500, SA-530, SA-230, and SA-700 respectively. Important requirements of these SAs keeping in view overall audit quality are discussed in this paper. Keywords: Audit Engagement, Audit Planning, Audit Evidences, Audit Sampling, Audit Documentation, Auditors’ Report, ICAI, SAs .
Statutory auditors are required to attest material accuracy, appropriateness and fairness about f... more Statutory auditors are required to attest material accuracy, appropriateness and fairness about financial statements of corporate enterprise. Quality of their work depends upon their competence and independence towards their profession. Existing auditing standards guides an auditor through the audit procedure. Out of them, there is one standard that set the overall objectives of an independent auditor. The current study makes a comparative analysis of overall objectives of an independent auditor as per their governing standards in USA, UK and India. It is observed that the requirements relating to overall objectives are almost similar in UK and India. However, the standard governing overall objective is more comprehensive in USA. Keywords: Statutory Audit, USA, UK, India, Overall Objectives.
This chapter presents an empirical study on opinions of respondents including chartered accountan... more This chapter presents an empirical study on opinions of respondents including chartered accountants (CAs) and students pursuing chartered accountancy courses on select issues (in the form of statements in a structured questionnaire) relating to the quality control procedures for statutory financial audits and draws some conclusions on this theme. The research reveals that there are 21 factors governing the quality control procedures for statutory financial audit. Of these factors, a ‘nexus with management and negligence in duty’, ‘professional scepticism and physical inspection’, ‘role of accounting firm in designing quality control procedures’ and ‘engagement quality control review’ have significant influence. The theme as a whole is organized into two distinct dimensions: (a) ‘input factors to quality control procedures of audit in ensuring audit quality’, (b) ‘process factors to quality control procedures of audit in ensuring audit quality’. While the majority of the CAs consulte...
The study identifies three pertinent areas in an audit procedure where statutory auditors depend ... more The study identifies three pertinent areas in an audit procedure where statutory auditors depend upon other internal or external parties for developing audit plan or collecting audit evidences. They are, ‘using the work of internal auditors’, ‘external confirmations’ and ‘using the work of an auditor’s expert’. Auditing standards governing these three distinct issues in three different countries, the United States of America (USA), the United Kingdom (UK) and India have been considered and a comparative analysis among their requirements has been made. The study observes that comparable standards governing ‘using the work of internal auditors’, ‘external confirmations’ and ‘using the work of an auditor’s expert are almost identical. However, the standards in UK and India with respect to these issues are more comprehensive than that of USA. Keywords: Internal Auditor, External Confirmations, Auditor’s Expert, USA, UK, India, Comparative Analysis
The primary capital market is the appropriate route for the capital formation in corporate sector... more The primary capital market is the appropriate route for the capital formation in corporate sectors through public offers, rights issues and private placement, etc. The largest sources of funds from the primary capital market to the corporate sectors are mobilized through public and rights issues. Basically, an invitation is made by a company to the public to subscribe to its securities offered through prospectus is called as public offers, which can be adopted either under fixed price, book- building method or pure auction method. Public issues are of two types, namely Initial Public Offer (IPO) and Further Public Offer (FPO). On the other hand, the existing equity shareholders of the company are given opportunity to invest their money in the form of rights issues. The study analyses the forecasting of money mobilization through public and rights issues in Indian primary capital market during 2000-2001 to 2020-2021 based on data during 2000-2001 to 2018-2019 using ARIMA Modeling. Th...
In the era of globalisation, there has been a paradigm shift to a number of companies in India, w... more In the era of globalisation, there has been a paradigm shift to a number of companies in India, which have made an endeavour to attain global standards. These companies working globally have formulated operational strategies to achieve sustainable growth in the Global environment. As a result, in the last few years they have been taking this issue of sustainability extremely serious through active participation in strengthening their internal governance and taking initiatives for protection of environment and development of society at large. It is needless to mention that contribution of computer - software industry cannot be ignored in case of economic growth in India. Select large corporate houses including major players in computer - software industry like Tata Consultancy Services; Infosys; Wipro adopted global standards in preparing sustainability reports. Major corporate entities including select companies in computer – software industry used framework proposed by Global Repor...
Journal of Resources Development and Management, 2016
The study reviews the existing Standards on Auditing (SAs) issued by the Institute of Chartered A... more The study reviews the existing Standards on Auditing (SAs) issued by the Institute of Chartered Accountants of India governing ‘using the work of internal auditors’, ‘external confirmations’ and ‘using the work of an auditors’ expert’ and identifies 12 critical issues that may have significant impact on quality of statutory financial audit. Opinions of 227 Chartered Accountants (CAs) and 146 Students pursuing Chartered Accountancy course have been collected through a field survey using a close ended structure questionnaire. Respondents’ opinions are analysed using proportion of respondents with different degrees of agreement and their mean scores for different issues contained in the questionnaire. The study finds that auditors should necessarily check the internal control system present in the client company before starting the actual work. A strong Audit Committee could facilitate that purpose. Scientific design of confirmation requests is also necessary. Finally, it is inferred t...
In this chapter, an attempt has been made to critically review statutory auditor independence in ... more In this chapter, an attempt has been made to critically review statutory auditor independence in five high profile accounting scandals selected from each of the five select countries and to conduct a comparative analysis of them. The five scandals occurred at Enron, Polly Peck International, Satyam, Zhengzhou Baiwen and ComRoad AG. The analysis shows that a lack of professional scepticism of statutory auditors is a major sign of impaired independence in a corporate failure. Fundamental issues governing audit procedure, such as appointment, remuneration, non-audit services, tenure, the role of the audit committee, the role of audit inspection mechanisms and the disciplinary framework have always played a significant role in controlling statutory auditor independence in each of those corporate accounting scandals. Hence, every time a scandal occurred, these fundamental issues were revisited by the regulatory authorities.
The paper empirically analyses business performance of Indian computer software industry over the... more The paper empirically analyses business performance of Indian computer software industry over the years 2003-04 to 2012-13 with the help of Return of Investment (ROI) and Economic Value Added (EVA) of select 10 companies in this industry. A comparative analysis of ROI and EVA reflected in these companies is made using some statistical tools like average, Standard Deviation, Maximum and Minimum values and Coefficient of Variation. It is observed that Tata Consultancy Services (TCS), Infosys and Wipro are the top companies in this industry in terms of their ROI and EVA. One way ANOVA conducted to analyse the significant difference among select companies in terms of their ROI and EVA shows that select companies are significantly different. Pearson’s Correlation Coefficient (r) between ROI and EVA depicts a strong positive correlation between these two business performance indicators. Significance of this correlation is then tested using t test. The result suggests that the correlation ...
Compliance with applicable legal and regulatory requirement and issuing reports which are appropr... more Compliance with applicable legal and regulatory requirement and issuing reports which are appropriate in circumstances is the basic prerequisite of quality audit. According to framework of audit quality proposed by International Auditing and Assurance Standards Board (IAASB) under International Federation of Accountants (IFAC), quality of audit depends upon certain underlying factors, communication among the stakeholders of financial reporting supply chain and certain contextual issues. In this current study, an attempt has been made to conceptually discuss the framework of audit quality as proposed by IAASB and draw conclusion on its applicability in ensuring quality of audit. Keywords: Statutory Audit, Quality Control, Audit Quality.
Journal of Poverty, Investment and Development, 2016
The study initially deduces that quality of financial reporting depends upon quality of statutory... more The study initially deduces that quality of financial reporting depends upon quality of statutory financial audit. Adequacy and reliability of audit evidences may influence quality of audit. While collecting audit evidences, the auditor has to depend upon a few internal and external members of the company, such as internal auditors, auditor’s expert, external third parties (e.g. Banks, Debtors, Creditors, etc.). Statutory auditors’ responsibilities with respect to collection of sufficient and appropriate evidences from these parties are governed by their respective standards. The current study conceptually reviews statutory auditors’ responsibilities with respect to ‘using the work of internal auditors’, ‘external confirmations’, and ‘using the work of auditor’s expert’ in light of their governing auditing standards. Keywords: Internal Auditor, External Confirmation, Auditor’s Expert, ICAI, SAs.
Corporate finance is raised from the primary capital market through public offers, rights issues ... more Corporate finance is raised from the primary capital market through public offers, rights issues and private placement, etc. Public offer is the largest sources of funds from the primary capital market to the company. Basically, an invitation is made by a company to the public to subscribe to its securities offered through prospectus is called as public offers, which can be adopted either under fixed price, book- building method or pure auction method. Public issues are of two types, namely Initial Public Offer (IPO) and Further Public Offer (FPO). The study analyses the trend and forecasting of money mobilization through public issues in Indian primary capital market during 2000-2001 to 2020-2021 based on data during 2000-2001 to 2018-2019 using ARIMA Modeling. The study finds that the ARMA (6, 5) model has become the best model to depict the behaviour of the first differences of the capital raised through public issues over the study period. The study also explores that the forec...
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Papers by DR. SIDDHARTHA SANKAR SAHA