ICAI charges high fees from students, it provides no class room teaching to equip them with the fine nuances of financial auditing. The only meaningful interaction that a student has on the way to become a CA, is with the senior CA who gives the young rookie a chance to get mandatory articleship.
It is high time the government takes a close look at what these up coming auditors are taught at that early stage. How to make fake balance sheets, fake profit and loss accounts, fake account books, fake vouchers, enter fake entries, and manage fake receipts and what have you. In short, a new generation is equipped with dangerous weapons to sabotage the economy of the country. They are trained to make a Satyam happen every day. How can the graduates of this institute of lies be expected to be loyal to the government of India. Articleship is all about picking up the tricks of a trade that thrives on loopholes.