The new audit watchdog’s fight for legitimacy

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Editor's note: The story goes something like this. The chairman of a newly minted regulator is called as the chief guest for an inaugural address to its industry event. He accepts. But wait, the chairman says he needs one clean hour. Anything less and his time will be spent only in congratulating the industry on doing a good job during the pandemic. The organizers aren’t sure. “But the minister will speak in that session and we can’t time him. One hour for you is too long in the inaugural session, please cut it down to 15-20 minutes,” the organizers say. The chairman is adamant. “Not possible,” he says.  As it always happens, a compromise is reached and the chairman gets his one hour on the second day of the three-day conference. All parties breathe a sigh of relief. Too early though.  Two days before the commencement of the conference on 24 December, the chairman receives an email from the organizers. It says, sir, you are out. Miffed, the chairman uploads his entire speech on the regulator’s website, along with a note giving …