Reacting to these irregularities, the government through various regulators like RBI, MCA, Sebi and NFRA, have initiated action against the management, directors and auditors. While it is extremely important to take concrete steps to fix the responsibility, it is also crucial to understand the reasons behind such incidences. Are there any shortcomings in the existing legal framework governing independent directors and auditors? If yes, they need to be fixed with involvement of all stakeholders. It is high time that we as a matured economy with a fairly robust legal framework, evaluate how truly independent are auditors and independent directors? What are the safeguards available to them so that they can perform their duties well? Are auditors paid enough to absorb services of experts in technology or forensic or valuation or other required domain knowledge? Do the firms auditing large companies have required infrastructure to enable them perform a good audit? Is the process of auditor selection by management and approval by shareholders robust enough? and many more such questions need to asked.