Flawed audit system - Need to make them truly independent

Our auditing system is flawed. How can the auditing firm write the true facts in their report when they will be forced to approach the same company's management for receiving their auditing fees? We have to change this if we need to safeguard public money deposited in our banks and safeguard in interests of the shareholders who believe the published reports and the audit reports to make the investment decisions.

The way forward should be the the Registrar of companies should play a part in payment of audit fees to the auditing firm. Depending on the size(there could be other parameters) of the company being audited, ROC should fix the audit fees and the payment has to be released automatically when the audit report is submitted. To further streamline this process the audit report should be submitted on-line to ROC's website then amendments if any after consulting the company's management should also be uploaded to the ROC's website. This way there will be a complete audit trail of the changes in the audit report.