The ministry of company affairs (MCA) intends to insert a clause in the Companies Act that will make audit firms also liable to prosecution as against the existing provisions that limits penal action only to chartered accountants.

Paragraph 83 of the Standard on Quality Control (SQC) 1, Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements, states as follows: 

Sebi will soon offer listed companies the option of switching over to the International Financial Reporting Standards for improved corporate governance, but is yet to take a decision on allowing quarterly audits, due to stiff opposition from companies themselves.

I    New firms to be empanelled from the list of audit firms whose Chartered Accountants should have Diploma in Information and System Accounting (DISA) qualification. II    Selection for new audit firms to be made only from category III and from category IV SP upto 20% of the total requirement in respect of vacancies.

Canara Bank invites applications from the eligible/interested audit firms for empanelment as concurrent auditors for conducting concurrent audit in the identified 500 branches for the period from 01.10.2009 to 30.9.2010. Terms and conditions for appointment, fee structure, methodology for application/ selection, methodology for conducting audit/reporting and the methodology for review of performance of the auditors [...]

Section 35(1)(ii) of the Income-tax Act, 1961 – Scientific research expenditure – Approved scientific research associations/institutions NOTIFICATION NO. 57/2009, Dated 9-7-2009 It is hereby notified for general information that the organization Eye Research Centre, Chennai has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the [...]

Section 35(1)(iii) of the Income-tax Act, 1961 – Scientific research expenditure – Approved social science or statistical research or associations or institutions Notification No. 60/2009, dated 31-7-2009 It is hereby notified for general information that the organization Institute of Rural Management, Anand, Gujarat has been approved by the Central Government for the purpose of clause (iii) of [...]

Suppose Firms A & Co, B& Co. merge in C & Co during the year (a)   All three firms are empanelled in bank branch auditor’s panel and audit is allotted to M/s B& Co. only. In the above case, B& Co. will be allowed to take up the audit assignment in the name of C [...]

BIODATA FORMAT-2009 Allahabad Bank invites applications in the under noted prescribed format from practising firms of Chartered Accountants of India who are willing to have their firm empanelled as Concurrent/ Revenue Auditor in the Bank. The panel of auditors maintained last year (excluding existing concurrent auditors) since expired and  will not be used for appointment [...]

A special audit of Anil Ambani group firm Reliance Communications will be delayed, as the auditor Parakh & Co has sought an extension for three months from mid-July.The government has, however, asked the auditor for progress report before deciding on giving the extension and in case more time was given, the auditors would have to [...]