Audit

SUMMARY OF CASE LAW Irrespective of the method followed by an assessee for accounting excise duty, adjustments as specified under section 145A are to be made; when the statute requires a particular methodology of adjustments for tax, duty, cess or fee then it is to be done ditto; neither the Assessing Officer nor the Commissioner [...] Full Article

Accounting regulator, Institute of Chartered Accountants of India (ICAI) has asked the private and public-sector banks to hire the services of qualified auditors instead of chartered accountants who render ‘compilation engagement’ services.  In a compilation engagement, a chartered accountant uses his accounting expertise as opposed to the auditing expertise to collect, classify and summarize financial [...] Full Article

Uttam Prakash Agarwal, president of Institute of Chartered Accountants of India (ICAI), has been in focus lately, handling queries on the role of auditors in the Satyam Computer fiasco. Agarwal, who is also chairing the six-member high-level committee set up by ICAI to look into the Satyam scandal, talked to Vivek Seal of DNA on [...] Full Article

NEW DELHI: The I-T authorities have slapped a tax liability of Rs 300-400 crore on realty leader DLF over what they called understatement of income and fund diversion by the company. The liability was raised after a special audit by the Income Tax department in the accounts of DLF for the year 2005-06.  With the kind of [...] Full Article

The government has turned down a proposal of the Reserve Bank of India (RBI) to allow public sector banks to select auditors independently. Last year, RBI had made the proposal to the finance ministry, which forwarded it to the Ministry of Corporate Affairs (MCA), the nodal body for auditors. The proposal was in line with [...] Full Article

The Securities and Exchange Board of India (Sebi) will pay auditors fees for the first year of peer review of accounts of companies in the 50-index Nifty and the 30-index BSE. In an effort to build investor confidence and avoid reoccurrence of Satyam-like frauds, Sebi had announced a peer review of company accounts. “Sebi will [...] Full Article

IMPORTANT ANNOUNCEMENT  (Transfer of Articles – (19-05-2009) The following decisions taken by the Council of the Institute are brought into force immediately for compliance by the Students / Members concerned. It is advised that required compliance be made by the concerned students / members. It may please be noted that non-compliance will be viewed seriously [...] Full Article

Expression of interest from firms of Chartered Accountants for inclusion of their names to the existing panel of Statutory Auditors / Additional Auditor/ Concurrent Auditor for  BOT/BOT (Annuity ) Projects of NHAI (based upon new MCA) in various States of India.  National Highways Authority of India (NHAI) awards concessions for Highways construction to the selected [...] Full Article