Serious Fraud Investigation Office has invited applications from Chartered Accountants empanelled with the office of C&AG and who may like to be associated with SFIO for carrying out forensic examination of records of companies ordered for investigation by the government. Serious Fraud Investigation Office, Ministry of Corporate Affairs intends to outsource certain Forensic Audit services [...]

Apex body of CAs, the Institute of Chartered Accountants of India said severe punishment would be meted out to its member-accountants if they are found guilty in the Rs 7,800-crore accounting fraud at Satyam Computer Services. “If any of the CAs, who are the members of the institute, are found guilty in the auditing, exemplary [...]

An ‘NRI’ is a citizen of India or a person of Indian origin* who is not a resident in India. Residency for tax purposes is decided based on a person’s physical stay in India. There are three conditions that could trigger non residency for tax purposes. First, when an individual’s stay in India is less than 60 days in a particular tax year. Second when the stay exceeds 60 days but is less than 182 days and the cumulative stay in the four years preceding the year in question is less than 365. Finally, when an individual leaves India for taking up an employment outside India and his/her stay is less than182 days in the year of departure.

Press Information Bureau , Government of India Thursday, February 19, 2009 Rajya Sabha The irregularities in the accounts of Satyam Computer Services Ltd. were brought out in the email sent on January 7, 2009 by Shri B. Ramalinga Raju, erstwhile Chairman of the company to certain stock exchanges and others disclosing information that the statements [...]

Time and again authorities and all stakeholders have realized that corporate governance and independent auditors are good terms and concepts to be cherished and for preaching. The recent Satyam -PWC Scam only confirms such a view. There will be such scams in future also. Even today also, there must be many balance sheets window dressed [...]

CA. Uttam P. Agarwal, President, CA. Amarjit Chopra, Vice-President and CA. Anuj Goyal, Chairman, PDC along with other representatives of ICAI had an interaction with Shri P.S. Sharma, General Manager and Shri S. Ramachandran, Dy. General Manager, Department of Banking Supervision, Reserve Bank of India on 9th February, 2009. The major issue was managerial autonomy [...]

Tainted Satyam auditor Price Waterhouse heads for a disgraceful exit as the new board of the IT Company is believed to have initiated steps to remove the auditor midway. Sources said the new board will approach the central government with this proposal and then take it up with the company’s shareholders. Price Waterhouse’s faliure to [...]

The suitors seeking to take over the scam-hit Satyam Computers will not be able to go through the restated financial statement or the  third quarter results prior to the bidding, a senior company official said. “Obviously… (the bidders would not be able to see them as these documents would not be prepared by then). Considering [...]

I am attaching herewith copy of Email from CA Anuj Goyal, Chairman, Professional Development Committee ob above subject. Email is as follows:- Dear Professional Colleagues, As you are all aware that Reserve Bank of India has recently formulated a new procedure for Appointment of Branch Statutory Auditors in Public Sector Banks for the Year 2008-09. [...]

In the wake of the Satyam accounting fraud, the ministry of corporate affairs has woken up to the need of stronger auditing standards and feels that the new Companies Bill would provide a stronger regulatory platform since the Centre would notify the same as part of the bill. Currently, there is no provision for auditing [...]