Auditor

US market regulator SEC has asked IT major Wipro to prove independence of its auditor KPMG India, failing which the company may have to appoint new auditors or get its business books audited again. "We have received a voluntary document request from the SEC's Division of Enforcement. The document request includes, among other things, issues relating to auditor independence," Wipro said in a regulatory filing with the SEC. Full Article

Liu Jiayi, auditor-general of China's National Audit Office (NAO), will take up the position as chairman of the United Nations Board of Auditors (UNBA) starting Jan.1, 2011, the NAO announced in Beijing Wednesday. Liu, who was appointed as auditor-ge Full Article

Joint Registrar for Mumbai and Konkan Division started for Registration of Fresh Panel for the Period 01/04/2011 to 31/03/2014 for Co-Operative Societies Audit. Full Article

The accounting and auditing regulator, the Institute of Chartered Accountants of India (ICAI), is set to enter a new area, till now a domain of the Institute of Company Secretaries of India (ICSI), by setting up corporate affairs standards (CAS) on various areas of corporate law and practices. ICAI has already prepared three such standards [...] Full Article

Various Laws Applicable to Co-op. Societies 1) The Maharashtra Co-op. Societies Act, 1960 (MCS Act) – having 167 sections effective from 26/1/1962 and The Maharashtra Co-op. Societies Rules, 1961 – having 110 rules effective from 23/12/1963. Full Article

SUMMARY OF THE AAR This alert summarizes a recent ruling of the Authority for Advance Ruling (AAR) [2009-TIOL-12-ARA–IT] in the case of K.T. Corporation (Applicant) on the issue of whether a Liaison Office (LO), acting as a communication channel, will constitute a Permanent Establishment (PE) of the Applicant under the Double Taxation Avoidance Agreement between [...] Full Article

The accounting regulator, Institute of Chartered Accountants of India (ICAI) has urged the government on centralising the procedure for the allotment of auditors. The institute is of the view that auditors should be appointed by a regulator since the management presents the accounts and is an interested party. ICAI president Uttam Prakash Agarwal told, “In [...] Full Article

Department cannot force auditors to part with information of clients not related to search, found in their laptops seized during search While conducting an audit of EMAAR on 11.9.2007, the laptops of two employees of the Petitioner were seized by the Deputy Director, Income Tax (DDIT) in the course of conducting a Search and Seizure [...] Full Article