disciplinary committee

The accounting regulator is finally swinging into action in the multiple demat account scam that was detected over 3 years ago. The Disciplinary Committee of the Institute of Chartered Accountants of India (ICAI) has found the internal auditors – Haribhakti & Co. guilty of negligence while checking the books of brokerage firm - Karvy. ICAI's Disciplinary Committee has found one audit partner and audit manager of Haribhakti & Co. guilty. Full Article

The Anil Dhirubhai Ambani Group (ADAG) has registered a formal complaint with the accounting regulator – the Institute of Chartered Accountants of India (ICAI) - against the government-appointe d auditor for claiming that its flagship company, Reliance Communications (RCom), had allegedly under-reported revenues and evaded licence fees during 2006-08. Full Article

The government has sought clarity from auditing firm PriceWaterhouseCoopers (PWC) about their operations and business plans in India. “Come back with a plan. What is that you are responsible for? What is that you should be responsible for?” Corporate Affairs Minister Salman Khurshid told PTI while replying to questions about his meeting with senior representatives of PWC early this week. PWC has been in the news for the wrong reasons as its auditors were involved in .. Full Article

A report prepared by India's apex accounting body that is investigating the role of the auditors in the fraud at Satyam Computer Services Ltd doesn't shed any new light on the subject and, apart from repeating charges made by the Central Bureau of Investigation, India's federal investigative agency, suggests generic measures to improve the audit process in companies. Full Article

A HIGH-POWERED panel of the Institute of Chartered Accountants of India (ICAI) — the nodal body in India for auditors — has prima facie found two former auditors of Satyam Computer and members of the software company’s internal audit cell guilty of professional misconduct and failure in carrying out their duties. Full Article

  Empanelment of faculty members for training CA students for the Examination The Board of Studies invites applications from faculty members for associating themselves with training of CA students for the examination. Such training would be organized by the Regional Councils and Branches of the ICAI. Interested persons are requested to submit the particulars in [...] Full Article

The government is likely to soon give its nod to the Serious Fraud Investigation Office (SFIO) for initiating prosecution against the persons involved in the Rs 7,800 crore-accounting fraud at Satyam Computer Services. The ministry of corporate affairs is in consultation with the law ministry and will take a decision on filing cases in the Satyam [...] Full Article

In the Case of : Partha Ghosh vs. ICAI , Decided By : Mumbai High Court In October 2007, Disciplinary proceedings were initiated against two partners of M/s Pricewaterhouse (PWC) for alleged professional and other misconduct in conducting the statutory audit of Global Trust Bank. The proceedings were based on the findings in the Special Audit report [...] Full Article