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PricewaterhouseCoopers is facing an inquiry by accounting regulators into its failure to notice that JP Morgan was paying up to £16 billion of clients’ money into the wrong bank accounts. Last week the Financial Services Authority fined the investment bank £33.3 million Full Article

ICAEW excludes and fines Darren Merchant for false travel expense claims. A senior KPMG employee who dishonestly claimed more than £43,000 in expenses has been excluded from the ICAEW and fined. At an ICAEW disciplinary hearing, Darren Merchant of Dartford, Kent, admitted to claiming £43,087 in air travel. Full Article

The MoU provides for Recognition and Examination arrangements for the members of the two largest Institutes. This agreement would facilitate mobility of members across the borders and further strengthen the ties between India and Great Britain. The MoU entitles Institute membership without license to practice. General practice rights excluding auditing rights would be available. Full Article

We understand that The Institute of Chartered Accountants of India (ICAI) has been increasingly focusing to deepen the knowledge thrust of the budding Chartered Accountants on one hand and also on other hand ICAI is trying to enable the members of the Institute (Qualified Chartered Accountants) to get recognitions from other allied Institutes of accounting profession of other countries in an easier way. Full Article

Dear CA Pariwar, It’s festival time. By the time you receive this Journal, Eid-ul-Fitr, Dussehra and Navratra will have been celebrated and preparations for Diwali will be in full swing. Each and every Indian festival has a deep meaning attached to it. Dussehra, as we know is the triumph of good over evil, not just [...] Full Article