ICAI

The government today said accounting regulator ICAI has found irregularities in the operations of certain multinational audit firms in the country. The high-power committee appointed by the Institute of Chartered Accountants of India for examining the operation of Multinational Network Accounting Firms (MAFs) has found the irregularities, Minister of State for Corporate Affairs R P N Sigh said in a written reply to the Rajya Sabha. Full Article

Enquires are being received as to whether the examination for the Paper - 4 of Professional Competence Examination (PCE) and Paper - 3 of Integrated Professional Competence Examination (IPCE) Cost Accounting and Financial Management which is scheduled to be held on 8th May, 2012 has been postponed or not. Full Article

The Delhi High Court today asked the Institute of Charted Accountants in India (ICAI) to allow disabled persons appearing for the CA examination to take the their relatives' help in writing the papers for them. Full Article

E-Diary in Articled Training: I am happy to inform our members as well as our students that we have approved the introduction of e-diary concept on all-India basis. To start with, it will be implemented from 1st May, 2012, on a recommendatory basis and, with effect from 1st July, 2012 it will be made mandatory for all. Full Article

In pursuance of Rule 7 of Schedule ‘F’ to Regulation 204 of the Chartered Accountants Regulations, 1988 (as amended vide Notification No. 1-CA(7)/59/2001 dated 28th September 2001), the Council of the Institute of Chartered Accountants of India is pleased to notify that the Information Systems Audit (ISA) Course Assessment Test will be held on 23rd June 2012 (Saturday) from 10.30 AM to 2.30 PM at the following cities provided that sufficient number of candidates offe.. Full Article

The Council has decided that the General Management and Communication Skills (GMCS) Programme, presently being organized for 15 days for the CA students should be organized twice during the period of articled training as under: (i) GMCS-I (15 days) - during 1st year of articled training (ii) GMCS-II (15 days) - after completion of 18 months of training but before completion of articled training Full Article

The Institute has developed an online Feedback form on the Question Papers of Chartered Accountants Examinations to be held from 2nd May 2012 to 17th May 2012 at the link http://www.icai.org/app_forms/student_feedback.html. Full Article

In this article an attempt has been made to make a analysis of provisions under different laws relating to Related Party Transactions. An awareness of various provisions is very much required so as to take adequate care while entering into related party transaction and disclosing the same in the Financial Statements. Full Article