ICAI

In the wake of Rs 7,000 crore Satyam fraud, Sebi had announced that it would ask an independent team of auditors to conduct a peer review of the working papers of the financial statements of the auditors of listed companies. “We feel such that an audit should be conducted by the ICWAI and discussions for [...] Full Article

Official sources said that a CBI team was in Mumbai to understand the share transactions of the Satyam group of companies on the National Stock Exchange and the Bombay Stock Exchange. The CBI appears to have got hold of evidence to prove how Satyam Computer’s revenues were inflated and has sent its officials to Mumbai [...] Full Article

The upcoming general elections could take its toll on the bottom lines of a host of Indian companies that have accessed overseas debt. The Institute of Chartered Accountants of India (ICAI) has deferred a decision on relaxing accounting standard 11 (AS 11), which mandates mark-to-market (MTM) provisioning in the profit and loss account for foreign [...] Full Article

Citing a need for legal knowledge and skills, banks have shot down a proposal by the Institute of Chartered Accountants of India (ICAI) to allow chartered accountants to appear before the Debt Recovery Tribunal (DRT) to plead cases. The debt tribunal was set up to adjudicate bank recovery suits. It works in lieu of civil [...] Full Article

The Council of the Institute of Chartered Accountants of India at its 286th meeting held on March 8, 2009 cleared two more Standards on Auditing (SAs), i.e., Revised SA 500, Audit Evidence and SA 720, The Auditor’s Responsibility in Relation to Other Information in Documents Containing Audited Financial Statements in the direction of enhancing the [...] Full Article

Uppermost in the agenda of the new chief of the Institute of Chartered Accountants of India (ICAI), Mr Uttam Prakash Agarwal, is the Satyam problem. “Members should not lose heart but must act proactively to safeguard the interests of all stakeholders,” he calls out to CAs, from the pulpit of ‘The Chartered Accountant’ journal, March [...] Full Article

To prevent recurrence of Satyam-like frauds, the ICAI on Monday tightened the auditing standards by introducing new guidelines which will enable auditors interlink information and reports of other stakeholders and evaluate them. The two new standards on auditing, said Atul Kumar Gupta, member of the regional council of Institute of Chartered Accountants of India (ICAI), [...] Full Article

In order to restore credibility in the Satyam-tainted work of auditors, the Institute of Chartered Accountants of India (ICAI), the apex body that regulates the profession of chartered accountancy in India, is considering various options, including demanding more powers for itself. “The institute needs to have more teeth and there is need to make changes [...] Full Article