KPMG

Accounting regulator ICAI has accused state and central governments, and PSUs, of deliberately favouring chartered accountant companies having affiliations with multinational audit firms. ICAi accused that In certain cases, public sector undertakings, the government departments, central and state governments advertise for various professional services, wherein the basic eligibility requirement tends to favour multinational network accounting firms or other corporate ent.. Full Article

Fraudsters go undetected for a longer duration in Asia, with a survey revealing that frauds in the region sometimes do not come into the light for ten years or more. In Asia, it takes longer to detect frauds than any other region in the world, says a global consultancy KPMG report, released today. Full Article

The insurance industry wants the government to create a separate tax exemption limit of Rs 50,000 for life insurance premium in the forthcoming Budget to encourage more individuals to buy such policies. Full Article

Amid concerns of alleged 'surrogate practices' of 'Big Four' accounting firms,regulator ICAI has asked PriceWaterhouseCoopers, KPMG , Ernst & Young and Deloitte to desist from acquiring Indian audit outfits. "Worldwide, there is a talk that there Full Article

The government may advance by a year the roll out of some of the income tax measures proposed in the Direct Taxes Code (DTC) to provide relief to inflation-hit households. These measures may form part of the forthcoming budget. "Some measures in the Full Article

The Institute of Chartered Accountants of India (ICAI) will submit its report against unethical practices by big four auditing and consulting firms — Ernst & Young, KPMG, Price Waterhouse Coopers and Deloitte Sells and Heskins — to the Ministry of Co Full Article

THE GOVERNMENT'S employment minister has 'serious concerns' over a lack of competition in the audit market, and has urged company audit committees and shareholders to encourage companies to use accountants outside the Big Four firms to improve choice in audit services. Ed Davey, who is also minister for consumer and postal affairs, yesterday told a House of Lords inquiry into the audit industry that using regulation to improve choice within audit services was not the gov.. Full Article

Global audit, tax and advisory firm, KPMG Fakhro, has announced the appointment of two new audit partners to strengthen the firm's financial services and owner managed business practices in Bahrain. Islamic banking specialist, Mahesh Balasubramanian, Full Article