psu

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

PSU banks should be made to bid for surplus funds with the state-owned firms, rather than getting them through a common rate of interest, the Department of Public Enterprises (DPE) has said. In a communication to the Finance Ministry, the DPE has written to the Finance Ministry arguing that these banks must compete among themselves for deposits of the PSU firms, which had a surplus of about Rs 2.50 lakh crore at the end of March, 2010. Full Article

Accounting regulator ICAI has formed an advisory committee of chartered accountants to help corporates identify social sector projects on which they would be required to spend two% of their net profit. The Public Advisory Committee, of the Institute of Chartered Accountants of India (ICAI), has been set up with the view to protect public interest, said the newly-appointed ICAI President G Ramaswamy. Full Article

Applications are invited online from the firm of Chartered Accountants who intended to be empaneled with this office for the year 2011-2012 for appointment as auditors of Government Companies / Corporations. Full Article

Chartered Accountant firms in India with at least one full time (See Note 1 Below) FCA (Partner/Sole Proprietor) can apply for empanelment with this office for allotment of audit of Public Sector Undertakings. The criteria for empanelment and sele Full Article

On the heels of the RBI making out a case for better pay packages for PSU bankers, global consultancy KPMG said that not only senior personnel, but non -executive directors, too, should be paid salaries on par with their private sector counterparts. Full Article

The country’s apex audit body Comptroller and Auditor General of India (CAG) has called for an increase in fees paid to statutory auditors of all government companies. In a communication sent to managing directors of public sector undertakings (PSUs), the CAG said that with high inflation leading to audit cost escalation and increased compliance burden on auditors, it was “prudent’’ that the fees paid to auditors should be raised. Full Article

Over 200 public sector undertakings (PSUs) do not have a company secretary on their rolls even though they are mandated to have one, the government informed Parliament on Thursday.  “As per information available, 233 PSUs have not appointed a company secretary,” Salman Khursheed, minister for corporate affairs, said in the Lok Sabha on Thursday. Full Article