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Archive: 12 April 2009

Posts in 12 April 2009

KPMG and Deloitte found instances of Amateurish forgery in Satyam books

April 12, 2009 1268 Views 0 comment Print

KPMG and Deloitte, auditors appointed to restate the financials of the fraud-hit Satyam Computer Systems, have found instances of `amateurish forgery’ in the account books of the IT firm that should have been easily detected by Price Waterhouse (PW). These “amateurish forgeries” with regard to bank confirmation letters on Satyam’s fixed deposit receipts have come […]

ICAI told auditors to demand detailed disclosures from banks about loans restructured by them

April 12, 2009 690 Views 0 comment Print

A battle of sorts is brewing between the Institute of Chartered Accountants in India, or Icai, and the banking industry. Icai, the apex accounting body, has told auditors to demand detailed disclosures from banks about loans restructured by them. In the absence of such disclosures, auditors have been asked to pass banks’ balance sheets with […]

Listed companies would be audited only by the Peer Review Board certified Auditors

April 12, 2009 27053 Views 0 comment Print

Accounting regulator ICAI on Thursday said all listed companies would be audited by only those who have been certified by the Peer Review Board of the institute.”The council had accepted the recommendation of Sebi that audit of listed companies shall be carried out by auditors who have undergone Peer Review Process and have been issued […]

ICAI, ICWAI & ICSI yet to recognise Limited Liability Partnership

April 12, 2009 1423 Views 0 comment Print

Though the government has initiated the process of registering Limited Liability Partnership (LLP) firms, it would take a while before the chartered accountant (CA), company secretary (CS) and cost accounting firms convert to LLPs. The three regulators — Institute of Chartered Accountants of India (ICAI), Institute of Company Secretaries of India (ICSI) and Institute of […]

ICAI seek more power for auditors to chase the source of funds declared by companies while auditing accounts

April 12, 2009 750 Views 0 comment Print

The Institute of Chartered Accountants of India (ICAI), the quasi-judicial body of chartered accountants in India, has sought more powers to auditors to chase the source of funds declared by companies while auditing accounts. This is a direct fallout of the fraud at Satyam Computer Services, which led to two auditors from auditing firm Pricewaterhouse […]

PWC standing behind its tainted partners caught up in Satyam scandal

April 12, 2009 918 Views 0 comment Print

Two audit partners charged by India’s Central Bureau of Investigation Pricewaterhouse Coopers is standing by its partners who have been caught up in India’s Satyam Computer Services scandal, despite them being formally charged by India’s Central Bureau of Investigation (CBI). In a statement released today, Price Waterhouse India (the firm’s name in India) said it […]

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