The Satyam revelations in January 2009 led to a re-look at the regulatory provisions that exist. The Council of the Institute accordingly constituted a Core Group to analyse the issues arising out of Satyam Episode and to inter alia make suitable recommendations for policy and regulatory changes in the legal frame work.
As part of our responsibility to train officials of various departments of the Government and public sector undertakings on the matter of IFRS implementation, meetings were held with the Secretary, Ministry of Urban Development, CMD, Power Finance Corporation, Finance Advisor, Department of Telecommunications, etc. As a matter of follow-up, details of the training programmes/workshops are being sent wherever desired. Also, meetings with officials of various Departments and public-sector undertakings are being arranged. It shall be our sincere endeavour to perform the role in a manner befitting the ICAI as expected of us by the Ministry of Corporate Affairs.
If you are looking for a home loan, this is the right time to get one. A new system for interest rates will kick in on Thursday, which will be transparent, called the `base rate’ system. This will serve as the minimum rate for all loans and will be calculated on the cost of deposits, the banks’ administrative and operational costs and statutory costs.
POWERGRID intends to select an Auditor for World Bank funded projects for auditing of the annual Project Financial Statements (PFS) for the Financial Year 2009-2010. The objective of the audit of the PFS is to enable the auditor to express a professional opinion as to whether – (i) The PFS provides a true and fair view of the financial position of the project at the end of the period under audit examination; (ii) The funds were utilized for the purposes for which they were provided and; and (iii) Expenditures shown in the PFS are eligible for financing under the relevant loan agreement.
The Commerce and Industry Minister, Mr Anand Sharma, is likely to call on the Finance Minister, Mr Pranab Mukherjee, here on Friday at the latter’s North Block office.
