Comptroller and auditor general (CAG) Vinod Rai has, for the first time, gone on record saying his Commonwealth Games audit will be an independent exercise and that there will be no coordination with any other agency, including the prime minister-appointed Shunglu committee.
The government has rejected Institute of Chartered Accountants of India (ICAI) move to insulate its members from non-compliance and corporate frauds. Ministry of corporate affairs (MCA) has decided to empower National Advisory Committee on Accounting
Irked by delay in response to queries raised by it, the Central Vigilance Commissioner may summon officials of Union and State governments in connection with alleged financial irregularities in different Commonwealth Games related projects.
Global firms KPMG and Ernst & Young could be headed for trouble in India as auditing regulator Institute of Chartered Accountants of India (ICAI) has found them doing business through surrogate means, without being registered in the country.
To expedite investigations into the books of accounts of companies, the ministry of corporate affairs is planning to outsource the investigation related work to specialised chartered accountant firms.Currently, the job is done by the Registrars of Co
An amount to up to Rs 2 lakh can now be transferred through banks free of cost. The Reserve Bank of India has raised the threshold limit for real time gross settlement (RTGS) transactions from Rs 1 lakh to Rs 2 lakh and introduced a new value band fo
Ministry of Corporate Affairs, after wide consultations with all stakeholders and regulators, has drawn up a clear roadmap for implementation of Indian Accounting Standards converged with IFRS. Converged Standards will have to be followed by Phase-I
This Court, while defining as to who was an employee under Section 2(e) of the Act in Arunachalam S. vs M.D. Southern Structurals reported in 2001 2 LLJ 1457 had held that all employees were entitled to gratuity except an apprentice. This ruling was
About 2.5 lakh employees of State Bank of India have threatened to go on two-day nation-wide strike beginning November 25 to press for wage related issues. “We are demanding early disbursal of undistributed amount in respect of SBI employees pending
Its efforts to handpick projects for CAG audit may have landed Delhi government in a bigger soup. Delhi government sources say they have now been asked by CAG to furnish details of all projects undertaken between 2005-06 to 2009-10 a far cry from jus
