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CA, CS, CMA : As we approach the mid-21st century, the landscape of the corporate world is poised for unprecedented transformation. The year 204...
CA, CS, CMA : Check the December 2024 due date calendar for various tax and compliance obligations, including GST, Income Tax, ESI, and Providen...
CA, CS, CMA : Understand cost records and audit rules for the construction industry, including applicability, special features, and benefits for...
CA, CS, CMA : Key controls for inventory valuation in Oracle Fusion: compliance, quality testing, and accurate reporting to avoid discrepancies ...
CA, CS, CMA : Key notifications from Income Tax, GST, RBI, and IBBI covering amendments, clarifications, and updates for the week of 27th Januar...
CA, CS, CMA : Explore ICAI's 2024-25 initiatives, including tech adoption, global expansion, MSME support, financial literacy, and alignment wit...
CA, CS, CMA : Apply online for Concurrent Audit assignments with Central Bank of India for the financial year 2025-26. Check eligibility and req...
CA, CS, CMA : Practice questions on Social Impact Assessment & CSR Audit, covering impact analysis, principles, methods, and taxation aspects fo...
CA, CS, CMA : ICAI releases 2024 guidelines for CA firm and LLP aggregation, enabling better collaboration and operational efficiency. Learn abo...
CA, CS, CMA : ICAI announces the Draft Bank Branch Auditors’ Panel (MEF) 2024-25 for review. Applicants can check details and raise queries un...
CA, CS, CMA : Read the full NCLT judgment/order on Union of India Vs CA. Ramaiah Nataraja. Bengaluru CA barred from statutory auditor role for c...
CA, CS, CMA : Delhi High Court rules that ICAI can hold entire CA firms accountable for misconduct, even if individual guilt isn't found. Full j...
CA, CS, CMA : Patna High Court dismisses a Chartered Accountant firm's petition for non-empanelment due to non-compliance with tender conditions...
CA, CS, CMA : Supreme Court upholds ICAI’s limit of 60 tax audits per CA, validating it as a reasonable restriction under Article 19(1)(g) of ...
CA, CS, CMA : Despite concerns over elections, Delhi High Court rejects plea to delay CA exams. Detailed analysis of the judgment provided....
CA, CS, CMA : CA Ashish Baheti was found guilty of professional misconduct for accepting audit work without communicating with the previous audi...
CA, CS, CMA : ICAI penalizes a CA for professional misconduct under the Chartered Accountants Act, 1949, involving statutory audit acceptance wi...
CA, CS, CMA : ICAI introduces guidelines for the merger and demerger of CA firms, focusing on processes, documentation, and conditions for firms...
CA, CS, CMA : Learn about ICAI's Aggregation of LLPs Guidelines 2024, detailing eligibility, governance, registration, and compliance for LLPs w...
CA, CS, CMA : ICAI announces disciplinary actions for professional misconduct against five Chartered Accountants, including suspensions and fine...
The elections to the 21st Central Council and the 20th Regional Councils of the Institute of Chartered Accountants of India (ICAI) ran into rough weather after a booth capturing incident. At least four unidentified men, including one toting a pistol, stormed an ICAI election booth atVaishali (near Ghaziabad) on Saturday, tampering the ballot box and stuffing ballot papers, sources said.
The Central Bureau of Investigation (CBI), which is probing the multi-crore Satyam accounting fraud, has given a clean chit to PricewaterhouseCoop ers (PwC), the firm’s erstwhile statutory auditors. The CBI, in its supplementary chargesheet filed on November 24 at the XIV Additional Chief Metropolitan Magistrate Court, revealed that the auditors S Gopalkrishnan and Srinivas Talluri, were employees of Lovelock & Lewes (L&L) and that the remuneration, which Satyam paid to the auditors, reached the accounts of L&L instead of PwC, which was appointed as the statutory auditor in 2001.
The results of CPT online examination held on 21st & 22nd November 2009 has been declared on 7th December 2009.
In the first part, I discussed the broad para-meters such as — the importance of Code of Ethics (COE), important statistics about the disciplinary cases, reasons for delays in disposal, procedure adopted by the Council prior to the CA Amendment Act, 2006, criteria adopted by the Council, perception of various agencies towards the COE, types of punishments, and so on. I also narrated a few real-life instances of complaints. It is my experience that whenever our fellow members hear me on this topic, they confess that it is an eye-opener. Indeed, it makes one lose one’s sleep at least for a few nights. It calls for lot of awakening since people have realised the nuisance value of the complaint. The most unfortunate part is that our own members out of petty self-interests, rivalry, mean-mindedness etc., bring the other members into serious trouble. At the same time, all of us need to do lot of introspection.
We are currently in the diamond jubilee year of our Republic as well as of our Institute. The motto of our nation is Satyameva Jayate (Truth alone triumphs). We can only dream of poetic justice of truth winning over untruth. In this Kaliyug, real life events often shatter this fond belief. The recent episode of ‘Satyam Computers’ has evoked a storm in our profession as well. The motto of our Institute of Chartered Accountants of India is ‘Ya esha Supteshu Jagarti’ (He who is awake when others are asleep.) This was actually spoken about the ‘Soul’ — the ‘Atman’ in the Upanishadas. It implies that our conscience should always be awake. Unfortunately, the overall scenario is such that not only others but our own professionals have started losing faith in the profession. The situation calls for a good degree of introspection and self-criticism.
As employers, we all want people who have the right attitude and appropriate and adequate skill sets to work for us. We would like to have a work environment in which our people enjoy working. We want our people to be committed to the Firm. And of course, we are concerned about salary cost since it is the biggest item on our profit and loss account.
The role of modern day accounting professionals has come a long way, from a core accounting function to that of being viewed as a corporate gatekeeper. Today’s professionals are not just auditors, certifying routine book of accounts, but also on the boards of companies as directors. This multi disciplinary role puts emphasis on “always taking the correct decisions and doing everything right”. While accountants look to successfully achieve the set standards, they are increasingly exposed to being targets for easy lawsuits, bought against them by third parties. A series of lawsuits filed against some of the reputed accounting firms and professionals is a beginning of the trend.
Officials at Icwai have been lobbying the government to include cost accountants under the definition accountant as defined in the subsection 2 of Section 288 of the Income-tax Act. The finance ministry has ignored calls by cost accountants that they be treated at par with chartered accountants and be allowed to sign off on the financial statements of companies.
The head count in the fraud hit Satyam Computers, which engaged the attention of investigating agencies considerably, is now become the curse for the company’s former directors.A charge common to most of the accused in the complaints filed in a court here by the Serious Fraud Investigation Office (SFIO) is that they approved the company’s balance sheets and the director’s reports about particulars of employees that were never filed with the competent authority.
The complete postal addresses pertaining to the Polling Booths set up for the forthcoming elections to be held in December, 2009 across the country have been hosted on the website of the Institute for the information of all voters and candidates pertaining to the respective Regional Constituencies.
