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The Institute of Chartered Accountants of India will pass a ruling directing all firms to get their internal audits reviewed by an outside’. Uttam Prakash Agarwal, who has replaced Ved Jain as president of ICAI with effect from February 5, said that this practice of an external firm reviewing the internal books of a company […]
The forthcoming interim budget could hold some pleasant surprises. Policymakers are examining all options, including tax cuts, aimed at giving a boost to the slowing economy and relief to industry to prevent job cuts. The Constitution does not restrain an outgoing government from announcing tax measures in an interim budget, ahead of general elections. “Constitutionally, […]
India Inc is against rotation of auditors every few years. At a closed-door meeting with Sebi chairman CB Bhave, nearly 45 top honchos expressed their opposition to this move, being demanded by foreign institutional investors (FIIs). The attendees included K V Kamath, Uday Kotak, Mihir Doshi and U K Sinha.
The government is likely to examine a proposal to mandate listed companies to appoint more than one audit firm in the wake of the Satyam accounting fraud which has adversely affected the image of Corporate India. In addition, stock market regulator Securities and Exchange Board of India (Sebi) may also be asked to appoint audit […]
License Agreement signed with ISACA for ISA Members to officially use IS Auditing Standards, IS Auditing Guidelines and IS Auditing Procedures.
To share and preserve the heritage of the Chartered Accountancy (CA) profession and commemorate the diamond jubilee year of the institute, the Institute of Chartered Accountants of India (ICAI) will inaugurate the country’s first Accountancy Museum on February 2, 2009 at the ICAI Bhawan, Noida.
The self regulatory body for auditors, ICAI is pushing for compulsory rotation of auditors by companies in view of mounting pressure from local financial institutions. “A high-powered committee is currently examining the option and a decision will be taken, based on their recommendation, very soon,” ICAI president Ved Jain told.
After the Satyam scam, the role of chartered accountants (CAs) has come into focus again. This time the Income Tax (I-T) Department has found that CAs have given false certificates, enabling Non-Resident Indians (NRIs) and foreign nationals to evade taxes in India. The government agency has informed the Institute of Chartered Accountants of India (ICAI), […]
Satyam’s Auditors Arrested – Who’s Next? Participate In Signature Campaign Now Based on confessions of fraud made by the promoters of Satyam and its CFO, the Andhra Pradesh Police arrested the two members of the Institute of Chartered Accountants of India, who signed the Audit Report and put them behind bars along with common criminals. […]
Taking a leaf from Satyam scam, National Institute of Securities Market (NISM), an initiative of Sebi, has started a nationwide training programme for the internal audit of the stock brokers. The programme aims at helping the audit professionals to carry out an effective internal audit of the broker’s books in order to satisfy the requirements […]
