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Joint audits and inspections by the ICAI/DCA are critical if the system has to work

  31 Jan 2009   0 comment
The Satyam affair has shaken the country’s audit profession and regulatory authorities to its roots. Investors have suffered in a big way and Indian business has lost some of its sheen. Has there been a systemic failure or is Satyam just a big exception? Has the macro-structure of the audit procedure not evolved in a […]...
Posted Under: CA, CS, CMA |

Wake up call for Chartered Accountants

  31 Jan 2009   0 comment
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 commo...
Posted Under: Finance |

internal audit of the stock brokers-SEBI Training Programme for CAs, CMAs and CS

  31 Jan 2009   0 comment
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 requi...
Posted Under: SEBI | ,

India’s biggest scams……….

  29 Jan 2009   1 comment
1. Ramalinga Raju The biggest corporate scam in Indiahas come from one of the most respected businessmen. Satyam founder Byrraju Ramalinga Raju resigned as its chairman after admitting to cooking up the account books. His efforts to fill the “fictitious assets with real ones” through Maytas acquisition failed, after which he ...
Posted Under: CA, CS, CMA |

ICAI suggested amendment in listing norms

  27 Jan 2009   0 comment
Faced with criticism that its disciplinary machinery is only focused on errant members and not on the firm that they represent, the auditing profession regulator Institute of Chartered Accountants of India (ICAI) has trained the gun on audit firms now. The ICAI has written to the Securities and Exchange Board of India suggesting that the ...
Posted Under: SEBI | ,

Just Fun, Don’t take otherwise

  23 Jan 2009   0 comment
An aspiring CA goes for an interview:  Interviewer – Do you have experience in finalization of accounts?...
Posted Under: CA, CS, CMA |

Humors- The Magician – Guess who?

  23 Jan 2009   0 comment
Three world famous magicians were in the bar drinking and boasting about their achievements. The first one said,” During my latest show, I made three women from the audience disappear, it was so convincing that their relatives started panicking, no one could find the trick”...
Posted Under: CA, CS, CMA |

Frauds can not be stopped by a defined audit process

  22 Jan 2009   0 comment
The Big Four accounting firms are reputed to have strong process controls. How then could one such firm have failed to detect such a multi-year scam as is getting unravelled in Satyam? “There is a co-relation between the size of audit firms and the size of companies, and hence all large corporate frauds involve big […]...
Posted Under: CA, CS, CMA |

The Satyam scandal continues to reverberate, with a host of competing

  22 Jan 2009   0 comment
The Satyam scandal continues to reverberate, with a host of competing companies aiming to pick up some U.S. business and some big firms facing questions about why they did business with the Indian outsourcer....
Posted Under: CA, CS, CMA |

Can Satyam claim a refund of taxes on onerstated income?

  21 Jan 2009   0 comment
Today, the fraud at Satyam Computer Services is one of the hottest topics around. There are so many questions relating to various taxation issues that are constantly cropping up. One of the common questions going through everyone's mind is: Can Satyam claim a refund of taxes already paid on its inflated income for all the earlier years?...
Posted Under: Income Tax |

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