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The duo, both chartered accountants, had audited the accounts of Global Trust Bank in 2003. ICAI had, based on news reports, alleged that the external auditors had approved suspect accounts and data in RBI’s annual financial inspection (AFI) report, ordered that an inquiry be conducted by the disciplinary committee for alleged professio...

Independent directors of Satyam  were not involved in the multi-crore accounting fraud in the IT company and were kept in the dark by founder-chairman B Ramalinga Raju, the Serious Fraud Investigation Office has concluded. The over 14,000-page report submitted to the government, marking the end of three month-long investigation, the prob...

While acknowledging and appreciating the initiatives and the efforts undertaken by the Committee on Management Accounting (CMA) especially its Chairman, CA Vinod Jain, FCA.  I am happy to inform you that the Committee on Management Accounting has launched Master in Business Finance as a Certificate Course for the members of the Institute...

It may now be easier for exporters to borrow money at a cheaper rate under the discount scheme offered by the government in select sectors. RBI, the country’s apex financial institution, is planning to do away with the mandatory requirement of submitting audit certificates from chartered accountants establishing the product being ex...

IT services provider Tech Mahindra is the new owner of Satyam Computer Services. The company bid the highest at Rs 58 per share, pipping Satyam Saga: Rise, fall and resurrection  rivals engineering firm Larsen & Toubro and billionaire investor Wilbur Ross to the post. Engineering firm L&T bid at Rs 45.90 per Satyam share, Kiran [...

Accounting regulator ICAI on Thursday said all listed companies would be audited by only those who have been certified by the Peer Review Board of the institute.”The council had accepted the recommendation of Sebi that audit of listed companies shall be carried out by auditors who have undergone Peer Review Process and have been iss...

There is no ready evidence that the jailed Price Waterhouse (PW) auditors in the Satyam Computer Services scandal had also colluded, says Uttam Prakash Agarwal, president of the Institute of Chartered Accountants of India (ICAI). They and the former chief financial officer of Satyam, Vadlamani Srinivas, seemed to have acted on the instruc...

Apex accounting body ICAI has raised objections to the recommendations of the Rakesh Mohan Committee on more autonomy to the Accounting Standards Board, an arm of the regulator, saying that the panel hasn’t suggested anything that is already not in place. “The composition of the Accounting Standards Board (ASB) is fairly broad...

Institute of Chartered Accountants of India (ICAI) is mulling bringing about some changes in the chartered accountancy course syllabus, ICAI president Uttamprakash Agrawal said recently. “Indian chartered accountants are capable enough not just to fight the economic downturn, but also guide the world on how to come out of it,”...

The government is considering a proposal to do away with the current system of calculating a product’s cost through a fixed format, a move that will bring in flexibility and reduce compliance costs for companies. In turn, the Institute of Cost and Works Accountants of India (ICWAI), the apex body regulating the cost accounting professio...