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Do auditors – facing flak for endorsing falsified accounts in the Satyam scandal – have enough time to do their work properly? The Institute of Chartered Accountants of India (ICAI), trying to save the profession’s credibility under assault this year, has underlined the need to give central statutory auditors sufficient ...

In what could provide a big thrust to the cost accounting profession in the country, the Institute of Cost and Works Accounts of India, the apex body to regulate the profession of cost and management accountancy in the country, has finalised a mutual recognition agreement with the Institute of Management Accountants of the United States. ...

A General Amnesty Scheme for retrospective restoration of Membership effective from the date of removal due to non-payment of Membership fee was launched by the Council and announcement to this effect was issued on 13th May, 2008 and the same was hosted on www.icai.org and published in the Journal. This scheme provided an opportunity for...

In order to give due recognition to the Institute of Cost and Works Accounts of India (ICWAI), an apex body to regulate the profession of cost and management accountancy in India, the Ministry of Corporate Affairs (MCA) is in the process of reviewing the existing cost accounting rules and the cost accounting standards of ICWAI. […]...

THE Institute of Chartered Accountants of India (ICAI), the regulatory body for the accounting profession, plans to scrutinise books of companies that have seen independent directors resign in the last two months, after the role of such directors came under intense scrutiny in the wake of the major financial fraud at Satyam Computer Servi...

In the wake of Rs 7,000 crore Satyam fraud, Sebi had announced that it would ask an independent team of auditors to conduct a peer review of the working papers of the financial statements of the auditors of listed companies. “We feel such that an audit should be conducted by the ICWAI and discussions for […]...

Citing a need for legal knowledge and skills, banks have shot down a proposal by the Institute of Chartered Accountants of India (ICAI) to allow chartered accountants to appear before the Debt Recovery Tribunal (DRT) to plead cases. The debt tribunal was set up to adjudicate bank recovery suits. It works in lieu of civil […]...

To prevent recurrence of Satyam-like frauds, the ICAI on Monday tightened the auditing standards by introducing new guidelines which will enable auditors interlink information and reports of other stakeholders and evaluate them. The two new standards on auditing, said Atul Kumar Gupta, member of the regional council of Institute of Charte...

The Council in its 281st meeting held from 3rd to 5th October, 2008 decided that an internal auditor of an assessee, whether working with the organization or an independently practicing Chartered Accountant being an individual chartered accountants or a firm of chartered accountants, could not be appointed as his tax auditor. The said dec...

Companies may soon have to get their financial statements vetted by more than one auditor. The Institute of Chartered Accountants of India (ICAI), the country’s accounting and auditing rule-maker, is considering a proposal to make it mandatory for companies to get their books audited by more than one auditor so that each of the audit [&...