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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 |

Oppotunities to small audit firms be given

  21 Jan 2009   0 comment
“Satyam Scam has raised basic questions about the depth and devotion in statutory audit conducted by one of the big four audit firms, the PWC. In India the professional depth and devotion of small and medium size audit firms are of quite high level but unfortunately their potential remains heavily under utilized. One of the […]...
Posted Under: CA, CS, CMA |

What Was Behind Raju's Confession?

  21 Jan 2009   0 comment
Did Satyam Computer Services’ promoter B Ramalinga Raju make a calculated move in owning up to a Rs 7,800 crore fraud to lessen the degree of punishment? With media reports speculating that Raju may have had benami accounts, land holdings and so on, senior government sources told Outlook Business that the suspicion from day one [&he...
Posted Under: CA, CS, CMA |

Satyamgate – Investigators need to look deeper into associate Cos and subsidiaries

  21 Jan 2009   0 comment
THE Ministry of Corporate Affairs has ordered an inspection of the accounts of Satyam Computer Services Ltd. under Section 209A of the Companies Act that brings in its ambit the subsidiaries too. The Ministry has also ordered serious frauds investigation under Section 235 of the Act....
Posted Under: CA, CS, CMA |

Satyam Jokes

  20 Jan 2009   0 comment
November: Ram Gopal Verma was sighted inside Taj Hotel, Mumbai. January: Ram Gopal Verma was sighted in Satyam Computers Hyderabad....
Posted Under: CA, CS, CMA |

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