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SFIO may soon get nod initiate prosecution in Satyam case

The government is likely to soon give its nod to the Serious Fraud Investigation Office (SFIO) for initiating prosecution against the persons involved in the Rs 7,800 crore-accounting fraud at Satyam Computer Services. The ministry of corporate affairs is in consultation with the law ministry and will take a decision on filing cases in t...

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Posted Under: CA, CS, CMA |

ICAI planning specific accounting standards for insurance sector

The accounting regulator the Institute of Chartered Accountants of India (ICAI) has constituted an expert group to suggest sector-specific accounting norms for insurance companies. The move aims at ensuring that financial statements of insurance firms reflect true natures of financial arrangements. ICAI president Uttam Prakash Agarwal con...

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Posted Under: Finance |

ICAI committee to submit its report by June in respect of Satyam fraud

The high-level committee set up to look at the multi-crore rupee fraud at Satyam Computer by the Institute of Chartered Accountants of India is close to coming out with its recommendatations by June. “The high-level committee set up to look into matters arising out of Satyam fraud is carrying out deliberations and is likely to [&hel...

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Posted Under: CA, CS, CMA |

New Training Structure for the students of CS Course

To, The Chairmen/Executive Officers All the Regional Councils & Chapters of ICSI The Council of the Institute in its 183rd meeting held on 8th-9th November, 2008 has approved the new training structure as under.   I.       Duration of training  It was decided that the present period of training of 15 Months may be continued...

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Posted Under: CA, CS, CMA |

ICAI raised doubt on accuracy of audited financial statements of Allahabad Bank, Vijaya Bank and the Central Bank of India

The Institute of Chartered Accountants of India (ICAI) has raised apprehensions about the accuracy of the audited financial statements of Allahabad Bank, Vijaya Bank and the Central Bank of India, saying the statutory auditors were under pressure from these banks to complete the audits within unreasonable deadlines. The accounting rule-ma...

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Posted Under: CA, CS, CMA |

ICAI issues notices to 11 more audit cos with foreign tie-ups

Accounting regulator ICAI today asked 11 more auditing firms having foreign affiliations to furnish with information on their activities and operating structure in India. “We have issued notices to 11 more firms. We have asked about their activities, international affiliations and operating structure in India,” ICAI President ...

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Posted Under: CA, CS, CMA |

Beating slowdown, chartered accountants bagged jobs with top-notch companies in the latest campus placement

Beating the slowdown, chartered accountants (CAs) have bagged jobs with top-notch companies in the latest campus placement drive, which has also seen more newly qualified professionals get jobs. State-run companies, especially from the financial services sector, have emerged as the biggest recruiters in the current round of hiring. Four n...

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Posted Under: CA, CS, CMA |

Bank of Baroda's (BoB) New York branch account was used to cook up Satyam balance sheet: SFIO

The Serious Fraud Investigation Office (SFIO) investigating into the multi-thousand crore Satyam scam has found that the IT company’s Bank of Baroda’s (BoB) New York branch account was used to cook up its balance sheet. CNBC-TV18’s Pranshu Sikka reports. The SFIO has recommended an investigation into Bank of Baroda’s role ...

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Posted Under: CA, CS, CMA |

No change in Examination schedule of Examinations to be held from 1st June to 15th June, 2009: ICAI

The Examination Department has been receiving enquiries from various candidates/parents/members regarding change in the schedule of holding the Professional Education-II, Professional Competence Course (PCE) and Final Examination and also Post Qualification Courses in Management Accountancy Course (MAC Part-I), Corporate Management Course...

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Posted Under: CA, CS, CMA |

Raju gratest cook : Cooked books by 27167 Crore

Specific figures that reflect the magnitude of the swindle at Satyam Computer Services Ltd are coming to light. The books of the software services firm were inflated to the tune of Rs27,167 crore between the fiscal year ended 31 March 2001 and September last year, mainly by inflating cash and bank balances, showing fictitious fixed depo...

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Posted Under: CA, CS, CMA |