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ICAI announcement regarding Election Code of Conduct

As the members of the Institute are aware, the Election Code of Conduct has already come into force effective from 3rd September, 2009 which is required to be complied with by, not only the candidates contesting for the forthcoming elections, but also by their authorized representative( s), supporter(s) , well-wisher( s) and the like. Bes...

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Posted Under: CA, CS, CMA |

ICAI condemns the report in the Livemint newspaper titled 'ICAI wings clipped over Satyam Scam'

Press Release We are deeply hurt by the news report in the Livemit dated 30th September, 2009 titled “ICAI wings clipped over Satyam Scam”.  The title of the report so published is itself incorrect, misleading and without any base. Since the communication from the Ministry itself does not mention anything regarding the curtailing or ...

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Posted Under: CA, CS, CMA |

ICAI likely to restrict the number of entities an audit firm can register

The Institute of Chartered Accountants of India (ICAI) is likely to restrict to two the number of entities an audit firm can register. The move follows denials by PWC of any connection with the tainted entity that conducted the audit on Satyam Computers, whose promoter confessed to fraud in January this year. ...

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Posted Under: CA, CS, CMA |

CEO of ICWAI been fined for failure to give timely information under RTI

The Central Information Commission has slapped the maximum fine of Rs 25,000 provided under the RTI Act on the CEO of a cost accounting body for failure to give timely information in a case. The CIC slapped the fine on the Institute of Cost and Works Accountants of India’s (ICWAI) CEO, Sudhir Mukund Galande, while dismissing [&hell...

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Posted Under: CA, CS, CMA |

ICAI found two former auditors of Satyam Computer ‘guilty

A HIGH-POWERED panel of the Institute of Chartered Accountants of India (ICAI) — the nodal body in India for auditors — has prima facie found two former auditors of Satyam Computer and members of the software company’s internal audit cell guilty of professional misconduct and failure in carrying out their duties....

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Posted Under: CA, CS, CMA |

MCA decided to scrutinise the account books of all registered companies

In a bid to avoid accounting frauds of the type that hit Satyam Computers, now called Mahindra Satyam, in January this year, the Ministry of Corporate Affairs (MCA) has decided to scrutinise the account books of all registered companies — listed as well as unlisted — in the country....

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Posted Under: Company Law |

ICAI requested for extension of due date for filing of return of Income

Due to the fact that most of the establishments are virtually closed on account of festivals of Durga Pooja, Navratra’s and Dussehra, representations were received from members all over the country posing the difficulties faced by them in preparing and filing the return of income by due date. Hence, ICAI has made a representation to...

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Posted Under: CA, CS, CMA |

ICAI – Announcement for panel for outsourcing of work of Technical Scrutiny of Balance Sheets

The Institute of Chartered Accountants of India while appreciating the initiative taken by the Ministry for ensuring good corporate governance and transparency for safeguarding the interest of the shareholders, creditors and the economy as a whole wishes to provide professional expertise of its members to the Registrar of Companies. For t...

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Posted Under: CA, CS, CMA |

Government proposal to constitute a supervisory mechanism opposed by ICAI, ICSI and ICWAI

A GOVERNMENT proposal to constitute a supervisory mechanism above the country’s three statutory institutes for accounting, company secretaryship and cost accounting and allowing their members to provide services in each other’s fields has been opposed by these regulators. Floated by the corporate affairs ministry, the proposal seeks t...

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Posted Under: CA, CS, CMA |

Listed companies may soon have to get done Quarterly cost audit

Quarterly cost audit by internal auditors in the listed companies should be explored in consultation with the market regulator SEBI to improve corporate governance, an expert group appointed by Corporate Affairs Ministry has suggested. “The possibility of introducing quarterly limited review of cost details, in case of listed compa...

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Posted Under: SEBI | , ,