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ICAI told auditors to demand detailed disclosures from banks about loans restructured by them

A battle of sorts is brewing between the Institute of Chartered Accountants in India, or Icai, and the banking industry. Icai, the apex accounting body, has told auditors to demand detailed disclosures from banks about loans restructured by them. In the absence of such disclosures, auditors have been asked to pass banks’ balance she...

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Posted Under: CA, CS, CMA |

ICAI seek more power for auditors to chase the source of funds declared by companies while auditing accounts

The Institute of Chartered Accountants of India (ICAI), the quasi-judicial body of chartered accountants in India, has sought more powers to auditors to chase the source of funds declared by companies while auditing accounts. This is a direct fallout of the fraud at Satyam Computer Services, which led to two auditors from auditing firm Pr...

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Posted Under: CA, CS, CMA |

PWC standing behind its tainted partners caught up in Satyam scandal

Two audit partners charged by India’s Central Bureau of Investigation Pricewaterhouse Coopers is standing by its partners who have been caught up in India’s Satyam Computer Services scandal, despite them being formally charged by India’s Central Bureau of Investigation (CBI). In a statement released today, Price Waterhou...

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Posted Under: CA, CS, CMA |

Satyam ex-CFO gives clean chit to auditors S Gopalakrishnan and Talluri Srinivas of audit firm Price Waterhouse

In a significant development, former Satyam Computer CFO Vadlamani Srinivas has told representatives of the Institute of Chartered Accountants of India (ICAI) — the apex regulatory body for chartered accountants in India — that auditors S Gopalakrishnan and Talluri Srinivas of audit firm Price Waterhouse had no role to play in the fra...

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Posted Under: CA, CS, CMA |

ICAI Communication to members providing Articles Training to Articled Assistants

Dear Sir(s)/Madam, The Council of the Institute appointed a Working Group to study various students related issues sometime back. The recommendations of the Group were then considered by the Council and certain decisions have been taken in this regard. Some such decisions, among others, relate to the minimum and maximum working hours for ...

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Posted Under: CA, CS, CMA |

Cost Audit may cover more industries in Private Sector specially all petroleum, power firms

The government may rectify the present system of selective cost audit that covers only a few companies while many others, mainly those in the private sector, are left out, according to a senior official in the Ministry of Corporate Affairs (MCA). For instance, in the petroleum sector, only the public sector companies are covered, leaving ...

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Posted Under: Finance |

Announcement for Empanelment as Peer Reviewer with the Peer Review Board : ICAI

The global & national economic environment has in recent times been featured by the turbulences on the financial scenario following the unearthing of the frauds and procedural and financial malpractices. The credibility of the opinion expressed by the auditors on the independent review of financial statements and records have come und...

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Posted Under: CA, CS, CMA |

List of Statutory Branch Auditors recommended by RBI to Public Sector Banks for – 2008-09

The list of 18672 audit firms, which have been recommended by the RBI for statutory branch audit assignments in public sector banks during the year 2008-09 is hosted on the website. Members are requested to click on the link given below the announcement. Thereafter push the keys (Ctrl+f) together. A small window would open at […]...

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Posted Under: CA, CS, CMA |

coaching classes for C.A. student shall not continue after 9.30 a. m. or start before 5.30 p.m.

IMPORTANT ANNOUNCEMENT The following decisions taken by the Council of the Institute are brought into force immediately for compliance by the Students / Members concerned. It is advised that required compliance be made by the concerned students / members. It may please be noted that non-compliance will be viewed seriously and proceeded ag...

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Posted Under: CA, CS, CMA |

ICAI approached MCA to discuss working of foreign firms offering Audit services in India

The Institute of Chartered Accountants of India (ICAI) has approached the ministry of corporate affairs (MCA) to discuss the functioning of all those foreign firms who are offering auditing services in India through their tie ups with the local firms. According to ICAI, the manner in which the foreign firms handle their auditing services ...

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Posted Under: CA, CS, CMA |