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ICAI audit norms will get legal status : Prem Chand Gupta

To bring in a more transparent and credible auditing system in the country, the government proposes to give explicit legal status to the audit standards prepared by the Institute of Chartered Accountants of India (ICAI), minister of corporate affairs Prem Chand Gupta said here on Saturday. The minister said that the Companies Bill, 2008, ...

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Posted Under: CA, CS, CMA |

J.P. Morgan , Goldman Sachs Shortlisted for Advice: Satyam

JPMorgan and Goldman Sachs are among the banks shortlisted to advise the new board of Satyam Computer Services as it tries to save the fraud-stricken Indian outsourcing firm, three banking  sources said on Wednesday. The new six-member board appointed by the government to contain the fallout of country’s largest corporate scandal w...

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Posted Under: CA, CS, CMA |

Raju refuses to answer CID questions

HYDERABAD: Dodgy Ramalinga Raju is proving to be a hard nut to crack even for the seasoned interrogators of the Crime Investigation Department (CID) questioning him, his brother Rama Raju and former CFO Vadlamani Srinivas in the multi-crore scam. On the second day of police custody, Raju proved to be a tough cookie either bluntly [&hellip...

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Posted Under: CA, CS, CMA |

Satyam gets takeover offers; board meeting on Jan 22-23

NEW DELHI: Troubled software exporter Satyam on Tuesday said it has been approached for takeover by domestic and foreign companies, the IT company’s board member Tarun Das said on Tuesday....

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Posted Under: CA, CS, CMA |

Satyam's board had violated Section 372A of the Companies Act

 The RoC’s findings which it said will be made final after all documents are made available suggest that in approving the acquisition of 100 per cent in Maytas Properties and 51 per cent in Maytas Infrastructure, Satyam’s board had violated Section 372A of the Companies Act. Sub-section 1 of Section 372A stipulates that no co...

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Posted Under: Company Law |

RBI bans bank auditors from acting as its consultants

The Reserve Bank of India, or RBI, has prohibited the statutory auditors of a bank from carrying out any consultancy work for the bank to avoid a possible conflict of interest....

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Posted Under: CA, CS, CMA |

ICAI introduces new study modules to detect scams

The Satyam scam has made auditors realise the need to have a ‘fraud-finding’ approach, rather than the conventional fault-finding mode while examining the books of companies. Looking at the need and appetite for such accounting practices, the apex body of chartered accountants, Institute of Chartered Accountants of India (ICAI), has i...

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Posted Under: CA, CS, CMA |

IFRS to be made mandatory by 2011: ICAI

Plans are afoot to make International Financial Reporting Standards (IFRS) mandatory for large-scale companies by April 2011, said K Raju, central council member of the Institute of Chartered Accountants of India (ICAI)....

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Posted Under: CA, CS, CMA |

Satyam gets buyout offers, confirmed by board members

Troubled software exporter Satyam on Tuesday said it has been approached for takeover by domestic and foreign companies, the IT company’s board member Tarun Das said....

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Posted Under: CA, CS, CMA |

ICAI will serve show cause notice to Satyam auditors

The Institute of Chartered Accountants of India (ICAI) has decided to serve show cause notice to the auditors of the tainted Satyam Computers, ICAI central council member K Raju said on Monday....

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Posted Under: CA, CS, CMA |