CA, CS, CMA : The article explains how unusually flawless records may signal a managed presentation rather than genuine business performance, re...
CA, CS, CMA : Focusing only on receivables can miss significant risks embedded in related-party payables. A bilateral review reveals internal gr...
CA, CS, CMA : This comprehensive checklist covers every stage of a stock and receivables audit, from engagement acceptance to final reporting. I...
CA, CS, CMA : A perfect stock valuation can still conceal serious lending risks if critical operating licences have expired. Auditors should ver...
CA, CS, CMA : The article highlights practical dilemmas faced during stock audits by borrowers, auditors, and bankers. It explains how professio...
Income Tax : Join us for an insightful session with CA Bikash Bogi, a seasoned tax expert with over 15 years of practical experience, as he bre...
Company Law : Multinational companies cannot conduct surrogate audit work in India under Chartered Accountants Act, 1949 and Companies Act, 2013...
CA, CS, CMA : Get expert support on auditing aspects for statutory audits. ICAIs Auditing and Assurance Standards Board (AASB) forms an expert p...
CA, CS, CMA : Discover the catalytic role of audit in enhancing efficiency and effectiveness, as emphasized by the Comptroller and Auditor Gener...
CA, CS, CMA : Explore the essential aspects of audit documentation, its nature, purposes, and compliance requirements. Learn best practices for ...
Service Tax : The High Court in this regard stayed CAG audit of a private limited company providing warehouse and logistical support services in...
Service Tax : Gujarat High Court granted stay on conducting audit of records of taxpayers under 5A of Service Tax Rules, 1994, by Officers of C&...
Finance : The Delhi High Court has delivered a judgement in the case of Association of Unified Telecom Service Providers of India Versus Uni...
Income Tax : and contributed by the assessee to a firm towards capital contribution should be treated as stock in trade even during the course ...
Income Tax : The Delhi High Court (HC) [2010-TIOL42-HC-DEL-IT] in the case of CIT v. Industrial Finance Corporation of India (Taxpayer) which...
Company Law : The ROC Ahmedabad penalized the company and its director for failing to appoint independent directors and constitute an audit comm...
Goods and Services Tax : Learn about the latest directive from the Ministry of Finance regarding joint audits by CGST and SGST officers. Understand the fra...
Company Law : NFRA issued a circular highlighting statutory auditors' obligations to report fraud in accordance with Companies Act, 2013. Circu...
CA, CS, CMA : (1) These Regulations may be called Regulations on Audit and Accounts (Amendments) 2020 (2) They shall come into force on the date...
CA, CS, CMA : Labour Department, Government of Haryana vide its Notification No. 11/38/2016-4Lab dated 10th August, 2016 formulated Third Party ...
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 in […]
Institute of Chartered Accountants of India (ICAI) doesn’t seem to have taken the growing doubts over the credibility of chartered accountants (CAs) post-Satyam scam very kindly. President of ICAI Uttam Prakash Agrawal said here on Wednesday that CAs are being targeted unnecessarily in the Rs 7,000-crore scam that jolted the entire nation a few months […]
Do auditors – facing flak for endorsing falsified accounts in the Satyam scandal – have enough time to do their work properly? The Institute of Chartered Accountants of India (ICAI), trying to save the profession’s credibility under assault this year, has underlined the need to give central statutory auditors sufficient time to prepare audit reports. […]
TRADE CIRCULAR Dt.21.03.2009 No.VAT/MMB-1006/ 152/Adm-6 Mumbai, Trade Cir. No. 9 T of 2009 Sub: Filing of revised return as advised by the Auditor in Audit Report. Ref: Trade circular No. 26T of 2006 dated 18.9.2006. Gentlemen/Sir/ Madam, Certain queries have been received from the trade and associations, as also from departmental authorities in connection with […]
We invite members’ attention to announcement, “Complaint regarding Bank Branch Audit Allotment 2008-09” hosted on the website on 16th March, 2009 requesting members to inform us in case they have not been allotted the bank branch audit this year despite the fact that they have been continuing auditors since 2004-05. In response to the aforesaid […]
Auditing and consulting firm PricewaterhouseCoopers (PwC) maintains that it did not play any role in the alleged financial irregularities of fraud-mauled Satyam Computer Services Limited, but is looking back at “significant lessons” from the controversy linked to accusations that its partners rubber-stamped doctored accounts in the company. It does not expect any major loss of […]
The Institute of Chartered Accountants of India today filed an application in a local court here seeking its permission to examine and record statements of three chartered accountants, including Satyam’s former CFO Vadlamani Srinivas. ICAI counsel G Gopalakrishna Murthy told the XIV additional chief metropolitan magistrate’s court that the professional body wanted to find if […]
Uppermost in the agenda of the new chief of the Institute of Chartered Accountants of India (ICAI), Mr Uttam Prakash Agarwal, is the Satyam problem. “Members should not lose heart but must act proactively to safeguard the interests of all stakeholders,” he calls out to CAs, from the pulpit of ‘The Chartered Accountant’ journal, March […]
To prevent recurrence of Satyam-like frauds, the ICAI on Monday tightened the auditing standards by introducing new guidelines which will enable auditors interlink information and reports of other stakeholders and evaluate them. The two new standards on auditing, said Atul Kumar Gupta, member of the regional council of Institute of Chartered Accountants of India (ICAI), […]
In order to restore credibility in the Satyam-tainted work of auditors, the Institute of Chartered Accountants of India (ICAI), the apex body that regulates the profession of chartered accountancy in India, is considering various options, including demanding more powers for itself. “The institute needs to have more teeth and there is need to make changes […]
