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 ...
ADAG group chairman Anil Ambani has asked market regulator SEBI to ensure confidentiality of commercial and other information while carrying out counter audit of top corporate houses in the wake of a mega financial fraud in Satyam leaving a blot on India Inc’s image. Welcoming Sebi’s initiative on establishing and certifying quality of audit, Ambani […]
Price Waterhouse, the statutory auditor to Satyam Computers, on Thursday said that their audits of Satyam’s books were conducted in accordance with auditing standards. “Over the last two days, there have been media reports with regard to alleged irregularities in the accounts of Satyam Computer Services. The audits were conducted by Price Waterhouse in accordance […]
The fraud admitted by the promoter of Satyam Computer Services demonstrates the ineffectiveness of the present Company Law in ensuring corporate governance. Facts about how the board approval was obtained for Satyam’s ‘investment’ in Maytas are not yet in the public domain. Company chairman Ramalinga Raju now says the aborted acquisition deal was “the last […]
The ministry of Corporate Affairs is looking into the statement sent by Ramlinga Raju to stock exchanges admitting fraud in Satyam’s accounts. “If the message was true and a fraud has happened in Satyam it is very shameful. It should not have happened,” Corporate Affairs inister Premchand Gupta told reporters on Wednesday . The corporate […]
The chairman of India’s Satyam Computer Services Ltd. quit Wednesday after admitting the company’s profits had been inflated for several years, sending shares of the software services provider plunging by more than 70 percent. The news dragged down the benchmark Sensex stock index 7.3 percent to 9,594.47. The company’s balance sheet was loaded with “fictitious” […]
NEW DELHI, Jan 7 (Reuters) – India’s government will examine the role of Satyam’s auditors and directors, after its chairman resigned and said the company profits had been inflated, the federal company affairs minister said on Wednesday. “Anybody found guilty will be dealt with accordingly,” Prem Chand Gupta told reporters. A spokeswoman for Satyam’s auditor, […]
Bank Branch Auditors Panel for the year 2008-09 is now available as under: NORTH (http://www.meficai.org/north.htm ) SOUTH ( http://www.meficai.org/south.htm) EAST ( ( http://www.meficai.org/east.htm ) WEST ( http://www.meficai.org/west.htm )
With corporate accounting frauds on the rise, the ICAI has decided to promote forensic accounting to equip chartered accountants with adequate tools to detect white-collar crimes and identify malpractices like money laundering and routing terrorist funds.
The IT authority does not assume any power to enter the business premises/Office of the CA/Lawyer/Tax Practitioner to conduct survey under section 133A of IT Act in connection with survey of the premises of their client unless the client state in the course of survey that his books of account/documents and records are kept in the office of his CA/ Lawyer/Tax Practitioner.
The Revised Standard on Auditing (SA) 540, ‘Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures’ provides timely guidance on audit of fair value and accounting estimates in the current times of market uncertainty and liquidity crunch. Accounting estimate is an approximation of a monetary amount in the absence of precise means of measurement. Risk of material misstatement increases significantly since accounting estimate involves the use of judgment by the management. This Standard provides specific guidance to auditor while verifying the valuation of complex financial instruments which are not traded in active and open market and transactions involving the exchange parties without monetary consideration. This Standard is applicable for audits of financial statements for periods beginning on or after April 1, 2009.’
