CAG - Page 6

ICAI will act against members signing Tax Audit Report more than prescribed limit

Attention has been drawn to certain issues raised on the certification work done by the members of the profession in the report of Comptroller and Auditor General of India (C&AG) entitled ‘Appreciation of Third Party (Chartered Accountant) Reporting in Assessment proceedings’ (Report No. 32 of 2014)....

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Posted Under: CA, CS, CMA |

CAG reports on incorrect valuation of excisable goods

During the course of this audit, we observed 25 cases of incorrect valuation of excisable goods with duty impact of Rs. 547.93 crore. These had not been detected by departmental compliance verification mechanisms prior to Central Excise Receipt Audit (CERA) pointing out the same....

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Posted Under: CA, CS, CMA |

CAG Report on Central Excise Administration in Automotive Sector

The performance audit revealed certain inadequacies in the extant provisions, system as well as compliance issues relating to the assessment and collection of duty from the Automotive Sector....

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Posted Under: CA, CS, CMA |

CAG issues List of CAs issuing more than 400 Tax Audit Report

List of CAs issuing more than 400 TAR; 18.87% CAs issued more than 45 Tax Audit Report- CAG Control on number of tax audit assignment In order to maintain the quality of tax audit to be conducted by CAs, ICAI issued Guidelines15 for the Members under the provisions of the Chartered Accounts Act, 1949. It […]...

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Posted Under: CA, CS, CMA | ,

CAG Report on Certification by CAs & Mistake Committed

Chapter II: Appreciation of Accountants’ certifications 2.1       Introduction Certain assessees7 are required to get their accounts audited by a CA under Section 44AB of the Income Tax Act, 1961 (Act) and submit the report in the Forms prescribed in Rule 6G of the Income Tax Rules, 1962 (Rules). The CAs (also tax auditor) fur...

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Posted Under: CA, CS, CMA | ,

CAG Reports non-adherence to Income Tax provisions by CAs

We found cases (a) where the CAs failed to report full and correct information in 367 cases leading to short levy of taxes of Rs. 2,813.11 crore and (b) where the AOs failed to utilize the information available in 102 reports/certificates submitted to them leading to short levy of taxes of Rs. 1,310.05 crore....

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Empanelment of CA firms / LLPs with C&AG for the year 2015-16

Online Applications are invited from Chartered Accountant firms/LLPs who desire to be empanelled with the office of the Comptroller and Auditor General of India for appointment as auditors of Government Companies/Corporations for the year 2015-16....

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Posted Under: CA, CS, CMA |

CAG’s Appointment – Delhi High Court Judgment

N Gopalaswami &ORS Vs The Union of India & ANR (Delhi High Court)

The Delhi High Court has dismissed two writ petitions filed by N.Gopalaswami (Former CEC) & others and Manohar Lal Sharma, Advocate challenging the appointment of Shri Shashi Kant Sharma as CAG of India made in May 2013...

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CAG: The Watchdog of Indian Revenues

The most discussed topic in the recent times was that whether the CAG can audit the books of Private Sector Company. The people had different views on this. Some had given their opinion that the opening of books of accounts of the company would lead to destruction of investors sentiment, other were giving the opinion […]...

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Posted Under: CA, CS, CMA |

CAG has Constitutional Mandate to Audit Private Firms

Our Long Time Stand that CAG has Constitutional Mandate to Audit Private Firms has been Vindicated by the Hon’ble Supreme Court says Shashi Kant Sharma. CAG is duty bound to Report to Parliament Matters Involving Revenue Sharing : CAG   The recent ruling of the Honorable Supreme Court is a landmark one and has removed, once […]...

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Posted Under: CA, CS, CMA |

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