CA, CS, CMA : Automation is reducing repetitive accounting work such as GST filings, reconciliations, and data entry, but professional judgment ...
Goods and Services Tax : ICAI clarified that ITC wrongly reversed under Table 4(B)(1) instead of Table 4(B)(2) can still be reclaimed within statutory time...
CA, CS, CMA : The FAQs explain how the 60 Tax Audit assignment ceiling will operate through the UDIN system from 1 April 2026. ICAI clarified wh...
CA, CS, CMA : The evolution from manual training to tech-driven learning highlights changing expectations. The key takeaway is balancing traditi...
CA, CS, CMA : Banks are asking CAs to issue end-use and KYC certificates without regulatory support. RBI confirms no such requirement exists, hi...
CA, CS, CMA : Chandigarh Chartered Accountants Taxation Association has requested CBDT to immediately release pending ITR e-filing utilities for...
CA, CS, CMA : The Sales Tax Bar Association requested reconsideration of Bar Council of India rules prohibiting advocates from entering partners...
CA, CS, CMA : ICAI has warned members and students against fraudulent calls, emails, and WhatsApp messages seeking confidential information and ...
CA, CS, CMA : The issue involves publication of the draft panel for statutory auditor appointments. ICAI has released the list based on existing...
Goods and Services Tax : Persistent technical issues prevented users from accessing the portal and completing filings. The representation seeks urgent fixe...
Goods and Services Tax : The Telangana High Court granted anticipatory bail to a Chartered Accountant accused in a share transfer fraud case, observing tha...
CA, CS, CMA : The Delhi High Court held that one of the meetings relied upon for automatic vacation of the petitioner’s seat was convened with...
Corporate Law : The case examined whether the accused could disprove liability under Section 138. The court upheld conviction as the presumption r...
CA, CS, CMA : The Court examined whether a complaint arising from a family dispute can be entertained in misconduct proceedings. It held that su...
Goods and Services Tax : The High Court granted a post-decisional hearing after finding that a proper Chartered Accountant’s certificate with UDIN was no...
CA, CS, CMA : ICAI Board holds CA not guilty in bribery case, finds no proof of knowledge or intent; mere receipt of packet without mens rea not...
CA, CS, CMA : The issue involved allegations of assisting in bogus accounting entries. The ruling held that without certification or statutory r...
CA, CS, CMA : The issue involved disciplinary action for professional and other misconduct under the Chartered Accountants Act. The authorities ...
CA, CS, CMA : The issue concerns disciplinary action for professional misconduct. The ruling enforces removal from membership and bars practice ...
CA, CS, CMA : ICAI has established a new branch in Korba under Regulation 159 to expand its regional presence. The move enhances administrative ...
The ICAI has also set up High Power Group to study the issues in PNB matter and suggest remedial measures and improvements in the banking system. The Group has written to various officials of the bank including the Chairman of the Audit Committee and a member to provide relevant information in the matter so as to help the Group to understand the systemic issues.
The progressive measures, being undertaken by the Government in curbing corruption, have always been taken in positive spirit by honest and diligent members of ICAI, and as such the constitution of NFRA, will infact reinforce and reinstate the perception about the dignity and integrity of the noble profession of Chartered Accountancy. However, having said that, the Government must not be selective in its sincere endevours of curbing corruption, and as such the need of the hour is to constitute and create similar regulatory bodies (like NFRA) for Nationalised Banks, Bureaucracy, Political Parties, Taxation Authorities and even Medical, Legal and Companies Secretary Professions. Then only the Government’s Objective of “Sabka Saath Sabka Vikas, without any Discrimination” will be achieved and accomplished, in true spirit.
The Chartered Accountants Act, 1949 (Act) provides for imposition of penalties on members of the Institute of Charted Accountants of India (ICAI). The ICAI had submitted a proposal to the Government for amendment to the Act to, inter alia, provide for registration of audit firms, procedure for taking necessary disciplinary action against audit firms (on […]
It seems like it was the need of an hour to constitute National Financial Reporting Authority. Section 132 of Companies Act, 2013 deals with the constitution of NFRA. On Thursday March 1, 2018, the cabinet approved its constitution as announced by Union Finance Minister Arun Jaitley in a press meet. But the question here is, […]
As announced by Central Govt. on the approval for the Constitution of NFRA for regulating accounting and auditing related aspects.
Letter of Interest for appointment of Investment Risk Management Systems and Process Auditor with Oriental Insurance Company Limited.
With spurt in economy and increased reliance on the role of profession, there started the issue of expectation gap or should I say perception gap. We need to rekindle the credibility as core to our existence and growth. Hardcore virtuous professional conduct and our faith in strong enforcement of the framework of the Act will evolve us to be stronger.
PNB Bank had initiated the process of assigning Forensic Audit in the accounts of Nirav Modi Group and bids were invited from major audit firms. Bid from M/s BDO India LLP was Ll and after negotiations with them, M/s BDO India LLP has been appointed as Forensic Auditor for 5 group companies of Nirav Modi on 27.02.18
The Union Cabinet on 1st March 2018 approved the establishment of much awaited NATIONAL FINANCIAL REPORTING AUTHORITY. This created one post of Chairperson and three posts of Full Time Members against a provision of fifteen members in law and one Secretary for NFRA.
GOvt approved the proposal for establishment of National Financial Reporting Authority (NFRA) and creation of one post of Chairperson, three posts of full-time Members and one post of Secretary for NFRA.
