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India’s apex audit and accounting body wants more regulatory powers to prevent frauds such as the one perpetrated by B. Ramalinga Raju, the founder of Satyam Computer Services Ltd. The Institute of Chartered Accountants of India (Icai), in a report to the ministry of corporate affairs (MCA), has asked that its committees be given the power to summon witnesses and ask for production of records of companies when it is investigating corporate and accounting frauds perpetrated by audit firms.
The Mahindra group and the various enforcement agencies appear to have different viewpoints on the treatment of the Rs 1,230-crore, which Mr Ramalinga Raju had personally invested in the erstwhile Satyam Computer Services between 2007 and 2009.
The next Professional Competence Examination (PCE), Integrated Professional Competence Examination (IPCE) and Final Examinations of the Institute will be held from 8th November-2010 to 22nd November-2010 at the following centres :
Three persons, including a former IAF staffer, who were arrested by the CBI for cheating a chartered accountant of over Rs 75 lakh, were on Wednesday remanded in judicial custody by a sessions court. The accused had allegedly cheated the complainant on the pretext of helping him to sell his products and getting some of his projects pending with the government cleared.
The Direct Taxes Committee has been receiving emails/ letters from various members seeking opinion on tax related queries. It may however be noted that as a matter of policy the Committees of the Institute do not undertake to express any view which would amount to an opinion or interpretation of a statutory provision.
ICAI Celebrating CAs Day on July 1st ,2010. Successfully Completed 51 Years by ICAI. ICAI formed on July 1st, 1949.ICAI is One of the Most Powerful Accounting Body World Wide. ICAI has Very Big Impact in India.ICAI Produced 153,600 Chartered Accountants ( CA ) till April 2009( Data : Wikipedia ). There is always Best Future for future Chartered Accountants.
Price Waterhouse auditor S. Gopalakrishnan and Satyam’s former internal audit head V.S. Prabhakar Gupta are accused of conniving with B. Ramalinga Raju, the software company’s founder, in the Rs7,136 crore fraud that came to light in January 2008.
Companies may have to provide detailed information including details of financial assets, the complete list of shareholders and directors to the Institute of Chartered Accountants of India (ICAI) if the government accepts the amendments to Chartered Accountants (CA) Act 1949 suggested by the institute.
“The tender process for auditing social sector schemes has led to deterioration in the quality of audit. Audit firms quote too low a price for procuring the auditing work of such schemes. However, low prices certainly are a cause of concern for us keeping in mind that the actual cost of such audits is higher,” Chopra said while expressing concern over the social sector audit in the country. He said that the institute would probe the reasons why audit firms quote such low prices in the tenders.
The government is mulling a comprehensive code of conduct for financial analysts and investment bankers to make them more accountable to the companies and retail investors they serve. A proposal in this regard from a high-powered committee of Institute of Chartered Accountants of India (ICAI) that investigated the financial scandal at the erstwhile Satyam Computer Services is under the consideration of the ministry of corporate affairs.
