sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
ICAI »
 Provisional Panel of Chartered Accountant Firms/LLPs with the O/o C&AG for the year 2018-2019.
 CPE Events 23th April - 28th April 2018
 Request for valuable suggestions on the Exposure Draft of Indian Valuation Standards formulated by Valuation Standards Board of ICAI latest by 12th May, 2018.
 CPE Events 16th April - 21th April 2018
 Invitation to Members to Empanel as a Resource Person to Conduct Investor Awareness Program
 Accounting Policy Changes (Proposed amendments to IAS 8)
 Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 15
 Group on Vision 2024 for Global Presence of Indian CAs
 Educational Material on Indian Accounting Standard (Ind AS) 103, Business Combinations
 Invitation to Empanel as a Resource Person to Conduct Various Programmes for the Benefits of Members in Industry.
 Reconstitution of Group for Review of Examination, Evaluation & Testing

ICAI seeks info on audit
October, 10th 2009

Institute of Chartered Accountants of India (ICAI) has sought broad-ranging information about the association of its member institutions with foreign auditing firms.

The move assumes significance following the accountancy fraud by the promoters of Satyam Computers that brought the role of auditors under scrutiny. The auditors concerned were associate firms of international auditing entity PricewaterHouseCoopers.

ICAI is in the process of collecting basic information such as financial statement, details of the agreement, queries related to their functioning, revenue-sharing details and so on from the auditing firms that have foreign associations.

Indian auditing firms are registered with ICAI, while foreign firms do not have to be associated with the apex standard-setting body.

Though ICAI is yet to reveal what it intends to do with the data, sources said the information is being gathered to study the possibility of tightening regulatory monitoring of foreign firms that function through their Indian associates.

It is a general query to understand how they operate. Notices have been sent to Indian firms whom we regulate and lot of people are responding, said ICAI President Uttam Prakash Agarwal.

Asked what ICAI would do with this information, Agarwal said, Once we get the data we will apply our mind."

This latest move is part of the regulator's efforts to bring in more transparency and accountability to the accounting profession after Satyam's founder Ramalinga Raju confessed to long-term fraud on January 7.

ICAI has already submitted its report on the auditors role in the Satyam scandal, in which funds of the IT major were allegedly siphoned off by the Raju family by fudging accounts. The complaint against the auditors was their failure to detect the fraud.

The institution is already in the process of curbing the practice of unrestricted registrations of the same entities in various states. The number of registrations one auditing firm can have is likely to be restricted to two.

Similarly, ICAI is attempting to prevent all audit firms, whose individual auditor members are under scrutiny for unethical practices, from taking up government auditing contracts.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Customer relationship management software CRM software Operational CRM Collaborative CRM

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions