Latest Expert Exchange Queries
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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: cpt :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: VAT Audit :: empanelment :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: form 3cd :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company
 
 
« ICAI »
 ICAI - PIOB Joint Stakeholders’ Conclave on the theme “Global Audit Oversight: Reconciling Perception Gap” on 9th February 2017, New Delhi
 May 2017 CA Examinations
 Exposure Draft of Recognition of Deferred Tax Assets for Unrealised Losses (Amendments in Ind AS 12, Income taxes) (January 2017).
 Formatin of Group to suggest norms for making Cooptions in non-standing Committees
 Constiuttion of a Group for creation of Ombudsman and formulating Whistle Blower Policy
 Result Notification Final - Nov 2016
 Result of the Information Systems Audit [ISA] Assessment Test held on 24th December 2016 declared.
 Result Notification - CPT December 2016
  Result of the Chartered Accountants Final Examination held in November 2016 and Common Proficiency Test (CPT) held in December 2016 declared.
 Annual Improvements to IFRS® Standards 2015–2017 Cycle
  Result of the Chartered Accountants Final Examination held in November 2016 and Common Proficiency Test (CPT) held in December 2016 are likely to be declared on Tuesday, the 17th January 2017.

ICAI to limit multiple entities by audit firms
October, 05th 2009

Proposal awaits approval, to apply prospectively.

The Institute of Chartered Accountants of India (ICAI) is likely to restrict to two the number of entities an audit firm can register. The move follows denials by PricewaterHouse of any connection with the tainted entity that conducted the audit on Satyam Computers, whose promoter confessed to fraud in January this year.

The proposal to restrict multiple registrations by audit firms, made by ICAIs committee that looked into the Satyam fiasco, is expected to be approved by ICAIs apex governing council soon.

Sometimes you find four or five firms registered in identical or almost similar names Pricewater House and Pricewater House & Co for instance in various parts of the country. We have taken a decision in the committee not to permit the registration of more than two such firms that are promoted by the same entity, ICAI President Uttam Prakash Agarwal told Business Standard.

There are three Price Waterhouse firms and four Price Waterhouse & Co firms in PriceWaterhousCoopers network of firms in India. Each firm is a separate partnership firm, with a maximum of 20 partners each, with head offices in the cities in which they are registered. Each of these is registered with ICAI. The Pricewater House registered in Bangalore had audited Satyam.

The institutes decision, however, will not have any impact on existing arrangements since the decision will be effective prospectively. We cannot undo the past. But for the future, we are not going to allow such registrations, Agarwal said.

PricewaterHouse said that its Kolkata and Delhi firms had nothing to do with the Satyam audit. Nor have they received till date any notice from ICAI alleging misconduct, the auditing firm said in a e-mail response to a query.

ICAI has also decided to prevent all audit firms, whose partners are under scrutiny for unethical practices, from taking up government audits. The move has come at a time the government is planning to make such a ban legal by introducing an enabling clause in the new Companies Bill.

Although the enactment of the law will take time, ICAIs decision can have an immediate effect through an existing referral mechanism under which the Controller and Audit General (CAG) and Reserve Bank of India (RBI) check with ICAI before awarding auditing assignments.

All audit work is given by CAG or RBI and they generally ask ICAI if any disciplinary cases are going against them or not. Since the letter comes to us, we have taken a decision to write to them, saying these firms should not be given the opportunity, Agarwal explained.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Application Management Solutions Application Management System Application Management Software System Application Management Development Application Management Software Development

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