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: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: empanelment :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: cpt :: form 3cd :: articles on VAT and GST in India :: VAT RATES
 
 
« Auditing »
 Time Limit For Completion Of Assessment From The Date Of Special Auditor’s Report Under Income Tax Act, 1961
 Provisioning pertaining to Fraud Accounts
 Tax Audit Report (TAR) Certain exceptions and increased limits according to number of partners and considering nature of activity are desirable
 Cost Auditing Standards [ Cost Audit Documentation (102)] – Part-II
 Conference on Companies Act gets under way
 New bureau to dissolve state-run banks' power to choose auditors
 Foreign Exchange Management (Permissible Capital Account Transactions) (Fourth Amendment) Regulations, 2015
 ICAI forms 'prima facie' view on NSEL auditor
 Firms appoint new auditors in shift to meet new standards
 Cadre restructuring in I-T dept may open scrutiny of closed cases
 RBI issues new guidelines on concurrent auditing at branches

After HC order, YMCA circulates audit report
October, 21st 2010

Thanks to the timely intervention of the Madras high court, the Young Men's Christian Association (YMCA) management circulated an internal audit report, highlighting several irregularities, to all members during a general body meeting here on September 30.

The meeting, however, was over in a matter of few minutes without much discussion on the report.

Justice S Rajeswaran had issued the interim direction recently on a civil suit jointly filed by Bejoy P Mathew of Besant Nagar and Rajeev George of Kilpauk.

In their affidavit, Mathew and George had stated that a statutory auditor had issued a clean chit to the YMCA management over its activities during the financial years 2007-08 and 2008-09. However, an internal audit that reviewed the affairs, submitted a damning report highlighting several omissions and commissions on the part of those in-charge of the day-to-day administration of YMCA, they said.

Though the report was submitted on February 27, well before the financial year-end, it was forwarded to the YMCA Trust only in August.

With an annual general body meeting already scheduled to be held on September 30, the two applicants approached the Madras high court with a plea that the YMCA be directed to circulate the report to all the members before the meeting.

The internal audit report, according to them, highlighted certain anomalies in the accounts and misuse of YMCA funds. Contracts running to crores of rupees were awarded to contractors without written agreements, it said, adding that acceptance and repayment of cash loans happened without the board's approval. Books of accounts did not match with financial statements, and interest on loans was paid without the board's nod, it alleged.

Noting that the 120-year-old charitable institution must ensure that its funds were not misused and its original social role was maintained, the applicants said a true and actual statement of affairs regarding the accounts and assets owned by the trust must be brought out.

Justice Rajeswaran, holding that no prejudice would be caused to anyone if the internal auditor report is circulated to all the members before the general body meeting, asked the YMCA to circulate the report to members at the meeting "so that they will be apprised of the internal auditor report."

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Achievements

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