Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
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
Popular Search: due date for vat payment :: form 3cd :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: TDS :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: empanelment :: list of goods taxed at 4% :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit
« News Headlines »
 What if you forget to verify your Income Tax return?
 TDS on rent and other tax tasks to complete before March 31
 5 income tax changes which will come into effect from April 1, 2018
 Why you shouldn't be a last-minute tax filer
 How to calculate income tax for this assessment year on Moneycontrol
 6 Tax notices you may get and how to cope with them Income Tax Notice
 Deadline to pay advance tax ends tomorrow: Here is a step-by-step guide
  Central Goods and Services Tax (Second Amendment) Rules, 2018
 Income Tax Return Filing Deadline: Waiver On LTCG Tax To End On 31 March. Details Here
 Income tax returns (ITR) filing: Top mistakes that can be very costly
 Income Tax Return (ITR) filing: 6 last-minute things you can still do to save tax for FY17-18

ICAI - Changes to the current accounting practices in commercial banks
October, 05th 2010

The Institute of Chartered Accountants of India (ICAI), the national standard setting body of auditors, has proposed comprehensive changes to the current accounting practices in commercial banks to make bank audits foolproof and effective.

The auditing restructure will imbibe the spirit of banking regulator Reserve Bank of Indias (RBIs) Know Your Customer (KYC) principles and help check financial frauds, identify money laundering and suspicious activities and scrutinise large cash transactions.

The proposed changes had been submitted to the Indian Banks Association, Amarjit Chopra, president of ICAI said.

Currently, the auditors are bogged down by routine auditing requirements and are unable to be vigilant against possible frauds. Once the audit requirements are restructured and re-prioritised, auditors can ensure compliance level with credit dispersal and take care of overdue bills, payments etc, Chopra said.

The apex bank has been stressing on KYC guidelines to safeguard banks from being used for the transfer or deposit of money from suspicious origins.

The new system, if approved, will allow auditors to ensure even the authenticity of customer identification methods followed by banks.

Under KYC norms, banks are required to issue travelers cheques, demand drafts, mail transfers and telegraphic transfers of Rs 50,000 and above only by debit to customers accounts or against cheques. Similarly, banks are required to keep a close watch on cash withdrawals and deposits of Rs 10,00,000 and above and maintain proper records of such transactions.

RBIs KYC guidelines talk about the establishment of internal control systems, checks against terrorism finance, need for periodic, independent evaluation of such controls and adherence to the Foreign Contribution Regulation Act.

According to Chopra, the new responsibilities will also see that auditors are eligible for much higher fee than what they charge on Monday.

The fee levels in concurrent audit (in banks) are abnormally low keeping in view the stipulations in the agreement. The revised proposal will definitely lead to prioritising those work requirements and also set a minimum fee structure.

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