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
General »
 Budget 2019: This Budget could have some surprises in store
 Income Tax return processing time to reduce from 63 days to just 1 day
 Govt eases norms for start-ups seeking exemptions from 'angel tax'
 Maximise tax savings using health insurance for yourself and family
 FinMin considers steps to prevent composition dealers from charging GST from buyers
 Do-it-yourself online filers may need to ask for some help this tax season
 Do we need composition scheme in GST for real estate?
 Here's how you can claim tax benefit on a top-up home loan
 Year-end tax tips to get you ahead of the season
 Manual filing allowed for tax cut at lower/nil rate
 Income tax return filing: I-T dept allows manual filing by resident, NRI taxpayers

IL&FS crisis: ICAI seeks explanation from audit firms
October, 15th 2018
IL&FS crisis: ICAI seeks explanation from audit
ICAI said it has issued notices to audit firms that conducted statutory audit works of
IL&FS group in the past few years.

New Delhi, Oct 11, 2018

Chartered accountants' apex body ICAI has sought explanation from audit firms that carried
out statutory audit works of crisis-hit IL&FS group in the past few years. The crisis at
diversified IL&FS, following loan defaults by some group entities, has raised concerns about
liquidity crunch in the financial system. Against this backdrop, the government seized control
of the IL&FS board earlier this month.

The Institute of Chartered Accountants of India (ICAI) Wednesday said it has issued notices
to audit firms that conducted statutory audit works of IL&FS group in the past few years.

However, specific details were not disclosed. In the recent past, there has been news reports
regarding diversion of loan money in IL&FS and its subsidiary companies, the ICAI said in a

"The Disciplinary Directorate of the ICAI, upon coming across such news report has suo
moto taken cognisance of the matter and pro-actively issued notices to the statutory auditors
on October 4, 2018 for the relevant years of the concerned company seeking their explanation
in the matter," it said.

The institute has also written to the Reserve Bank of India and the Serious Fraud
Investigation Office seeking details about IL&FS issue.

"Based on the responses received, the ICAI would be fast-tracking its investigation on the
role of member/ firm of the institute allegedly involved in terms of the disciplinary
mechanism," the statement said.
Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System developers CMS developers Content Management Solutions CMS Solutions CMS India Content Management System India CMS development India Website CMS Website Content Management India Portal CMS India CMS Outsourcing CMS Vendor Complete CMS Custom CMS Services

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