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: articles on VAT and GST in India :: VAT Audit :: ACCOUNTING STANDARD :: form 3cd :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: cpt :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: VAT RATES :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS
 
 
News Headlines »
 Is government tapping your phone?
 Income tax department to use analytics to look for discrepancies in bank accounts
 GST Council fails to break deadlock over indirect tax regime, next meet on Dec 11 and 12 to hammer out differences
 Invoking Writ Jurisdiction For Income Tax Matters
 How to file income-tax returns online
 How Income Tax Returns Are Scrutinised
 All About New Income Disclosure Scheme to make Demonetisation successful
 Your deposit may draw income tax notice
 Accepting payment under IDS 2016
 New disclosure scheme could see 50% tax and 4-year limit on cash use for unaccounted deposits
 Pay 50% tax on unaccounted deposits, or 85% if caught, says Modi government

RBI, SEBI looking into Satyam auditors' lapses
December, 13th 2011

The Government today said that accounting regulator ICAI has examined the alleged role of auditors in the Satyam scam and RBI and SEBI are looking into the issue.

Minister for Corporate Affairs Veerappa Moily, referring to the multi-crore scam in Satyam Computer Services, said the Institute of Chartered Accountants of India (ICAI) and the Ministry have examined the matter. The issue is before regulators - RBI and SEBI.

"RBI has been advised to take action against violators," Moily said, replying to a brief debate on three bills seeking to amend laws governing the professions of chartered accounts, cost and works accountants and company secretaries.

In both Satyam and Global Trust Bank cases, action against auditors, including PricewaterhouseCooper were delayed due to many court proceedings.

"There are a number of court cases. We will seriously see. In Satyam case maximum punishment was given to the CA," he said.

A massive accounting fraud in IT company Satyam Computer came to light in January 2009 after its founder B Ramalinga Raju admitted to fudging accounts for many years.

On members' concern that global audit firms come to India masquerading as consulting firms and set up surrogate companies violating law, Moily said the issue is being examined seriously.

"It is right. MNCs come as management consultants and start doing as surrogate firms...we will address the issue seriously," he said.

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

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