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: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: VAT RATES :: cpt :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: form 3cd :: Central Excise rule to resale the machines to a new company :: TDS :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
« ICAI »
 Frequently Asked Questions on the Companies Act 2013
  Frequently Asked Questions on the Insolvency and Bankruptcy Code, 2016
 Change of venue in respect of some of the candidates of Intermediate (IPC) at Rajkot and Kolkata, for May 2017 exams
 Registrations open for Post Qualification Diploma in International Taxation - Chennai and Pune
 Swot analysis for the profession and Institute & actionables thereon and in process also identify and analyze the strategic alliances
 Request to provide/update PAN details to avoid blocking of e-filing account by the Income-tax Department
 Revised order amplifying the Terms of Reference of the High Level Committee by Govt to dispose off disciplinary cases.
 Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 5 (Revised)
 FAQ on treatment of Securities Premium Account under Ind AS on the date of transition.
 Implementation Guide on Auditor’s Report under Rule 11(d) of Companies (Audit and Auditors) Amendment Rules, 2017 and Amendment to Schedule III to Companies Act, 2013 issued by the Auditing and Assurance Standards Board
 Next Batches for the Certificate Course on Cooperatives at Jamshedpur and Ranchi.

ICAI to guide chartered accountants on fraud reporting
December, 22nd 2014

The Institute of Chartered Accountants of India (ICAI) will soon come out with a guidance note for its members on fraud reporting by company auditors, along the lines of the amendments being effected to the Companies Act, 2013.

The move comes in the wake of the Companies (Amendment) Bill, 2014, which was passed by the Lok Sabha last week. The bill provides for a slew of amendments to the Act.

One of these amendments relates to Section 143 (12), which requires the statutory auditors of companies to report frauds to the central government. The section, in its present form, was one of the strong concerns of the ICAI as it required that a fraud involving even a minimal amount should be reported to the government.

The ICAI was pursuing the issue of amending the section with the ministry of corporate affairs, so that there would be a provision of certain threshold limits to report frauds. It also contended that the concept of fraud reporting be based on materiality.

K Raghu, ICAI president, said, "We welcome the amendment effected by the government. Now, the auditor would be required to report fraud to the government above the mandated threshold limit. Any fraud below the threshold limit would have to be reported to the company's audit committee/board."

The amendment also provides that the companies, whose auditors have reported frauds under this sub-section to the audit committee or the board but not reported to the central government, shall disclose the details about such frauds in the board's report, he said.

"We will soon come out with the guidance note on fraud reporting for our members," Raghu added.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Publishing Management System PMS News Management System Publishing Management System Development Online News Management System for media company custom Publishing management system development Survey management system Market Res

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