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: TDS :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: cpt :: articles on VAT and GST in India :: VAT Audit :: form 3cd :: empanelment :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4%
 
 
ICAI »
 Constitution of Group to consider the entire structure to study circles, exploring ways and means to obtain independent PAN, TAN, Service Tax registration
 Group for formulating Foreign Travel Policy of the Institute
 Register for Webinar Organized By CPA Ontario in Association with Canada (Toronto) Chapter of ICAI on March 15, 2017.
 CPE Events 20th February - 25th February 2017
 Regarding Empanelment of professionals having at least fifteen years of continuous practice as a Chartered Accountant with RD MCA as Mediator or Conciliator for the year 2017-2018
 Extension of the Last date for submission of online application for empanelment of Chartered Accountants firms/LLPs with O/o C&AG for the year 2017-18.
 CPE Events 13th February - 18th February 2017
 ICAI elects New Torch-Bearers for the year 2017-18
 Condonation of Breach of Regulation 65 & 78 - Non submission of Form 112
 Exposure Draft of the Ind AS-compliant Schedule III to the Companies Act, 2013, for Non-Banking Financial Companies (NBFCs) (Comments to be received by March 6, 2017)
  Post Qualification Course in International Taxation - Assessment Test (INTT-AT)-May, 2017 Application Form

Amend listing norms to wield stick against audit firms, says ICAI
January, 27th 2009

Faced with criticism that its disciplinary machinery is only focused on errant members and not on the firm that they represent, the auditing profession regulator Institute of Chartered Accountants of India (ICAI) has trained the gun on audit firms now.

The ICAI has written to the Securities and Exchange Board of India suggesting that the listing agreement be amended so as to require a listed entity to give an undertaking that it would not appoint any firm as auditors whose partners have been found guilty of professional misconduct and awarded punishment under the ICAIs disciplinary mechanism.

We feel this will be a good deterrent. It will send a strong signal. Audit firms will put in process steps to ensure that the partners strictly comply with auditing standards and not indulge in any fraudulent activities. If any partner is found guilty and punishment is awarded, then the entire firm will have to bear the brunt of it as it cannot audit any listed entity in India, Mr Ved Jain, ICAI President, told Business Line.

Even though it is not mandatory for the capital markets regulator to implement the suggestion, Mr Jain said that the ICAI would persuade SEBI to bring about these changes to the listing agreement.

Meanwhile, on the question of whether an audit firm would stand eligible for being appointed as statutory auditor if its tainted partners were to go in an appeal to the High Court against the ICAIs disciplinary action, legal experts contend that it would be eligible. A judgment is not operative if an appeal has been filed against it and stay has been granted. So, in such a situation, the audit firm would be eligible for appointment, sources said.

ICAI has also written letters to the RBI, the Comptroller and Auditor-General of India (CAG) and IRDA stating that audit firms whose partners have been found guilty for professional misconduct should not be eligible for statutory audit work in the sectors overseen by them.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
System Testing Solution Manual Software Testing Solutions Automation Software Testing Solutions System Workflow Testing System Manual Testing

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