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% :: cpt :: articles on VAT and GST in India :: VAT Audit :: list of goods taxed at 4% :: VAT RATES :: ACCOUNTING STANDARDS :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: ACCOUNTING STANDARD :: TDS
 
 
ICAI »
 Examination dates of Certificate Course on Forex and Treasury Management conducted by Committee on Financial Markets and Investors Protection on 21st and 22nd January, 2017
  Syllabus for the Limited Insolvency Examination on 31st December, 2016 to become Insolvency Professional
 Extension of last date for submission of application forms for Information Systems Audit-Assessment Test (ISA-AT), upto 10th December 2016.
 Four Weeks Residential Programme to be held from 28th January, 2017 to 24th February, 2017 at Centre of Excellence, Hyderabad for Women Participants only.
 CPE Events 5th December - 10th December 2016
 Here's how your employer can help you save tax
 Introduction of facility for online submission of requests for issue of duplicate mark sheets/pass certificates.
 ICAI invites suggestions on revised Model GST Law
 Guidance Note on Reports in Company Prospectuses (Revised 2016) issued by the Auditing and Assurance Standards Board
 President's Message - December 2016
 Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 6

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 2016 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