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: VAT Audit :: ACCOUNTING STANDARDS :: cpt :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: TDS :: list of goods taxed at 4% :: form 3cd :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company
 
 
« ICAI »
  Requirements for passing Information Systems Audit (Assessment Test)
  Exposure Draft of Clarifications to Ind AS 115, Revenue from Contracts with Customers
 Exposure Draft of Clarifications to Ind AS 115, Revenue from Contracts with Customers
 Exposure Draft of Clarifications to Ind AS 115, Revenue from Contracts with Customers
 Reconstitution of Group to study the existing norms for the appointments/re-appointments of statutory / internal auditors
 Reconstitution of Group to study and suggest changes in the Guidelines relating to Networking of CA Firms
 Reconstitution of Group pursuant to C&AG’s Report `Performance Audit on Appreciation of Third Party (Chartered Accountants) - Reporting in Assessment Proceedings’ for the year ended March, 2014
 Reconstitution of Group to look into the intricacies involved in areas pertaining to the disciplinary mechanism
 Reconstitution of Group to suggest ways and means for augmenting the income of Chartered Accountants Benevolent Fund
 Improvements to IFRS 8 Operating Segments (Proposed amendments to IFRS 8 and IAS 34)
 Reconstitution of Group to to review and realign the provisions of Chartered Accountants Act, 1949 and the Chartered Accountants Regulations, 1988

ICAI favours 3-year rotation of auditors
January, 30th 2009

The self regulatory body for auditors, Institute of Chartered Accountants of India (ICAI) is pushing for compulsory rotation of auditors by companies amid mounting pressure from local financial institutions. A high-powered committee is currently examining the option and a decision will be taken, based on their recommendation, very soon, ICAI president Ved Jain told ET.

To begin with, ICAI is likely to ask auditors of top-listed companies to retire after a three-year term, he said. At the next stage, a mandatory rotation of auditors would be proposed for all public interest entities like private banks and insurance companies, Mr Jain said.

Currently, only public sector banks are required to rotate auditors, appointed from among RBI-empanelled list of audit firms, but there is no compulsion on private banks and insurance companies to follow the practice.

Industry insiders, however, feel that even if ICAI makes rotation of auditors mandatory, it may not help unless it is enshrined in the Companies Act or enforced as a regulator requirement by Sebi and Company Law Board. If ICAI can make it mandatory for its members to retire every three years, auditors will not have a choice but to adhere to it. But an amendment to the Companies Act will institutionalise the process, a chartered accountant said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Integrated Software Solutions Integrated Software Development Integrated Software Services Integrated Software Solutions India Integrated Softw

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