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: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: Central Excise rule to resale the machines to a new company :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: ACCOUNTING STANDARDS :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: list of goods taxed at 4% :: due date for vat payment :: TDS :: articles on VAT and GST in India
 
 
« News Headlines »
 How to claim income tax refund
 How to time your buys to have best of two tax regimes
 Here's why you must always check Form 26AS before filing tax return
 Want to file your income tax return after June 30? Having Aadhaar card is a must
 Timeline for filing of tax returns extended by two months
 Top 5 common mistakes to avoid while filing your income tax returns
 GST rollout on July 1: Deadline for filing tax returns extended
 What is GST?
 Income-tax (15th Amendment) Rules, 2017?
 Banks get a breather as GST Council extends deadline for tax filing
 Income Tax filing: Your easy guide in 7 steps

ICAI panel to examine Satyam audit
January, 16th 2009

The Institute of Chartered Accountants of India (ICAI) on Tuesday set up a six-member special committee to look into the auditing of fraud-hit Satyam Computer Services, whose erstwhile founder-chairman B. Ramalinga Raju is now in custody following his confession of having fudged the accounts of the Hyderabad-based IT major.

The committee, headed by ICAI Vice-President Uttam Prakash Aggarwal, has been asked to submit its report on February 11. Four others are ICAI council members S.L. Dogra, Amarjeet Chopra, Subodh Aggarwal and Akshay Gupta, while K.R. Maheshwari, a banker and chartered accountant, is government nominee.

According to ICAI president Ved Jain, with the institute scrutinising the role of Price Waterhouse as auditor of Satyams accounts, which were fudged to show inflated profits, the special committee has been asked to go to the root of the matter. As audit regulator, the ICAI has already issued a show-cause notice to Price Waterhouse and asked it to submit all balance sheets, financial statements and related documents of Satyam audited by it.

The ICAI has clarified that its own accounts were duly audited and signed by the auditors and, after adoption by the institute, published in the Gazette of India as well as circulated among its members and filed with income tax authorities.

Referring to some press reports about the I-T assessment of the institute, the ICAI points out that exemption under Section 10(23 C)(iv) has not been withdrawn and it is only pending with the DG-Income Tax (Exemption).

In an official release here, the ICAI also said there was no violation of tax laws, hiding/concealment of any income, including income from coaching activities, and any loan granted to an associate body fell within the powers of the Council under the provisions of The Chartered Accountants Act, 1949.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Contact Us

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