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: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: due date for vat payment :: articles on VAT and GST in India :: list of goods taxed at 4% :: VAT Audit :: ACCOUNTING STANDARDS :: VAT RATES :: empanelment :: cpt
« ICAI »
 Regarding Empanelment of professionals for at least fifteen years of continuous practice as a Chartered Accountant with MCA as Mediator or Conciliator.
 CPE Events 24 October - 29 October 2016
 Public Notice in the matter of wrong marketing of ICAI course by private colleges/educational institutes.
 Guidance Note on Audit of Consolidated Financial Statements (Revised 2016) issued by the Auditing and Assurance Standards Board
 Clarifications regarding exemptions in a paper(s) in CA Examinations
 Request to give suggestions on the Draft Rules and Regulations to the Insolvency and Bankruptcy Code, 2016 as issued by the Ministry of Corporate Affairs.
 Hosting of exemption(s) in a paper granted in Intermediate and Final examinations, valid for November 2016
 The Chartered Accountants’ Students Benevolent Fund (CASBF)
 Details of Roll Nos. and Exam Centres of PQC Exams-Nov. 2016
 Group to review and realign the provisions of Chartered Accountants Act, 1949 and the Chartered Accountants Regulations, 1988
 Request for improving of annual filing compliance by pursuing companies so as to help the Ministry of Corporate Affairs in achieving the targeted compliance.

ICAI sets ball rolling against auditors
January, 09th 2009

The Institute of Chartered Accountants of India (ICAI) has written letters to government agencies and Satyam Computer Services, seeking relevant information to initiate investigation into the role of the statutory auditor in fudging the accounts of the Hyderabad-based software services firm.

However, the institute, which regulates the chartered accounting profession in India, is yet to communicate with the statutory auditor Price Waterhouse regarding the overstatement of profit by Satyam over the years.

Based on the collected information, the disciplinary board of ICAI may summon the statutory auditor and also the internal auditors, Ved Jain, president of ICAI, told Business Standard, adding they hope to get the inputs from the ministry of corporate affairs (MCA) and the Securities and Exchange Board of India (Sebi) in the next two to three days.

Jain also met Corporate Affairs Minister Prem Chand Gupta on Friday and appraised of the steps taken by ICAI and the future course of action. We plan to coordinate between various government agencies and ICAI, Jain added.

ICAI has disciplinary powers against its members who are acting as statutory and internal auditors of any company. It has maximum powers to revoke the license for lifetime and also levy a maximum penalty of Rs 5 lakh. While statutory auditors are appointed by the companys shareholders, the internal auditors are hired by the management.

ICAI is seeking the list of auditors (both statutory and internal) employed by Satyam, and also the balance sheet and other documents filed with the Registrar of Companies (RoC), with whom firms are mandated to submit a list of documents on a regular basis.

If summoned, ICAIs disciplinary committee could seek the working paper file maintained by statutory auditors. Working papers contains all audit evidences collected while auditing the financial statements of any company.

This is expected to help the investigators to piece together how the financial fraud of this magnitude had taken place at the country's fourth-largest software firm.

Satyam's promoter, in a letter to the stock exchanges, said they had inflated profits and revenue of the company for many years, involving a total amount of around Rs 7,000 crore. Cash position alone was inflated by Rs 5,000 crore.

Srinivas Talluri, a partner in Price Waterhouse, was the statutory auditor for the IT major in FY08, as per the corporate information provided by third party websites. Satyams website was inaccessible to retrieve information.

Price Waterhouse is the only from among the big four audit firms to have registered with ICAI, as all its partners are Indians, said Uttam Prakash Agarwal, vice-president of ICAI.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 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