Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: cpt :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: empanelment :: VAT RATES :: articles on VAT and GST in India :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS
 
 
ę ICAI »
 Clarifications on the announcement dated 9th January 2018 on ‚ÄúExemptions(s) from appearing in a paper(s) or Group of CA exams under the New Scheme of Education and Training w.e.f May 2018 examinations‚ÄĚ
 CPE Events 22 January - 27 January 2018
 Revised Standard on Auditing (SA) 720, ‚ÄúThe Auditor‚Äôs Responsibilities Relating to Other Information‚ÄĚ
 ICAI has clarified that there is no error in the results of CA Final examination held in November 2017 declared on Jan. 17,
 Exposure Draft of Appendix C, Uncertainty over Income Tax Treatments to Ind AS 12, Income Taxes
 Group to study how Government Departments deal with non-performing employees and to identify non-performers in ICAI
 Result of the Chartered Accountants Final Examination held in November 2017 and Common Proficiency Test (CPT) held in December 2017 declared.
 Result of the Information Systems Audit [ISA] Assessment Test held on 23rd December 2017 declared.
 Result of the Chartered Accountants Final Examination held in November 2017 and Common Proficiency Test (CPT) held in December 2017 and the ISA-AT held in December 2017 are likely to be declared on Wednesday, the 17th January 2018
 Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 13
 CPE Events 15 January - 20 January 2018

KPMG cant audit for Satyam, its not registered: ICAI
January, 16th 2009

 If Price Waterhouse, auditors for the crisis-hit Satyam Computer Services, has drawn widespread flak for its role, another global firm, KPMG, drew instant criticism after being called, along with Deloitte, by the new Satyam board to look into the mess.

The ICAI President, Mr Ved Jain, said, KPMG cannot be an auditor for Satyam as it is not registered with ICAI. It is not subject to the code of conduct prescribed for CAs. They are also not subject to disciplinary proceedings.

He said ICAI will take up the issue of KPMG with Satyam and also the Government. On Price Waterhouse, he noted that ICAI could issue a notice in the wake of the Satyam fiasco as it was registered with ICAI, but in the case of KPMG, it could not do anything. A KPMG spokesperson said, We are working with the board of Satyam. The scope of work and terms of reference are being discussed.

Meanwhile, Price Waterhouse said that in the light of the statements made by Mr B. Ramalinga Raju, former Chairman of Satyam, its audit reports and opinions in relation to Satyams financial statements for the audit period should no longer be relied upon. In a statement, Price Waterhouse said it performed audits of Satyam from the quarter ended June 30, 2000 until September 30, 2008.

It further said the letter dated January 7 from Mr Raju referred to material errors in the companys audited financial statements of which Price Waterhouse was previously unaware. The representations made by the Chairman and other management during the audit now appear to be false and, therefore, are no longer reliable.

Interestingly, in its Auditors Report, in Satyams annual report for 2007-08, Price Waterhouse stated: We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the audit. In our opinion, proper books of account as required by law have been kept by the company so far as it appears from our examination of those books. The balance sheet, profit and loss account and cash flow statement dealt with by this report are in agreement with the books of account.

According to experts, the Price Waterhouse statement is an information to the public not to rely on financial statements certified by them since the Chairman of Satyam himself has accepted financial and accounting irregularities. It cannot be seen as direct admission of audit failure by Price Waterhouse, experts said.

Mr Shantilal Daga, a Central Council member of ICAI, said the announcement was in accordance with international law under ADR, and SEC. Already, about 10 law suits have been filed in the US against Satyam.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Reengineering Software Re-engineering Software Reverse Engineering Software Reverse Development Software Change Modulation Software Conversion Software Re-creation Software Re-development

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