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: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: cpt :: TDS :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: empanelment :: ACCOUNTING STANDARD :: form 3cd :: VAT RATES :: VAT Audit :: Central Excise rule to resale the machines to a new company
 
 
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

Satyam scam: Auditors in the line of fire
January, 08th 2009
The Enron scandal of October 2001 had brought not only the management under scanner, faced with angry investors and prosecutors, but also its accounting firm Arthur Andersen. Now, with Satyam's chairman confessing to fraud, the spotlight turns on auditing firm PricewaterhouseCoopers that seems to have missed out huge craters in Satyam's books. CB Bhave, Sebi Chairman said, "The managements responsibility and the responsibility of the entity auditing these accounts are the issues that we will need to go into and see where exactly the failure has occurred. Meanwhile, even the body that oversees the accounting firms isn't backing down either. Ved Jain, President of ICAI, said, Its a very serious issue. People repose so much of faith in auditors and in what they do. If we find any of them at fault, we will take very strict action." Even as the investigators question Satyam's top management, the burden is likely to be shared by the audit firm, which has not explained how it missed the fraud, for several years. Raju had said earlier in the day, The gap in the balance sheet has arisen purely on account of inflated profits over a period of last several years.'' According to Amit Mitra, Secretary General of FICCI, first the internal audits are carried on and then there is an external audit, that is, a reputed firm from outside the company looks into the accounts. That too failed," said Mitra. In the Enron saga, Andersen was the firm found guilty of obstructing justice, lost credibility and virtually shuttered as an accounting firm. Now, PricewaterhouseCoopers, it seems will have an equally hard time, convincing clients why it should still be trusted with accounts.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Outsourcing Company Offshore Software Outsourcing Software Outsourcing Company India Offshore Outsourcing Company India Software BPO Software Business Process Outsourcing Software Outsourcing India Offsho

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