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: empanelment :: articles on VAT and GST in India :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: due date for vat payment :: cpt :: VAT Audit :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: TDS
« News Headlines »
 CBDT issues second round of Certificates of Appreciation to tax payers for their contribution towards Nation building
 FinMin looks at cut in corporation tax
 Draft Rules for prescribing the method of valuation of fair market value in respect of the trust or the institution-Chapter XII-EB of the Income-tax Act, 1961- reg.
 India is moving towards a flawed GST
 ICAI to organise two-day international conference in Hyderabad
 Here's how to calculate tax payable on your capital gains
 Income Tax calculations for the financial year 2016-17
 CPE Events 17 October - 22 October 2016
 High Court raps I-T Department for wrong tax demand
  CBDT signs 5 advance pricing pacts with Indian taxpayers
 Finance ministry warns tax officials of action against GST protest

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 2016 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