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: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: ACCOUNTING STANDARD :: form 3cd :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: TDS :: due date for vat payment :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: VAT RATES :: articles on VAT and GST in India
 
 
News Headlines »
 Income Tax saving investments: Top 5 options available for high-income individuals
 How to use zero tax rule on long term capital gains on stocks
 GST Returns - Furnishing details of inward supplies
 5 ways to maximise you income tax return
 Income-tax (2nd Amendment) Rules, 2017
 Soon, Faster PAN, An App For Filing Tax Returns
 Changes in income tax return filing process
 New Income Tax Rates And Deductions Applicable From April 1, 2017
 Tax and transparencya
 No decision yet on imposing tax on cash transactions
  Mentioning of Minor Head Code for accounting of Refund

Sebi to appoint independent auditors to review Satyam books
January, 12th 2009

The Securities and Exchange Board of India (Sebi) will soon appoint an independent auditor to review the accounts prepared by the Satyam's statutory auditor -- Price Waterhouse.

In addition, the government proposes to use powers vested with it under section 233 of the Companies Act to appoint an independent auditor once the new board, comprising its nominees, is in place. According to the action plan drawn up, this move will follow the findings of the Sebi report, official sources said.

The sources also said that Price Waterhouse is barred from acting as one of the auditors for the peer review of the accounts of the Sensex and Nifty companies till the time the investigation report comes.

For the peer review, Sebi, in consultation with the corporate affairs ministry, may appoint new auditors. The markets regulator proposes to rotate the audit of such companies among the existing auditors of the Nifty and Sensex companies. The auditors will, however, get to look into the accounts of companies in sectors other than those being audited by them to avoid any potential conflict of interest.

The authorities are not particularly enthused about the Institute of Chartered Accountants of India's move to only investigate the partners of Price Waterhouse and not the firm. They said that the institute, which is also regulator for audit professionals, has announced standards such as "auditing and assurance standard" that has been now renamed as "Engagement and Quality Control Standard".

Specifically, the standard on quality control (SQC-1) specifies the quality control for the firm that performs the audits and review of historical financial information and related services engagements. It establishes the standards and provides guidance on a firms responsibilities for its system of quality control for audits and review.

Under this, the firm should establish a system of quality control to ensure that the entity and its personnel comply with professional stands, regulatory and legal requirements and the reports issued by the firm and the engagement partner are appropriate in the circumstances. So, the responsibility is on the firm as well as the partner, officials said.

Moreover, since the ICAI is the regulatory body for the audit and accountancy professionals, it does not need any complaint from an investigative authority to deal with the audit firm or its partners.

It is the responsibility of the institute to be proactive in clearing the image of professional chartered accountancy firms which are engaged in auditing Indian companies and are thus accountable to the common shareholders who depend on the data to look at the fundamentals of companies, said a source.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Portal Design Website Design Portal Designing Website Designing Web Design Professional Portal Design Professional Website Design Professional Web Design Portal Design India Website Design India Portal Designing India Website Designing India Web Design India Professional Portal Design India Professional Website Design India Chicago Professional Web Design New York Professional Web Design California Website Design Florida Website Design New Jersey Website Design Britain UK Website Design London Manchester Website Design

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