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
Latest Expert Exchange
« News Headlines »
 Want to file your income tax return online? Here’s the first step
 Good news for income tax payers! Taxmen can’t deny assessee’s legitimate claim in revised return, rules ITAT
 Can file revised return after notice issued by I-T ITAT
 How to file income tax returns online if you don't have Form 16 ITR 2018-19
 These 5 websites can help you file your ITR Income tax e-filing
 Here's why some retirees no longer have to file a tax return
 How to file different categories of ITR forms online Income tax e-filing
 Here are other documents you need to file online ITR Got your Form-16 for FY18?
 10 must have documents to file your tax return
 Know all about how to file ITR FY 2017-18
 Government extends sale of pre-GST goods with stickers of revised price till July 31

ICAI opposes the tendering process of selecting accountants for auditing
January, 03rd 2011

Accounting regulator ICAI is opposed to the tendering process of selecting accountants for auditing state-run schemes and has taken up the issue with the Planning Commission and the CAG.

The ICAI wants the appointment to be done through fixing the fees district-wise and not through tender saying it may lead to compromise of audit work.

The appointment of auditors for scanning government schemes and projects is proposed to be done through tendering process, wherein the applicant quoting the lowest fees would get the project.

However, according to the ICAI the appointment should rather be done through fixing the fees district-wise and not through tender as it may lead to compromise of audit work.

"We had taken up the issue with the Comptroller and Auditor General (CAG) and the Planning Commission. We have requested that the L1 (lowest bidding) factor in audit can kill the entire concept of the audit."

"It is no good. We have requested them to fix the fees scheme wise to ensure that if at all bids are there, they should be technical rather than financial," said Amarjit Chopra, President of the Institute of Chartered Accountants of India .

ICAI has suggested that the CAG could fix the fees scheme wise and choose auditors for these schemes district wise and has also provided the Planning Commission and the official auditor with a list of chartered accountant firms across the country.

The institute has also suggested that audit work be made subject to peer review by a designated reviewer, with a view to controlling the quality of audit of social schemes and government projects. The National Rural Employment Guarantee Act (NREGA) and Jawaharlal Nehru National Urban Renewal Mission (JNNURM) are some of the social sector schemes run by the government.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Website Ranking Website Ranking Company Website Positioning Alexa Ranking Website Promotion Website top 10 ranking website top 10 promotion search engine result promotion Strategic Internet Marketing Website Optimization Website Ranking Factors

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