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 :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: VAT Audit :: VAT RATES :: TDS :: due date for vat payment :: list of goods taxed at 4% :: articles on VAT and GST in India :: empanelment :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: Central Excise rule to resale the machines to a new company
 
 
« ICAI »
 Pre-Budget Memorandum - 2018 Direct Taxes And International Tax
 ICAI submits Pre-Budget Memoranda-2018
 Four Weeks Residential Programme to be held from 29th January, 2018 to 25th February, 2018 at Centre of Excellence, Hyderabad for Women Participants only.
 Group for Refurbishing of ICAI Main & Annexe Buildings
 CPE Events 4th December - 9th December 2017
 President's Message - December 2017
 Draft Bank Branch Auditors’ Panel for the year 2017-18.
 CPE Events 27th November - 2nd December 2017
 Digital Accounting and Assurance Board of ICAI Online Survey 2017 is Now Open- Seeking Member's Input
 Zone-shifting of candidates of Common Proficiency Test (CPT) Scheduled to be held on 17th December, 2017 (Sunday)
 Application Form for the Information Systems Audit (ISA) Assessment Test - December, 2017 [Last Date - 6th December, 2017]

ICAI to frame accounting format for political parties
January, 05th 2011

The Election Commission of India has approached the Institute of Chartered Accountants of India (ICAI) to frame accounting formats exclusively meant for political parties.

These, once made mandatory, are expected to bring in more financial accountability from political parties. Corporate funding is one of the major sources of income for political parties to carry out their activities, including election campaigns.

The Commission wants the accounting standards and auditing and assurance standards adopted by us to be made applicable to the accounts and audits of political parties also, said Amarjit Chopra, president, ICAI.

He said ICAI was on the job and perusing various formats of accounts of political parties. He said theyd give the recommendations to the Commission within a week.

ICAI standards essentially prescribe the manner in which accounts should be maintained and help auditors to verify it through a standard procedure.

The current guidelines call for disclosure of donations above Rs 20,000 made to political parties. The ECIs attempt is to ensure documentation for all such sources of income. It is also looking at a credible model that can cross-check and confirm the receipt and expenditure of such funds.

Why shouldnt we recommend rotation of auditors for political parties when the proposed Companies Bill is making it mandatory for all companies? Chopra asked.

The practice of maintaining accounts and auditing already exists among political parties. However, the accounting system is not known to be exhaustive enough to identify all revenue streams and expenses.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System development CMS development Content Management Solutions CMS Solutions Content Management Services CMS Services CMS Software

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