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
« ICAI »
 CPE Events 16th April - 21th April 2018
 Invitation to Members to Empanel as a Resource Person to Conduct Investor Awareness Program
 Accounting Policy Changes (Proposed amendments to IAS 8)
 Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 15
 Group on Vision 2024 for Global Presence of Indian CAs
 Educational Material on Indian Accounting Standard (Ind AS) 103, Business Combinations
 Invitation to Empanel as a Resource Person to Conduct Various Programmes for the Benefits of Members in Industry.
 Reconstitution of Group for Review of Examination, Evaluation & Testing
 Advertisement for Invitining Consultants to work with ICAI Accounting Research Foundation on Applied Research Project (Chennai)
 Auditing and Assurance Standards Board – Expert Panel for Addressing Bank Branch Audit Queries for FY
 Revised Standard on Auditing (SA) 299, “Joint Audit of Financial Statements”

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 2018 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