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 VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: form 3cd :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: VAT Audit :: ACCOUNTING STANDARD :: VAT RATES :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment
« News Headlines »
 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
 Big changes for small units under GST
 Parliament’s winter session to begin on November 16 to expedite GST rollout
 Income-tax (27th Amendment) Rules, 2016 - 92/2016
 Announcement - Clarifications in Respect of MEF 2016-17
 Non-taxing GST apps to make filing income tax return less painful

Institute of Chartered Accountants of India favours peer review of social schemes
January, 01st 2011

The audits of government schemes like the national rural employment guarantee act by professional auditors will be subject to peer review, accounting regulator the Institute of Chartered Accountants of India (ICAI) has said.

The government is in the process of selecting audit firms through a tender process where the assignment will be awarded to the firm quoting the lowest fees.

The ICAI feels the method of selection runs the risk of compromising the quality of audit.

The process of selecting a firm through the tendering process can kill the concept of audit, said Amarjit Chopra, president, ICAI.

We will ask members to avoid quoting abnormally low prices and the process of peerreview will ensure that their quality of service is not jeopardised , he added.

The tender process for auditing social sector schemes has often raised concerns over the quality of audit, as firms bid too low a price for procuring the auditing work of such schemes, which help raise their profile. Low prices certainly are a cause of concern for us keeping in mind that the actual cost of such audits is higher, said Chopra.

The firms auditing these schemes will have to maintain a comprehensive cost sheet that will include details like the number of people engaged by a firm on its assignment and the cost incurred on the work that they do. The Comptroller and Auditor General (CAG) of India is already seized of the matter and is even considering fixing the audit fees, an official told ET. The government wants to use the services of private chartered accountants to audit its social sector schemes under the overall guidance of the CAG. Most social sector schemes, such as the Jawaharlal Nehru National Urban Renewal Mission (JNNURM), Sarva Siksha Abhiyan and MGNREGA, have poor audits despite government spending thousands of crores on them.

Peer review is a process of evaluation of a firms audit performance by others in the same field in order to maintain the quality of performance. It is considered an effective way to tackle lack of indiscipline, as no professional wants to be shown down by its own fraternity.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Web Application Development Web based Software Solution Web Application Deployment Web Application Solutions Web Application Software Development Web Application Deployment Web Application Programming Web Application Design and Development

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