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: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: TDS :: form 3cd :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: list of goods taxed at 4% :: cpt :: VAT Audit :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
News Headlines »
 Filing of online return for 4th quarter of 2016-17 — extension of period thereof
 CBDT simplifies ITR filing process from FY18
 Govt extends service tax return filing date to April 30
 No move to tax farm income, clarifies Arun Jaitley
 New board for indirect taxes to become operational from June 1
  9 changes that came into effect from April 1
 First time filing income tax? Here's all you need to know about Form 16 and Form 26AS
 New Opening Financial Controller Chartered Accountant (Manufacturing Plant) A Leading Company
 Income Tax Filing 2017: All you want to know about the single page ITR form SAHAJ
 How to benefit from investments in tax saving mutual funds
 60 per cent of income tax notices on fishy cash deposits returned

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 2017 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