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: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: VAT RATES :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: form 3cd :: list of goods taxed at 4% :: TDS :: articles on VAT and GST in India :: VAT Audit :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS
 
 
ICAI »
 Formation of a Group for Reviewing the Decision Regarding Noting of Change in Constitution on Account of Leaving of Partner of Firm and Allied Issues.
  Three Days Intensive Class Room Training for IBBI - Limited Insolvency Examinations in two batches at Chennai. Batch-1: 2nd to 4th June, 2017; Batch 2-23rd to 25th June, 2017
 Announcement on Advertising by members in practice engaged in Coaching/Teaching Activities
 Constitution of Group related to all issues of Bank Audit including reduction in SCAs Cooling Period, distribution of Bank Branch Audit
 Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 9
 Announcement - For the attention of candidates appearing in CA exams at exam centres in Tamil Nadu.
 CPE Events 15th May - 20th May 2017
 Information System Audit - Assessment Test (ISA - AT) New Syllabus, June 2017
 Next batch of the Certificate Course on Cooperatives at Mumbai from 27th May, 2017
 Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 8
 Next batch of the Certificate Course on NPO at Noida from 27th May, 2017

ICAI for audit review by outsider
February, 07th 2009

The Institute of Chartered Accountants of India will pass a ruling directing all firms to get their internal audits reviewed by
an `outsider'.

Speaking to TOI, Uttam Prakash Agarwal, who has replaced Ved Jain as president of ICAI with effect from February 5, said that this practice of an external firm reviewing the internal books of a company on a regular basis would help check auditing discrepancies.

"It might not be able to put an end to such fraudulent practices, but it will restrict them," said Agarwal, adding "internal auditors
are employees of the firm who can never work against the management. An outsider has no such obligations and, therefore, can do a fairer job." The accounting regulator has also decided to put cases such as those of Satyam on fast track in the future so that they can be disposed of sooner. "These are public interest cases and need immediate attention. Putting them on fast track will ensure that required action on such cases is taken at the earliest," he said.

Agarwal was in Hyderabad for an IRDA meeting.

To allegations about ICAI being soft on Price Waterhouse (PW) and its tainted partners, S Gopalakrishnan and Srinivas Talluri, Agarwal said that the institute had very limited powers and were in no position to do anything more than what they have already done. "We have issued notices and given them (the partners) 21 days time to submit their statements. So we will have to wait for that before we can take a decision on them," the newly elected ICAI president said.

On Price Waterhouse, Agarwal said, "If we were given enough powers, we could have even shut down PW if needed because these two partners are just a part of a larger group of people from the firm, involved in the scam. But unfortunately we do not have the right to do so."

The ICAI chief also complained of negligible support from other government institutions in the functioning of ICAI and cited it as a reason for the institute's failure in certain cases.

Agarwal further rued the lack of support ICAI gets from the Reserve Bank of India, Income Tax Department or other wings of the government.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Company Overview

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