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 »
  Exposure Draft of Standard on Internal Audit (SIA), Planning the Internal Audit Assignment (Comments to be received by June 15, 2018)
 Four Weeks Residential Programme to be held from 4th June, 2018 to 1st July, 2018 at Centre of Excellence, Jaipur for Men Participants only.
 Inputs/ Suggestions Invited on Draft Revised Syllabus for the Post Qualification Course on Information Systems Audit formulated by Digital Accounting and Assurance Board of ICAI latest by 31st May, 2018.
 Exposure Draft of Accounting Standard (AS) 109, Financial Instruments (Comments to be received by June 30, 2018)
 Register for Exclusive First Batch of Spanish Language (60 Hours) for ICAI Members and Students at Delhi and Mumbai - 4th June 2018 - Last Date of Enrolment is 21st May 2018
 FAQ on accounting treatment of increase in liability due to enhancement of the gratuity ceiling.
 SAFA accepts recommendation of the ICAI for forming SAFA Women Empowerment Committee and replicating the digital initiatives of ICAI.
 CPE Events 14th May - 19th May 2018
 Four Weeks Residential Programme to be held from 28th May, 2018 to 24th June, 2018 at Centre of Excellence, Hyderabad for Women Participants only.
 Regarding omission of Rule 9 of Chapter X (Audit and Auditors) of the Companies Act 2013 pertaining to Section 147 (5) (Punishment for Contravention) of the Companies Act 2013
 Be an expert on the panel of Women Entrepreneurship Platform (WEP) of NITI Aayog

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 2018 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