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: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: TDS :: form 3cd :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: empanelment :: list of goods taxed at 4% :: VAT Audit :: cpt
 
 
ICAI »
 Constitution of Group to consider the entire structure to study circles, exploring ways and means to obtain independent PAN, TAN, Service Tax registration
 Group for formulating Foreign Travel Policy of the Institute
 Register for Webinar Organized By CPA Ontario in Association with Canada (Toronto) Chapter of ICAI on March 15, 2017.
 CPE Events 20th February - 25th February 2017
 Regarding Empanelment of professionals having at least fifteen years of continuous practice as a Chartered Accountant with RD MCA as Mediator or Conciliator for the year 2017-2018
 Extension of the Last date for submission of online application for empanelment of Chartered Accountants firms/LLPs with O/o C&AG for the year 2017-18.
 CPE Events 13th February - 18th February 2017
 ICAI elects New Torch-Bearers for the year 2017-18
 Condonation of Breach of Regulation 65 & 78 - Non submission of Form 112
 Exposure Draft of the Ind AS-compliant Schedule III to the Companies Act, 2013, for Non-Banking Financial Companies (NBFCs) (Comments to be received by March 6, 2017)
  Post Qualification Course in International Taxation - Assessment Test (INTT-AT)-May, 2017 Application Form

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