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
« Auditing »
 Supreme Court puts the spotlight on audit firms
 Auditing to be less of a burden as accountants embrace AI
 CAG's report on GST will be totally paperless
 Time Limit For Completion Of Assessment From The Date Of Special Auditor’s Report Under Income Tax Act, 1961
 Provisioning pertaining to Fraud Accounts
 Tax Audit Report (TAR) Certain exceptions and increased limits according to number of partners and considering nature of activity are desirable
 Cost Auditing Standards [ Cost Audit Documentation (102)] – Part-II
 Conference on Companies Act gets under way
 New bureau to dissolve state-run banks' power to choose auditors
 Foreign Exchange Management (Permissible Capital Account Transactions) (Fourth Amendment) Regulations, 2015
 ICAI forms 'prima facie' view on NSEL auditor

Stricter Norms for Auditing
February, 25th 2009

The Companies Act 1956, (the Act) provides the framework for appointment of independent statutory auditors to audit the accounts of the companies and for reporting to shareholders. Such audited accounts are also required by law to be displayed on the electronic registry of companies for general viewing. The Act also provides for punishment/penalty for non-compliance/default of the above requirements. The Indian Auditing and Assurance Standards are formulated under the law on the lines of the International Auditing and Assurance Standards and, as such, contain the best global practices for compliance by auditors. The conduct of auditors in complying with the technical and legal framework governing audit of companies is also regulated under the Chartered Accountants Act, 1949. Where any misconduct on the part of statutory auditors comes to notice, the Institute of Chartered Accountants of India, on a complaint or otherwise, ascertains the actual role and discharge of functions by the statutory auditors with regard to the accounting and auditing standards, the provisions of the Act etc. for action under the provisions of the Chartered Accountants Act, 1949, in addition to legal liability under the Companies Act, 1956. As there is already a comprehensive regulatory framework in existence, there is no proposal to specifically provide for stricter norms for auditing in large companies.

This information was given by Shri Prem Chand Gupta, Minister of Corporate Affairs, in a written reply in the Rajya Sabha today.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Bath SEO Company Birmingham SEO Company Bradford SEO Company Brighton and Hove SEO Company Bristol SEO Company Cambridge SEO Company Canterbury SEO Company Carlisle SEO Company Chester SEO Company Chichester SEO Company Coventry SEO Compan

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