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% :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: due date for vat payment :: TDS :: cpt :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: form 3cd
 
 
« News Headlines »
 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
 All about income tax return form Sahaj
 Why seeing Form 26AS is a must before filing tax return and how to access it
 No tax on notice period pay cut

When will ICAI crack the whip?
February, 03rd 2009

The time frame for PricewaterhouseCoopers (PwC) to reply to the Institute of Chartered Accountants of Indias (ICAI) showcause notice has come to an end.

But instead of a reply, there is a request from the tainted auditor to extend the notice as the partners questioned in the case are in police custody.

Although ICAI has agreed to consider the extension, questions are being raised as to why is ICAI going slow on taking actions.

When will ICAI crack the whip? That's the big question.
ICAI had sent a showcause notice to PwC on January 10, seeking a reply in 21 days. But what has happened since then?

Ved Jain, president of ICAI, said, A letter has been received from PwC seeking time with the fact that accountable persons are not in the position to answer the showcause notice."

So, PwC has now gained 30 days and there's no concrete action taken by accountants institute yet.
However, the are a number of questions being raisedWhy didn't ICAI question Satyam-linked partners at PwC?
Why didn't ICAI question S Gopolakrishnan and Srinivas Talluri before they were taken to the police custody on January 24?
Why hasn't ICAI approached courts to contact arrested PwC partners?

Ved Jain, president of ICAI, said, "Now if you ask me, simply because he is a chartered accountant and he is a member and there is a case registered for criminal, I should also step into other agencies steps? That may not be correct."

Meanwhile, the delay in response from PwC on its showcasue notice could also mean delay in ICAI's own investigation report on the role of the auditors in the Satyam fruad.

The institute also says there is a possibility for further extending the reply period for PwC beyond 30 days if the partners continue to be in custody, being unavailable for questioning.

Now, these delays and extensions clearly show ICAI is taking very slow steps to take actions against PwC.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - We Bring IT. Offshore software outsourcing company. We use Global Delivery Model (GDM) and believe in Follow The Sun principle

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