Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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
 
 
 
 
Popular Search: due date for vat payment :: empanelment :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: VAT Audit :: articles on VAT and GST in India :: VAT RATES :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: list of goods taxed at 4%
 
 
ICAI »
 Indian Accounting Standards (Ind AS): An Overview (Revised 2017)
 Educational Material on Indian Accounting Standard (Ind AS) 18, Revenue (Revised 2017)
 Group to identify the issues for simplying the process for compliance of GST especially by small and medium enterprises, traders and professionals
 Next batch of the Certificate Course on Valuation at Bangalore from 11th November, 2017.
 Extension of date empanelment of members to act as observers for November / December 2017 examinations up to 25th September, 2017
 CPE Events 18 September- 23 September 2017
 Invitation for expression of interest from software development companies for providing software relevant to the Practitioners & CA Firms of ICAI by 31 October
 Peak Filing Preparation 2017-MCA 21
 Group for suggesting ways and means to resolve Inter unit reconciliations issues including re-engineering the process/procedures, revenue sharing, between HO and branches, various grants payable and accounting entries thereof, especially in GST regime
 Weightage of Marks at All Levels of CA Course Under Revised Scheme of Education and Training
 CBDT has extended the due date for filing Income Tax Returns and audit reports from 30th September 2017 to 31st October 2017

Council accepts panel's call to scrap ICAI head's project
February, 11th 2013

In a major embarrassment to the Institute of Chartered Accountants of India (ICAI), the regulator for auditors, a Rs 100 crore-plus project initiated by its president Jaydeep Shah in his hometown Nagpur has been rejected by the statutory body's top decision-making body on grounds of being inappropriate and lacking in transparency.

Shah, who demits office after a one-year term, had initiated the project for constructing a Centre of Excellence (spread over a nine-acre campus), aimed at enhancing the skills of CA students. However, the size of the project - this was to be one of the biggest projects undertaken by the ICAI - and the manner in which it was initiated got the institute's Council suspicious, leading to the formation of an internal committee that recommended the deal's cancellation.

The ICAI Council has now accepted the decision and asked for a new deal that limits the project to just 10% of its original size and investments. "People had bypassed certain processes. And it was a breach of trust as the whole deal was kept a secret from the Council," said a member of the internal committee, requesting anonymity.

Also, lack of any tendering and absence of any competitive bids for the project raised eyebrows and were red-flagged by the committee, a Council member said.

A detailed questionnaire sent to the ICAI spokesperson and Shah on February 6 remained unanswered. Shah also did not answer text messages sent to his mobile phone.

"What was the reason to hide the whole project from the Council and clear it only through a finance committee headed by Shah himself?" a committee member said.

The panel also probed allegations that the whole deal was over-priced. "The decision to go for 10% of the original deal was taken since this is the only way we could have saved the near Rs 10 crore that had been spent as part of the first deal. This way we limited the future liability and gave an option to recover the amount already spent," the committee member said.

However, the committee did not recommend any action against Shah. "The terms of reference of the committee did not specify this. We were asked to issue a white paper on what happened, and give recommendations," the committee member said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Publishing Management System PMS News Management System Publishing Management System Development Online News Management System for media company custom Publishing management system development Survey management system Market Res

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