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 :: ACCOUNTING STANDARDS :: empanelment :: TDS :: articles on VAT and GST in India :: form 3cd :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: VAT RATES :: VAT Audit
 
 
News Headlines »
 Is government tapping your phone?
 Income tax department to use analytics to look for discrepancies in bank accounts
 GST Council fails to break deadlock over indirect tax regime, next meet on Dec 11 and 12 to hammer out differences
 Invoking Writ Jurisdiction For Income Tax Matters
 How to file income-tax returns online
 How Income Tax Returns Are Scrutinised
 All About New Income Disclosure Scheme to make Demonetisation successful
 Your deposit may draw income tax notice
 Accepting payment under IDS 2016
 New disclosure scheme could see 50% tax and 4-year limit on cash use for unaccounted deposits
 Pay 50% tax on unaccounted deposits, or 85% if caught, says Modi government

ICAI to introduce with guidance on frauds
February, 13th 2014

In efforts to curb the menace of corporate misdoings, apex body of chartered accountants ICAI will come out with guidelines for its members on various aspects of effective internal financial controls and possible frauds.

In this regard, the Institute of Chartered Accountants of India (ICAI) is working closely with the Corporate Affairs Ministry.

K Raghu, the newly elected President of ICAI, today said the institute is working on preparing guidelines for its members on frauds.

The initiative comes against the backdrop of new reporting requirements for statutory auditors under the Companies Act 2013. The requirements mainly pertain to reporting on operating effectiveness of internal financial controls and cases of suspected frauds.

Projects have already been taken up to develop appropriate guidance for auditors in this regard.

In recent times, many instances of corporate misdoings and financial frauds have come to light.

Addressing a press conference here, Raghu said that ICAI has certain concerns regarding the new Companies Act. These pertain to the proposed National Financial Reporting Authority (NFRA), reporting on fraud by the auditor, cap on number of audits and restriction on auditors from rendering certain services.

On NFRA, the institute is of the view that multiplicity of regulators would lead to duplication of work.

"Constitution of NFRA would definitely lead to duplication of our self-regulated authority and autonomy in the field of accounting and auditing," ICAI said in a statement.

"The wide and sweeping powers which NFRA has under the section is likely to pose serious problems not only in the administration of corporate affairs but also the functioning of other institutions," it added.

The new companies law was approved by the Parliament last year and the Corporate Affairs Ministry is currently in the process of finalising rules related to various provisions.

Noting that ICAI has mapped its concerns over the matter besides having discussions with the Corporate Affairs Ministry, Raghu said the institute has requested for keeping the "NFRA rules in abeyance" for now.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Portfolio

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