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: VAT RATES :: articles on VAT and GST in India :: VAT Audit :: list of goods taxed at 4% :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: empanelment :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS
 
 
« ICAI »
 Pre-Budget Memorandum - 2018 Direct Taxes And International Tax
 ICAI submits Pre-Budget Memoranda-2018
 Announcement - Reservations in CA course
 Four Weeks Residential Programme to be held from 29th January, 2018 to 25th February, 2018 at Centre of Excellence, Hyderabad for Women Participants only.
 Group for Refurbishing of ICAI Main & Annexe Buildings
 CPE Events 4th December - 9th December 2017
 President's Message - December 2017
 Draft Bank Branch Auditors’ Panel for the year 2017-18.
 CPE Events 27th November - 2nd December 2017
 Digital Accounting and Assurance Board of ICAI Online Survey 2017 is Now Open- Seeking Member's Input
 Zone-shifting of candidates of Common Proficiency Test (CPT) Scheduled to be held on 17th December, 2017 (Sunday)

ICAI - A Report on Interactive Workshop for Central Statutory Auditors
March, 13th 2009

The Professional Development Committee of the Institute of chartered accountants of India held a National Workshop for statutory central auditors of banks, at the financial capital, Mumbai, today, on 9th March 2009. The workshop was inaugurated by CA Uttam Prakash Agarwal, President ICAI. CA Anuj Goyal, Chairman Professional Development Committee advised that such workshops will be held across the country by ICAI for the benefit of the members/auditors of banks and their branches. Bank audits being round the corner, the workshop was organized to highlight the latest developments in the area to equip the members to carry out the bank audit effectively. ICAI and their regional councils and branches across the country have been organizing such workshops annually around this time of the year.

CA Uttam Prakash Agarwal. President, ICAI, stressed upon the need for maintaining independence of auditors and cautioned that granting managerial autonomy to banks in the appointment of auditors would erode the independence of auditors. He mentioned that banks being depositories and part of the payment system, they are of critical importance to the economy. He pointed out that for more than two decades, RBI has been doing the allocation of bank audits. This procedure has been working quite satisfactorily but granting managerial autonomy to banks has a direct impact on the independence of auditors. He urged that the current system of centralized appointment of auditors of public sector banks by RBI, carried out on behalf of the Govt. which is the major shareholder in the public sector banks is time tested and should be continued. He said the Govt. and the regulator should take notice of this and not experiment with the mechanism in the name of liberalization. He also informed the members that ICAI is in talks with the regulators and the Ministry of Finance, Govt of India on the issue of managerial autonomy to the public sector banks in the appointment of auditors.

CA Uttam Prakash Agarwal, President ICAI, while inaugurating the workshop stressed that the role of auditors is to express an opinion on the financial statements made available to them by the managements, as to their being true and fair and not to certify them to be true and correct. In this context he drew attention of the members present to the comprehensive set of auditing standards issued by the Institute. He clarified that as per SA 500 Audit Evidence, the auditors obtain persuasive evidence and not conclusive evidence. Such an inherent limitation arises on account of inherent limitation of the internal control system as outlined in SA 315. Identifying and assessing the risk of material misstatements through understanding the entity and its environment, and the reliance on test check system because of time and cost constraints. As per SA 580 Representation by management auditors have to rely upon representation by the management because sometimes it is not possible for an auditor to obtain direct audit evidence. As per SA 315, External confirmation the auditors should also attempt to obtain confirmation from third parties and obtain external audit evidence. Moreover, in practical situations, third parties do not respond to such requests. In view of the above, it needs no reiteration that the auditors only provide reasonable assurance and can never provide absolute assurance. He made this observation in the current context of the Satyam episode where the role of auditors have come into question.

He also informed that the Council at its meeting held on 7-8th March 2009, had also approved two more Standards on Auditing under the Clarity Project of International Auditing & Assurance (Revised) Standards Board of IFAC. SA 500 Audit Evidence provides more guidance in respect of principles and procedure in obtaining sufficient and appropriate audit evidence. On the other hand, SA 720 Auditors Responsibilities in relation to other information contained in Audited Financial Statements deals with auditors responsibilities is to read other financial and non-financial information and ensure that it is consistent with the information contained in financial statements. This standard would go a long way in building confidence of society in the reports issued by the auditors.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Privacy Policy

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