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 STANDARD :: ACCOUNTING STANDARDS :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: VAT Audit :: cpt :: TDS :: list of goods taxed at 4% :: VAT RATES :: articles on VAT and GST in India
 
 
ę ICAI »
 Important Clarification on Amendment to Paragraph 17 of Revised Guidance Note on Audit of Consolidated Financial Statements
 Application Form for the Information Systems Audit (ISA) Assessment Test - June, 2017
 Formation of a Group for Reviewing the Decision Regarding Noting of Change in Constitution on Account of Leaving of Partner of Firm and Allied Issues.
  Three Days Intensive Class Room Training for IBBI - Limited Insolvency Examinations in two batches at Chennai. Batch-1: 2nd to 4th June, 2017; Batch 2-23rd to 25th June, 2017
 Announcement on Advertising by members in practice engaged in Coaching/Teaching Activities
 Constitution of Group related to all issues of Bank Audit including reduction in SCAs Cooling Period, distribution of Bank Branch Audit
 Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 9
 Announcement - For the attention of candidates appearing in CA exams at exam centres in Tamil Nadu.
 CPE Events 15th May - 20th May 2017
 Information System Audit - Assessment Test (ISA - AT) New Syllabus, June 2017
 Next batch of the Certificate Course on Cooperatives at Mumbai from 27th May, 2017

ICAI - Auditors may get powers to refuse to sign accounts
March, 09th 2009

Auditors may get powers to refuse signing a companys accounts if these are not found to be in order. A special group constituted by the Institute of Chartered Accountants of India (ICAI), the statutory body regulating the profession in India, is veering round to the view that the institute should push for statutory backing to such a move.

Company balance sheets could soon acquire a new look, with the government asking ICAI to suggest ways to strengthen reporting norms following Satyam Computer Services founder Ramalinga Rajus shock confession to long-term financial fraud on January 7. ICAI sources said the mandate from the government was to ensure that company managements did not use notes to accounts as a cover-up for misdemeanours.

The special group will finalise the recommendations over the next few weeks and submit its report to the ministry of corporate affairs (MCA).

Currently, auditors may only qualify accounts if managements are unwilling to accept the discrepancies they point out. If the law mandates that the management has to incorporate the effects of the qualifications, the situation will be completely different. This will also help us penalise auditors for lapses, said an ICAI source privy to the discussions.

An auditor, who was not an ICAI office-bearer, said managements typically pushed auditors to be removed if they made strong qualifications to the accounts. Firms or their directors also often approach the ICAIs disciplinary committee, seeking action against an auditor who has taken a tough stance on grounds the firm was being targeted or blackmailed, he added.

An MCA official involved with the process said the government would go by ICAIs recommendations.

The ministry was also pushing for better coordination with regulatory agencies, such as the Securities and Exchange Board of India, to improve disclosures and reporting.

Over the next few months you will see steps such as those initiated by the US after the Enron and Worldcom controversies, another MCA official said.

Sebi has already announced its decision to opt for peer review and had asked company promoters to disclose details of pledged shares.

In addition, Sebi and its committees were discussing the role of independent directors. It has also talked of the fact that clause 49 of the listing agreement did not specify the role and responsibilities of these board members. The market regulator could step in with stiffer guidelines on these issues.

 
 
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