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
Latest Expert Exchange
« ICAI »
 CPE Events 16th April - 21th April 2018
 Invitation to Members to Empanel as a Resource Person to Conduct Investor Awareness Program
 Accounting Policy Changes (Proposed amendments to IAS 8)
 Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 15
 Group on Vision 2024 for Global Presence of Indian CAs
 Educational Material on Indian Accounting Standard (Ind AS) 103, Business Combinations
 Invitation to Empanel as a Resource Person to Conduct Various Programmes for the Benefits of Members in Industry.
 Reconstitution of Group for Review of Examination, Evaluation & Testing
 Advertisement for Invitining Consultants to work with ICAI Accounting Research Foundation on Applied Research Project (Chennai)
 Auditing and Assurance Standards Board – Expert Panel for Addressing Bank Branch Audit Queries for FY
 Revised Standard on Auditing (SA) 299, “Joint Audit of Financial Statements”

ICAI - If director resigns, firm's accounts will be checked
March, 17th 2009

The Institute of Chartered Accountants of India, the apex body to regulate the profession of chartered accountancy in India, plans to scrutinise the accounts of companies from which independent directors have quit in the last two months.

"This decision was taken in our financial review reporting board and it will depend on the situation under which independent directors would have quit," said ICAI President Uttam Prakash Agarwal.

The decision comes in the backdrop of the Rs 7,800 crore (Rs 78 billion) fraud at Satyam Computer Services [Get Quote]. Independent directors had quit the Hyderabad-based software services firm after a failed attempt to acquire two companies that were related to Satyam's promoter, B Ramalinga Raju. Many independent directors in other firms have also resigned from their board positions in recent months.

"It is possible that the independent directors might have left on account of personal reasons or due to some other reasons, but if any director has left intentionally and was aware of any wrongdoing, then the matter would be reported to the regulator concerned," added Agarwal.

The FRRB has also decided to review 100 companies for the financial year 2007-08, along with completion of the review of 64 pending cases. The board randomly selects listed companies and scrutinises the auditors's report to check whether the prescribed procedures were followed. Based on their finding, the FRRB is entrusted with powers to take suo motu action against the auditor.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 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