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: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: TDS :: form 3cd
 
 
« ICAI »
  Implementation Guide to SA 701, "Communicating Key Audit Matters in the Independent Auditor’s Report" issued by the Auditing and Assurance Standards Board
 Extension of the Last date for submission of Online Application for Empanelment of Chartered Accountants Firms/LLPs with O/o C&AG for the year 2018-19.
 Exposure Draft of Ind AS 117, Insurance Contracts
 Discontinuation of Post Qualification Course (PQC) on Tax Management
 CPE Events 12 Februaary - 17 Februaary 2018
 Empanelment of Members to act as Observers at The Examination Centres for The Chartered Accountants Examinations May / June 2018.
 Compendium of ITFG Clarification Bulletins
 68th Annual Function - 3.00 PM onwards on 6th February, 2018 - Members are cordially invited to attend. Please visit - https://www.icai.org/invitation.html to print Invitation Card.
 Post Qualification Course in International Taxation - Assessment Test (INTT-AT)-May, 2018 Application Form
 Highlights of Tax Proposals - Union Budget 2018-19
  Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 14

ICAI - Multiple auditors may make entry in India Inc books
March, 09th 2009

Companies may soon have to get their financial statements vetted by more than one auditor. The Institute of Chartered Accountants of India (ICAI), the countrys accounting and auditing rule-maker, is considering a proposal to make it mandatory for companies to get their books audited by more than one auditor so that each of the audit firms could observe the practices followed by the other. The regulator believes the move will ensure that auditors do not enter into a cosy arrangement with the company management.

In its search for various checks and balances to ensure credibility in the work of auditors, ICAI is examining new ideas like promoting joint audits rather than a single-firm audit and a scheme of rotation of auditors. While the management
of companies may succeed in influencing a single team of auditors, it shall not be easy for them to influence two or more professional groups, an official in the regulating body, who did not wish to be named, said.

The proposal is significant in the light of the Satyam financial scam, in which the companys promoter group allegedly influenced its statutory auditor, Price Waterhouse, to clear its financial statements despite there being various accounting irregularities. Price Waterhouse had done the audits for Satyam for seven consecutive years, the period when the fraud has been admittedly committed.

Joint auditing of financial statements is a common practice within public sector undertakings (PSUs), due to the huge volume of data auditors are required to go through. Even as PSUs engage joint auditors for the reason of a judicious division of their audit work, private companies are not always in favour of engaging more than one auditor. Audit in India can be done by CAs whose names are registered with the ICAI. Auditors of PSUs are selected from a list of chartered accountants whose names are cleared by the office of the Comptroller and Auditor General of India (CAG).

Even though there is no clear rule on the number of auditors to be put on an audit assignment, there is a need to take these steps so as to retain peoples faith in the credibility of such audit reports. The move is also likely to ensure greater independence of work for the auditors, the official added.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Enterprise Resource Planning Solutions ERP Solutions Enterprise Resource Planning Software Solutions ERP Software Solutions Supply Chain Management Solutions SCM Solutions Supply Chain Management Software Solutions SCM Software Solutions Enterprise Resource Planning Solutions India ERP Solutions India Enterprise Resource Planning Software Solutions India ERP Software Solutions India Supply Chain Management Solutions India SCM Solutions India Supply Chain Management Software Solutions India SCM Software Solutions India

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