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: list of goods taxed at 4% :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: cpt :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: empanelment :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment
 
 
« ICAI »
 Change of venue in respect of some of the candidates at Bengaluru & Thane-Zone-1, for Common Proficiency Test (CPT) scheduled to be held on 18th June, 2017
 Implementation of Revised Scheme of Education and Training for CA Course w.e.f. 1st July, 2017.
 Admit Cards : CPT June 2017 Examination
 Announcement for next examination of Certificate course on Forex & Treasury Management on 8th and 9th July, 2017.
 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

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 2017 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