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: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: articles on VAT and GST in India :: cpt :: ACCOUNTING STANDARD :: VAT Audit :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: VAT RATES :: TDS :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: due date for vat payment
 
 
« ICAI »
 Next batch of the Certificate Course on Valuation at Bangalore from 11th November, 2017.
 Extension of date empanelment of members to act as observers for November / December 2017 examinations up to 25th September, 2017
 CPE Events 18 September- 23 September 2017
 Invitation for expression of interest from software development companies for providing software relevant to the Practitioners & CA Firms of ICAI by 31 October
 Peak Filing Preparation 2017-MCA 21
 Group for suggesting ways and means to resolve Inter unit reconciliations issues including re-engineering the process/procedures, revenue sharing, between HO and branches, various grants payable and accounting entries thereof, especially in GST regime
 Weightage of Marks at All Levels of CA Course Under Revised Scheme of Education and Training
 CBDT has extended the due date for filing Income Tax Returns and audit reports from 30th September 2017 to 31st October 2017
 Exposure Draft of Revised Guidance Note on Report under Section 92E of the Income-tax Act, 1961 (Transfer Pricing)
 President's Message - September 2017
 President's Message - September 2017

ICAI wants more powers to wash off Satyam stain
March, 11th 2009

In order to restore credibility in the Satyam-tainted work of auditors, the Institute of Chartered Accountants of India (ICAI), the apex body that regulates the profession of chartered accountancy in India, is considering various options, including demanding more powers for itself.

The institute needs to have more teeth and there is need to make changes in the regulations, said Uttam Prakash Agarwal, president of ICAI. A group of three-four ICAI members is in regular touch with the Ministry of Corporate Affairs to work out the modalities, Agarwal added.

Under the present system, the ICAI cannot take action against any chartered accountant (CA) who has indulged in professional misconduct but is not a member of the institute. The institute can take action against only those CAs who are its registered members.

Besides, in case there are deviations in any companys accounts, the ICAI can seek information from the CA concerned but not from the firm.

Also on agenda is giving more powers to auditors so that they can refuse signing a companys accounts if these are found to be not in order. In the present system, if auditors are not satisfied on matters that are material to the financial statements, they qualify their audit opinions accordingly.

Another initiative that the ICAI has taken is on the issue of managerial autonomy to public sector banks in the appointment of auditors. Both public sector banks and private sector banks auditors should be recommended by the Reserve Bank of India (RBI) and board of directors should not be given the powers to appoint auditors, Agarwal said.

The ICAI is in talks with the RBI and finance ministry on this. Independence of auditors is important and granting managerial autonomy to banks in the appointment of auditors would erode the independence of auditors, said Agarwal.

Until three years earlier, the RBI used to allot branch auditors, based on a panel of firms submitted by the ICAI. But, since then, it has liberalised the norms and has allowed banks to select their own auditors. Over 20,000 audit firms are involved in the exercise.

Also on the anvil are joint audits and a scheme of rotation of auditors to bring in more accountability in the system. We have been getting various proposals on this and discussions are on, said Agarwal.

To bring internationally followed best practices and a new code of conduct, the ICAI is planning to set up a rating system for corporate governance.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Application Management Solutions Application Management System Application Management Software System Application Management Development Application Management Software Development

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