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: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: empanelment :: form 3cd :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: due date for vat payment :: ACCOUNTING STANDARDS :: VAT Audit :: cpt :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: TDS
 
 
News Headlines »
 How to link your Aadhaar and PAN details to file income-tax returns
 How to calculate capital gains tax on property sold at less than stamp value?
 Return Filing - Under GST, this is how you will file tax returns from July 1
 Income tax filing FAQs part 1
 Filing Income Tax Returns? Things To Keep In Mind As Deadline Approaches
 Filing of online return for 4th quarter of 2016-17- extension of period thereof.
 New tax accounting standards may reduce leeway for infrastructure companies
 GST – CONCEPT & STATUS – As on 01st May, 2017
 Govt extends VAT deadline, relief for developers
 Income Tax Appellate Tribunal Rules, 2017
 Got your Form 16? You should file income tax returns early to enjoy benefits

ICAI demands more legal powers to rap erring CAs
March, 23rd 2010

Institute of Chartered Accountants of India (ICAI), the statutory body regulating chartered accountants in India, has now demanded amendment of some section of the law, which guides them.

The whole idea is to seek more legal power to initiate stringent disciplinary measures against erring auditors/CAs on a fast track basis, G Ramaswamy, the newly elected vice-president of ICAI told.

We have already taken it up with the centre and the latter on its parts has also initiated processes in this direction, we were told. But I wont be able to tell you exactly when these amendments would come through. Everything takes time, Ramaswamy said.

Referring to some of the recent accounting frauds (DSQ Software, Global Trust Bank and Satyam accounting fraud being the latest) on which the institute is conducting probes, the ICAI vice-president said, We do everything possible to bring the erring CAs to book and take disciplinary measures, but more often than not the concerned parties go to the court, which in turn delays the whole process. Thats why some laws need to be amended and more legal powers be given to us.

ICAIs disciplinary committee had decided in February that there was enough evidence for an indictment against the PW auditors concerned and the subsequent Sebi decision only strengthened ICAIs position. The next step is for ICAIs disciplinary committee to send notices to the PW auditors charged by law enforcement agencies in the fraud case.

However, that can only happen after the auditors, under judicial remand, are in a position to argue their case before the committee. Therefore, the institute is not always to be blamed for delays, he said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Custom Software Development Outsourcing Custom Software Development Offshore Cus

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