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
« Auditing »
 Supreme Court puts the spotlight on audit firms
 Auditing to be less of a burden as accountants embrace AI
 CAG's report on GST will be totally paperless
 Time Limit For Completion Of Assessment From The Date Of Special Auditor’s Report Under Income Tax Act, 1961
 Provisioning pertaining to Fraud Accounts
 Tax Audit Report (TAR) Certain exceptions and increased limits according to number of partners and considering nature of activity are desirable
 Cost Auditing Standards [ Cost Audit Documentation (102)] – Part-II
 Conference on Companies Act gets under way
 New bureau to dissolve state-run banks' power to choose auditors
 Foreign Exchange Management (Permissible Capital Account Transactions) (Fourth Amendment) Regulations, 2015
 ICAI forms 'prima facie' view on NSEL auditor

Soon, two firms may audit accounts of every company
March, 29th 2010

Will we see a company audited by two audit firms at the same time?

That looks a possibility from what the Union Minister of State for Corporate Affairs and Minority Affairs, Mr Salman Khurshid, said here today.

Addressing a meeting of the Confederation of Indian Industry (CII), Mr Khurshid said, in the context of making the audit function effective, that there had emerged an idea of dual audit so that there are two companies (firms) in a sense keeping a check on each other.

Although leading auditors that Business Line spoke to seem to think that Mr Khurshid was referring to joint audit where two firms split the work between themselves the Minister was clearly referring to two audit firms duplicating the work so as to keep a check on each other.

Mr Khurshid said that if the Government and the industry approached the issue with an open mind innovative solutions can be found to meet the aspirations of the people.

He did say in his speech that the Government was not overly concerned about one or two major cases going wrong an allusion to the Satyam episode. However, later in a chat with journalists, he said that the Government was giving the Satyam investigations high priority, so that the world knows that we are not only back on our feet quickly after a knock but we also make people accountable (for their wrong doings).

Satyam impact

Clearly, the Satyam episode is influencing the thinking on the role of auditors. The Minister seems to have meant as much when he said that the Government had looked at countries that have mandatory rotation of auditors.

In India, there are two views about it, he said. While there is a consensus that there should be rotation of partners of a firm in auditing an entity, there is opposition to the rotation of firms themselves.

In another context in the speech, he named nominations, remunerations and audit as the three areas where there has to be transparent, independent and objective assessments made within a company.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Multi-level Marketing MLM India Affiliate Marketing Affiliate Marketing Software MLM Software MLM Solutions Multi level marketing solutions MLM Servi

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