Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
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: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: cpt :: VAT Audit :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: form 3cd :: empanelment :: TDS :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD
News Headlines »
 7 Tax-saving investments for the risk averse
 5 Tax tasks you should complete before March 31
 March 31 deadline nears: Check out these last-minute tax-saving investment options
 How to file income tax returns online without having Form 16 in 10 simple steps
 Deadline For Filing Income Tax Return (ITR) Is Just 11 Days Away: 10 Latest Details To Know
  10 incomes you need not pay any tax on
 How To File Income Tax Returns In Three Steps By March 31, 2018
 10 things about income tax every taxpayer should know
 What to do if your TDS is not deposited with the government
 What if you forget to verify your Income Tax return?
 TDS on rent and other tax tasks to complete before March 31

ICAI recommends action against erring audit firms: Govt
April, 23rd 2010

The government on Thursday said the accounting regulator ICAI has suggested that action can be taken against both erring audit firms and chartered accountants.

The ICAI "has recommended to the government for amendments in the Chartered Accountants Act, 1949, so that action can be taken against firms of chartered accountants themselves, in addition to individual chartered accountants, for misconduct," Corporate Affairs Minister Salman Khurshid told the Lok Sabha in a written reply.

The Institute of Chartered Accountants of India (ICAI) has submitted the first part of its report, which also includes provisions for punishing erring audit firms whose chartered accountants are found guilty of misconduct.

The first part of the report submitted by ICAI is under consideration on the government, he added.

Khurshid said the other major recommendations in the ICAI report are strengthening mechanism to monitor compliance with ICAI regulatory requirements, seeking empowerment to scrutinise financial statements of public interest entities.

It also includes "introduction of a system by the Reserve Bank of India whereby direct external confirmations on specified items like bank balances or advances or deposits can be given the statutory auditors by the banks concerned."

At present, according to the Chartered Accountants Act, members found guilty of professional misconduct could be barred from practice for up to five years or a fined as much as Rs 5 lakh.

The role of auditors came under scrutiny, after Satyam founder Ramalinga Raju confessed in January last year of having cooked the account books of the IT firm for years.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Article Management Solutions System Article Management Software S

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