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: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: empanelment :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: form 3cd :: list of goods taxed at 4% :: TDS :: articles on VAT and GST in India :: ACCOUNTING STANDARD
 
 
ICAI »
  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
 Announcement - For the attention of candidates appearing in CA exams at exam centres in Tamil Nadu.
 CPE Events 15th May - 20th May 2017
 Information System Audit - Assessment Test (ISA - AT) New Syllabus, June 2017
 Next batch of the Certificate Course on Cooperatives at Mumbai from 27th May, 2017
 Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 8
 Next batch of the Certificate Course on NPO at Noida from 27th May, 2017
 Postponement of Papers 5 and 6 of both Intermediate (IPC) / ATC and Final examinations earlier scheduled to be held from 11th May 2017 to 14th May 2017 at Kathmandu centre, on account of local elections at Kathmandu (Nepal)

ICAI zeroes in on 10 cos for financial discrepancies
April, 08th 2010

Almost a year after the Satyam scandal, accounting regulator ICAI has zeroed in on around 10 big-listed companies for discrepancies in financial reporting and has ordered investigation into the conduct of the auditors. The regulator has also alerted the government and market regulator Sebi on the matter.

The Institute of Chartered Accountants of India (ICAI), that regulates the accounting and auditing processes in the country, is looking into the role of the auditors and whether they were lax in carrying out their duties.

Sources said the ICAI has already asked its displinary committee to look into the matter and submit its findings. Those flagged are "among the 10 companies traded on the BSE and NSE", sources said, adding that these were being probed after discrepancies were found in their financial reporting.

The sources said that the suspect companies were identified by ICAI's Financial Reporting Review Board (FRRB), a body that is empowered to suo motu look into the published accounts of various top companies. The FRRB, that had picked up a total of 75 companies last fiscal, normally zeroes in on them after it suspects some kind of discrepancies and abnormalities in their reporting.

"For example, it can pick up a company if it feels that its growth rates are abnormally higher than that of its other industry peers or its profits look unreal," the sources said.

After its own preliminary probe, the FRRB referred around 10 companies to the disciplinary committee, that will now carry a detailed probe into their accounts. The investigation though will be based more from the point of view of the role of the auditors and whether they had carried out their work properly or not.

The ICAI, however, does not have the authority to summon officials of erring companies and seek explanations from them. Sources said the accounting and auditing regulator has now petitioned the government for more powers to carry a detailed probe, which would include the authority to seek answers from suspect companies.

The sources said the ICAI is planning to go on an overdrive with its efforts to track such companies and the FRRB is likely to look into the accounts of around 150 top companies this fiscal to see any discrepancies.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System developers CMS developers Content Management Solutions CMS Solutions CMS India Content Management System India CMS development India Website CMS Website Content Management India Portal CMS India CMS Outsourcing CMS Vendor Complete CMS Custom CMS Services

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