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: articles on VAT and GST in India :: VAT RATES :: VAT Audit :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: TDS :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: form 3cd :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
ICAI »
 ICAI e-Books for New Scheme of Education and Training
 ICAI-Convocation - 2017-18
 Invitation for expression of interest from Social Media Networking Service providers/online marketing solution providers for providing social media solution/ online marketing solutions for publicizing the contents/ activities/other works of the Career Counselling Sub-group under BOS, ICAI by 25th August, 2017.
 Educational Material on Ind AS 16, Property, Plant and Equipment
 The Last Date of Online Filing of Multipurpose Empanelment Form (MEF) for the year 2017-18 is extended from 15th August, 2017 to 25th August, 2017.
 Empanelment of Members to act as Observers at The Examination Centres for The Chartered Accountants Examinations November / December 2017.
 ICAI Awards for Excellence in Financial Reporting' - Invitation to participate in the Competition for the year 2016-17
 ICAI Awards for Excellence in Financial Reporting' - Invitation to participate in the Competition for the year 2016-17
 December, 2017 - Common Proficiency Test (CPT)
 Result of the Chartered Accountants Intermediate (Integrated Professional Competence) Examination held in May 2017 declared.
 Result of the International Taxation - Assessment Test held in May 2017 declared.

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