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: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: form 3cd :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: due date for vat payment :: cpt :: VAT RATES :: TDS :: ACCOUNTING STANDARD :: list of goods taxed at 4%
 
 
ICAI »
 Roll Nos. / Exam Centres of IRM Technical Exam, INTT AT, MAC(Part-I) & TMC(Part-I) Exams to be held in November, 2017
 Opportunity for IFAC CEO Job Position
 68th Annual Report and Audited Accounts of the Institute for the year 2016-17
 Change of Venue in respect of some of the Candidates of Intermediate (IPC) and Final Examinations at Mumbai, in respect of November 2017 exams
 CPE Events 9th October - 14th October 2017
 Exposure Draft of the Accounting Standard (AS) 23, Borrowing Costs (Comments to be received by October 31, 2017)
 Exposure Draft of the Accounting Standard (AS) 24, Related Party Disclosures (Comments to be received by October 31, 2017)
 ICAI Invites Suggestions for Pre-Budget Memorandum-2018
 CPE Events 2nd October - 7th October 2017
 President's Message - October 2017
 Discontinuation of Online Sales Portal www.icaionlinestore.org

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