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
« News Headlines »
 How to file income tax returns online if you don't have Form 16 ITR 2018-19
 These 5 websites can help you file your ITR Income tax e-filing
 Here's why some retirees no longer have to file a tax return
 How to file different categories of ITR forms online Income tax e-filing
 Here are other documents you need to file online ITR Got your Form-16 for FY18?
 10 must have documents to file your tax return
 Know all about how to file ITR FY 2017-18
 Government extends sale of pre-GST goods with stickers of revised price till July 31
 All 7 ITR forms for assessment year 2018-19 activated for e-filing: Income Tax Department
 Check if new salary structure is income tax efficient
 GST refund drive extended till June 16

ICAI hints foreign audit companies fuel fraud
April, 13th 2011

Making a strong plea to entrust the audit of Indian corporates' books by Indian accounting firms, the Institute of Chartered Accountants of India (ICAI) President G Ramaswamy said this carried the benefit of preventing massive fraud.

It is time to entrust the audit of Indian corporates with the Indian accountant firms, Ramaswamy told reporters here, rather than foreign audit companies.

This would prevent "deficient audits and financial statements of companies enabling massive accounting fraud to go undetected for several years" as in the Satyam case, he said.

On the delay of taking action against chartered accountants registered with ICAI, who audited the Satyam Computer service, Ramaswamy said the US securities and Exchange Commission has slapped USD 17.5 million fine on Satyam, Pricewaterhouse (PW) and Lovelock and Lewis.

Stressing on the need for confering more powers to ICAI to avert large scale corporate scandals in future, he said a special disciplinary committee has been constituted this year exclusively for dealing with the Satyam case and it would complete the hearing on a fast track mode.

Remarkable progress has been made in the cases, where the court has not stayed the proceedings, he said.

Ramaswamy said certain changes in the disciplinary mechanism of the ICAI are on the anvil to award appropriate punishment to erring members of the institute.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Experience

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