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: list of goods taxed at 4% :: TDS :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: form 3cd :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: empanelment
 
 
« News Headlines »
 Income tax filing FAQs part 1
 Filing Income Tax Returns? Things To Keep In Mind As Deadline Approaches
 Filing of online return for 4th quarter of 2016-17- extension of period thereof.
 New tax accounting standards may reduce leeway for infrastructure companies
 GST – CONCEPT & STATUS – As on 01st May, 2017
 Govt extends VAT deadline, relief for developers
 Income Tax Appellate Tribunal Rules, 2017
 Got your Form 16? You should file income tax returns early to enjoy benefits
 Want to save tax? Here are 6 best investment options for you
 Income Tax department activates e-filing facility for all ITRs
 All the income-tax return forms for the current assessment year are available online

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 2017 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