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 :: empanelment :: Central Excise rule to resale the machines to a new company :: VAT RATES :: due date for vat payment :: TDS :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: ACCOUNTING STANDARD
« News Headlines »
 CBDT releases Income Tax Return statistics for last two fiscals
 CBDT issues second round of Certificates of Appreciation to tax payers for their contribution towards Nation building
 FinMin looks at cut in corporation tax
 Draft Rules for prescribing the method of valuation of fair market value in respect of the trust or the institution-Chapter XII-EB of the Income-tax Act, 1961- reg.
 India is moving towards a flawed GST
 ICAI to organise two-day international conference in Hyderabad
 Here's how to calculate tax payable on your capital gains
 Income Tax calculations for the financial year 2016-17
 CPE Events 17 October - 22 October 2016
 High Court raps I-T Department for wrong tax demand
  CBDT signs 5 advance pricing pacts with Indian taxpayers

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 2016 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