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 :: TDS :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: due date for vat payment :: empanelment :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: cpt
 
 
« ICAI »
 CPE Events 23th January - 28th January 2016
 ICAI - PIOB Joint Stakeholders’ Conclave on the theme “Global Audit Oversight: Reconciling Perception Gap” on 9th February 2017, New Delhi
 May 2017 CA Examinations
 Exposure Draft of Recognition of Deferred Tax Assets for Unrealised Losses (Amendments in Ind AS 12, Income taxes) (January 2017).
 Formatin of Group to suggest norms for making Cooptions in non-standing Committees
 Constiuttion of a Group for creation of Ombudsman and formulating Whistle Blower Policy
 Result Notification Final - Nov 2016
 Result of the Information Systems Audit [ISA] Assessment Test held on 24th December 2016 declared.
 Result Notification - CPT December 2016
  Result of the Chartered Accountants Final Examination held in November 2016 and Common Proficiency Test (CPT) held in December 2016 declared.
 Annual Improvements to IFRS® Standards 2015–2017 Cycle

Limit on audits could pose practical difficulties, says ICAI
April, 02nd 2014

Limiting the number of firms that can be audited simultaneously by an auditor could create practical difficulties for the profession, accounting regulator ICAI has said.

Most of the provisions of the Companies Act, 2013, have come into effect from today.

The new law would bring more transparency in corporate governance and also allow flexibility to companies in exceptional situations, the Institute of Chartered Accountants of India (ICAI) said in a statement today.

However, it also said that anything new would pose certain difficulties but “we expect to overcome these challenges”. “As far as the limit of 20 audits is concerned, this is likely to create practical difficulties for the profession,” ICAI President K Raghu said.

With the technological advancement both in accounting and auditing, chartered accountants can serve and bestow personal attention to a much larger population than the limit prescribed, he noted.

An auditor can now audit not more than 20 companies at any given time.

The institute said rotation of auditors which has not been accepted across the world is now only restricted to certain class of companies leaving close to 90 per cent of the companies outside the scope of rotation.

“This will benefit small and medium practitioners and corporates,” it added.

Under the new law, auditors are also required to report suspected frauds at companies.

Noting that there are going to be practical difficulties in dealing with reporting on every fraud, ICAI said it was “looking at various possibilities and hope to resolve this issue in a practical manner soon”.

“The deferring of the constitution of National Financial Reporting Authority has come as solace to the profession,” it added.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Portal Design Website Design Portal Designing Website Designing Web Design Professional Portal Design Professional Website Design Professional Web Design Portal Design India Website Design India Portal Designing India Website Designing India Web Design India Professional Portal Design India Professional Website Design India Chicago Professional Web Design New York Professional Web Design California Website Design Florida Website Design New Jersey Website Design Britain UK Website Design London Manchester Website Design

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