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: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: form 3cd :: empanelment :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: cpt :: articles on VAT and GST in India :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: list of goods taxed at 4% :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
« News Headlines »
 Looking for last-minute tax planning with Section 80C investments? Here's help
 Aadhaar mandatory for filing income tax return
 Will Aadhaar linkage solve India's income tax woes?
 GST roll out from July 1 will make goods cheaper: Jaitley
 Aadhaar To Be Mandatory For Filing Income Tax Return, PAN Application
 7 best tax-saving solutions which can help you save money
  No proposal to replace Income Tax with Banking Cash Transaction Tax
 How to Make Tax Saving Investments Less Taxing with an SIP in ELSS
 NRIs having only investment income may not file tax returns
 With income tax returns filing deadline near, here are 3 major things to do before March 31
 When public becomes tax gatherer

ICAI mulls audit partner rotation
May, 19th 2007

The Institute of Chartered Accountants of India (ICAI) is considering mandatory rotation of partners in an audit firm and is toying with the idea of capping a partners association with any one company at seven years.

New Chapter
ICAI mulls capping a partner's association with any one company at seven years
The proposal aims at pre-empting collusion between a company and its auditor
Move to hit all single-partner outfits that comprise 70% of all CA firms in India

The moveaimed at pre-empting collusion between a company and its auditorhas far-reaching consequences for firms that have not changed their auditors for decades. It will also be a big blow to all single-partner outfits that comprise 70% of all chartered accountancy firms in India.

ICAI, the apex body for the accounting profession in India, had wrapped up the consultation process and would be taking the matter up at its council meeting in July, Harinderjit Singh, member, ICAI Central Council. A rotation of partners on assignment was being considered as part of quality control, he said.
 
The idea of rotating either audit firms or their partners for listed companies and for non-listed firms having public interest was mooted by the ICAI in 2003, especially after a series of corporate fraud. It was referred to a committee which was to work on it, keeping in mind global practices, industrial perspective and logistical issues.

A draft on this was issued and it was also considered by the Assurance and Auditing Standards Board.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Company Overview

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