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 :: VAT RATES :: form 3cd :: TDS :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: articles on VAT and GST in India
 
 
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 for listed firms
May, 18th 2007
Move aimed at quality control for audit firms


Audit quality
The RBI is also in favour of audit partner rotation in non-banking finance companies.
The council might look at a seven-year period for audit partner rotation.

Audit partner rotation may become mandatory for listed public companies in the country, with the Institute of Chartered Accountants of India (ICAI), the auditing profession regulator, toying with such a proposal to improve quality control over audit firms.

"The council will only look at audit partner rotation. There is no plan to look at audit firm rotation. That has been shelved," said Mr Sunil Talati, President of the ICAI.

A few years ago, the ICAI Central Council had given in-principle approval to audit firm rotation subject to a referendum among members coming out in favour of such a rotation.

The referendum did not actually take place.

This time round, it is quality control and the ICAI's commitment to converge with international standards on quality control for audit firms that are primarily driving the move to look at audit partner rotation.

Besides, the Reserve Bank of India is also in favour of audit partner rotation in non-banking finance companies (NBFCs).

"We are going to review our quality control standard on audit firms in the light of the Clarity project being undertaken by IAASB," said Mr Harinderjit Singh, Chairman of the Auditing and Assurance Standard Board (AASB).

"Audit partner rotation is something that the council will consider under the quality control aspect."

He indicated that the council might look at a seven-year period for audit partner rotation.

International auditing standards provide for seven-year period rotation for audit partners.

Meanwhile, the AASB on Thursday reiterated its commitment to convergence with the international engagement and quality control standards.

This commitment was made to Mr John Kellas, Chairman of the International Auditing and Assurance Standards Board (IAASB), and Mr Jim Sylph, Executive Director of IAASB, who are on a visit to India to discuss convergence-related issues.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Multi-level Marketing MLM India Affiliate Marketing Affiliate Marketing Software MLM Software MLM Solutions Multi level marketing solutions MLM Servi

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