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 :: form 3cd :: cpt :: articles on VAT and GST in India :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: ACCOUNTING STANDARDS :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment
 
 
« ICAI »
 Application Form for the Information Systems Audit (ISA) Assessment Test - June, 2017
 Formation of a Group for Reviewing the Decision Regarding Noting of Change in Constitution on Account of Leaving of Partner of Firm and Allied Issues.
  Three Days Intensive Class Room Training for IBBI - Limited Insolvency Examinations in two batches at Chennai. Batch-1: 2nd to 4th June, 2017; Batch 2-23rd to 25th June, 2017
 Announcement on Advertising by members in practice engaged in Coaching/Teaching Activities
 Constitution of Group related to all issues of Bank Audit including reduction in SCAs Cooling Period, distribution of Bank Branch Audit
 Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 9
 Announcement - For the attention of candidates appearing in CA exams at exam centres in Tamil Nadu.
 CPE Events 15th May - 20th May 2017
 Information System Audit - Assessment Test (ISA - AT) New Syllabus, June 2017
 Next batch of the Certificate Course on Cooperatives at Mumbai from 27th May, 2017
 Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 8

ICAI blasts hasty audits of PSB books
May, 07th 2009

The Institute of Chartered Accountants of India (ICAI) has raised apprehensions about the accuracy of the audited financial statements of Allahabad Bank, Vijaya Bank and the Central Bank of India, saying the statutory auditors were under pressure from these banks to complete the audits within unreasonable deadlines.

The accounting rule-maker, which is facing flak after the financial fraud at Satyam, has told RBI that the public sector banks put pressure on the statutory auditors to complete their work within 3-4 days and that such hurried audits have left a question-mark on the credibility of the banks financial statements.

I have advised all chartered accountancy firms (doing bank statutory audits) against completing their assignments in undue haste under pressure from banks and signing documents prepared by the branches of the banks without checking them thoroughly, said ICAI president Uttam Prakash Agarwal. Mr Agarwal said a bank audit requires due diligence of complex transactions and needs 15-20 days to complete.

The statutory auditors of these banks admitted to ET that they were pressured to complete the audits within 3-4 working days through mails and telephone calls. Central Bank of India wanted the audit to be completed by April 8 while Vijaya Bank and Allahabad Bank set deadlines of April 9 and April 10.

There were four bank holidays in the first 10 days of April bank closing on April 1, Ram Navami on April 3, Sunday (April 5) and Mahavir Jayanti on April 7.

Central Bank of India said in a mailed reply that most of its branches completed their internal closing on March 31 and were ready for audit from April 1.

We are nobody to exercise any pressure on the auditors, and auditors are at their liberty to do the audit as per their system and norms, which they follow and whatever information they ask is provided to them. E-mails and phone calls to Vijaya Bank and Allahabad Bank elicited no response.

ICAI took up the issue after complaints from the statutory auditors of the banks. Many of the details cannot be independently verified in 2-3 days. There is a possibility that the audited statements might not be reflecting a true and fair picture of their financial health, an auditor, who was on assignment with one of the banks said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Web Application Development Web based Software Solution Web Application Deployment Web Application Solutions Web Application Software Development Web Application Deployment Web Application Programming Web Application Design and Development

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