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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
ICAI »
 Exposure Draft of Accounting Standard (AS) 109, Financial Instruments (Comments to be received by June 30, 2018)
 Register for Exclusive First Batch of Spanish Language (60 Hours) for ICAI Members and Students at Delhi and Mumbai - 4th June 2018 - Last Date of Enrolment is 21st May 2018
 FAQ on accounting treatment of increase in liability due to enhancement of the gratuity ceiling.
 SAFA accepts recommendation of the ICAI for forming SAFA Women Empowerment Committee and replicating the digital initiatives of ICAI.
 CPE Events 14th May - 19th May 2018
 Four Weeks Residential Programme to be held from 28th May, 2018 to 24th June, 2018 at Centre of Excellence, Hyderabad for Women Participants only.
 Regarding omission of Rule 9 of Chapter X (Audit and Auditors) of the Companies Act 2013 pertaining to Section 147 (5) (Punishment for Contravention) of the Companies Act 2013
 Be an expert on the panel of Women Entrepreneurship Platform (WEP) of NITI Aayog
 Committee for Capacity Building Members in Practice (CCBMP), ICAI: A publication of E-Book on Quick Insight-2018
 Advisory for the candidates of CA examinations - May 2018
 Examination Announcement - Change of Venue on 13th May, 2018 (for one day only), in Akola City (Maharashtra)

ICAI serious fraud detection cell by July
May, 16th 2009

 The Institute of Chartered Accountants of India (ICAI) is expecting its serious fraud detection cell to be operational by July to better handle "Satyam like" cases, its top official said.

The cell would help agencies such as Securities and Exchange Board of India and Reserve Bank of India in cracking large financial fraud cases apart from handling its own investigations.

"My people are working on it and by July we expect the launch, the council will decide who will head this. Its objectives, committee, constituents etc would be decided soon," ICAI president Uttam Prakash Agarwal told DNA.

The detection cell would be set up on the lines of corporate affairs ministry's Serious Fraud Investigation Office (SFIO) to "fast track" cases.

SFIO, which handles complex fraud cases in corporations, was set up by the government to investigate stock market scams, failure of non-financial banking companies and other financial frauds.

Agarwal said ICAI has communicated to the corporate affairs ministry to grant it authority for restatement of balance sheets if some mistakes are found while auditing the accounts.

"After the recent corporate governance scams, auditors are in urgent need of
power to ask for restatement of accounts rather than just giving their qualifications. The matter is with the ministry now and they are considering it, and I believe a decision will come soon," Agarwal said.

Currently, the management has the final word on restating the accounts and auditors are sometimes kept as "recommenders only". Also, ICAI does not have authority to act against auditors who may have indulged in misconduct or fraud if they are not registered members of the institute.

The high-level committee, set up by ICAI to pursue Satyam Computer scandal, is expected to give its decision next month, the official said. Agarwal is chairing the six-member committee, which is investigating the Satyam fraud for ICAI.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Portfolio

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