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: due date for vat payment :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: VAT RATES :: form 3cd :: ACCOUNTING STANDARD :: cpt :: VAT Audit :: empanelment
 
 
ICAI »
 Regarding Empanelment of professionals having at least fifteen years of continuous practice as a Chartered Accountant with RD MCA as Mediator or Conciliator for the year 2017-2018
 Extension of the Last date for submission of online application for empanelment of Chartered Accountants firms/LLPs with O/o C&AG for the year 2017-18.
 CPE Events 13th February - 18th February 2017
 ICAI elects New Torch-Bearers for the year 2017-18
 Condonation of Breach of Regulation 65 & 78 - Non submission of Form 112
 Exposure Draft of the Ind AS-compliant Schedule III to the Companies Act, 2013, for Non-Banking Financial Companies (NBFCs) (Comments to be received by March 6, 2017)
  Post Qualification Course in International Taxation - Assessment Test (INTT-AT)-May, 2017 Application Form
 CPE Events 6th February - 11th February 2017
 Submission of CA Examination Application Forms Online
 Special Examinations under MRA / MOU is scheduled to be held from June 19th-23rd, 2017.
 ICAI invites suggestions on tax proposals of Union Budget 2017-18

ICAI wants more teeth to auditors
May, 05th 2009

Post Satyam scam, the institute of chartered accountants of India (ICAI) now wants the ministry of corporate affairs (MCA) to give the auditor the right to order rewriting of accounts, if a company is found to be not complying with the standards.

Currently, an auditor can only post his objection, (qualifications as it is called in the accounting jargon), in the balance sheet. Needless to say, not much cognisance is taken of this objection. These qualifications are raised due to slew of reasons, which are mainly on account of non-compliance with the established accounting standards. However, now in order to prevent scams like Satyam, ICAI wants that in case of any qualification, the entire books of accounts should be re-stated doing way with the anomaly pointed out by the auditor. Or else the auditor would not sign the balance sheet, said ICAI's president Uttam Prakash Agrawal. Agrawal, who heads the committee probing the Satyam case, was in the city to inaugurate a seminar on Saturday.

The suggestion was put forth before the MCA a week back, and an amendment in the ICAI Act to the effect is likely to be introduced, he added. It is also important for the regulators like Securities and Exchange Board of India (SEBI) or the Reserve Bank of India (RBI) to take note of the qualifications and initiate the necessary action in the case, Agrawal insisted.

"Under the current circumstances the auditor's qualifications only remain to be a post-script in the company's accounts with the shareholders or regulators hardly paying any attention towards it," he said while addressing a press conference here.

A few recommendations like, a system of having joint auditors as well as rotation of auditors, insistence on having a chartered accountant as the chairman of the audit committee, have been forwarded to MCA.

 
 
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