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 RATES :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: cpt :: due date for vat payment :: form 3cd :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS
 
 
ICAI »
 Introduction of facility for online submission of requests for issue of duplicate mark sheets/pass certificates.
 ICAI invites suggestions on revised Model GST Law
 Guidance Note on Reports in Company Prospectuses (Revised 2016) issued by the Auditing and Assurance Standards Board
 President's Message - December 2016
 Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 6
 Announcement regarding registration as an Insolvency Professional with the Indian Institute of Insolvency Professionals of ICAI
 CPE Events 28th November - 3th November 2016
 Admit Cards for CPT December 2016 Examination
 Application Form for the Information Systems Audit (ISA) Assessment Test - December, 2016 [Last Date - 7th December, 2016]
  MCA Announcement - To avoid Last Minutes rush please file the Financial Statements and Annual Returns at the earliest.
 CPE Events 21th November - 26th November 2016

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 2016 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