Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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
 
 
 
 
Popular Search: empanelment :: ACCOUNTING STANDARD :: form 3cd :: due date for vat payment :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: VAT Audit :: cpt :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: VAT RATES :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4%
 
 
« General »
 Slow tax growth reflects companies' GST troubles
 What is PAN card? Why is it important?
 Govt to cut down executive discretion on tax laws
 Businesses can start filing July returns on GSTN from August 5
 Are you earning abroad? Know the tax rules
 Attention last minute tax filers! Know about key changes made by govt this year
 Accounting relief for IndAS companies
 How you can reduce your tax to zero if you have income within Rs 10 lakh
 NRIs’ overseas bank info needed only for tax refund
 Non-performance: I-T dept transfers 245 commissioners
 Income Tax efiling: Tax implications resulting from clubbing of income

ICAI reviews financial statements of Vijay Mallya group firms
May, 05th 2016

Chartered accountants' apex body ICAI is reviewing financial statements of certain Vijay Mallya group firms to assess the role of auditors and has warned of strict disciplinary action in case of violations.

The move also comes against the backdrop of the embattled Mallya facing a case of loan default worth Rs 9,400 crore.

Warning of strict action against auditors in case of violations, the Institute of Chartered Accountants of India (ICAI) has said it is highly concerned about the issue and role of its members in "an unhealthy manner".

The Financial Reporting Review Board (FRRB) of ICAI is reviewing the financial statements of certain enterprises of the Mallya group to assess the performance of the auditors.

"In the case of the UB group, as a proactive measure, FRRB is selecting the general purpose financial statements of various enterprises of the UB group which were reported by the media to have been involved in irregularities," ICAI President M Devaraja Reddy said.

FRRB assesses whether the financial reporting framework has been duly complied with.

Among others, FRRB reviews the financial statements of various enterprises with a view to verifying various aspects such as compliance with the generally accepted accounting principle in the preparation and presentation of financial statement.

In the latest monthly message to members, Reddy has flagged concerns over bad loans and wilful defaulters.

"The problem may relate to management or judgement; non-retrieval of loan money will have direct inferences on the auditing profession as well," he said.

Noting that regulators and banks are striving hard to recover bad loans from wilful defaulters, he said, "ICAI is highly concerned about the issue and role of its auditors in an unhealthy manner."

In the context of FRRB reviewing the financial statements of certain Mallya group firms, Reddy said, "Auditors' role in this dilemma, which so far has not come to the fore, if found deficient, shall be dealt with strictly by the disciplinary committee of ICAI."

Multiple agencies, including the Enforcement Directorate and CBI, are probing issues related to the massive loan default by Mallya and others.

Emphasising that ICAI's regulatory mechanism is "working assiduously", he said it has been taking disciplinary action against members found guilty of alleged professional misconduct.

Action is initiated as per provisions of the Chartered Accountants (Amendment) Act, 2006, and related rules.

"ICAI has a strong disciplinary mechanism in place whereby proceedings are initiated and taken to their logical end through a well-defined procedure, which maintains the interests of natural justice while ensuring the guilty are never spared," Reddy said in the e-mailed statement.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Internet Marketing Website Marketing Internet Promotion Internet Marketing India Website Marketing India Internet Promotion India Internet Marketing Consultancy Website Marketing Consulta

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