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: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: empanelment :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: VAT Audit :: list of goods taxed at 4% :: due date for vat payment :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES
 
 
ICAI »
 Zone-shifting of candidates of Common Proficiency Test (CPT) Scheduled to be held on 17th December, 2017 (Sunday)
 Application Form for the Information Systems Audit (ISA) Assessment Test - December, 2017 [Last Date - 6th December, 2017]
 ICAI - Guidance Note on Report Under Section 92E of The Income-Tax ACT, 1961 (Transfer Pricing) (Revised 2017)
 FAQs on Ethical Issues relating to GST
 ICAI International Conference, 8-9 December 2017, Mumbai
 Report on Audit Quality Review (2016-17) of the Quality Review
 CPE Events 13th November - 18th November 2017
 Information Systems Audit (ISA) Course Assessment Test which is open to the members of the Institute, will be held on 23rd December, 2017 (Saturday) from 9.00 AM to 1.00 PM (IST) at 61 Cities.
 ICAI Survey for Capacity Building and Global Presence of Indian CA Firms - Request to submit response by November 15, 2017
 Paper 2, Strategic Financial Management of Final Examination, Group - I scheduled on 3rd November 2017 (Friday) at Chennai only, was postponed, on account of heavy rains and disruption of normal life there. The said examination will now be held 17th November 2017 (Friday).
 Group to Review the Criteria for Formation of Branch

ICAI may get into a tug of turf with ICSI
June, 15th 2009

The accounting and auditing regulator, the Institute of Chartered Accountants of India (ICAI), is set to enter a new area, till now a domain of the Institute of Company Secretaries of India (ICSI), by setting up corporate affairs standards (CAS) on various areas of corporate law and practices.

ICAI has already prepared three such standards on business valuation, on an auditors appointment, retirement and removal, and Certification under the MCA 21 e-governance project. Asked to comment, officials said that they were deliberating on the issue and declined to say more.

According to a senior ICAI member, these standards are benchmarks to guide members and other stakeholders. The ICAI Council, the apex decision-making body, has approved these standards and now they would be notified soon, he said. These would become recommendatory from April 2010.

The business valuation standard lays down measures to be followed while evaluating any business, shares, brands or any other business. The official says India has become the third country in the world to come out with a valuation standard. In the aftermath of the Rs 7,000 crore Satyam scam, this standard would be useful for auditors who are evaluating a business.

The standard on auditors appointment, retirement and removal deals with the legal, regulatory and ethical issues arising from the appointment, retirement and removal of an auditor under the Companies Act, 1956.

And the objective of the CAS on Certification under MCA 21 is to establish standards and provide guidance on the procedures to be followed when an engagement to certify various e-forms under MCA 21 is undertaken.

MCA 21 is an e-governance project implemented by the Ministry of Corporate Affairs under a national plan. At the moment, there is no benchmark or minimum standards to be followed by the auditors while countersigning the e-forms, informed the ICAI official.

Treading on ICSIs toes
While ICAI says the latest standards are required in the current global business environment, there are others who feel ICAI is clearly infringing on the ICSI domain. Even a senior ICAI Council member accepted that ICAIs corporate affairs standards may overlap with that of ICSI.

ICAIs role is well defined as an accounting regulator, which is setting accounting standards and see to it that they are adhered to. It should stay away from getting into uncharted areas, said a Chennai-based leading company law expert and a practicing company secretary who didnt want to be identified. Too many standards create confusion, he added.

ICAI says the purpose of formulating CAS is not to interpret the law but to set out the concepts, principles, practices and procedures that underlie corporate governance and management. ICAI is not at all interfering in ICSIs work but by setting up these standards, it is helping its members to serve the public in a better way, said the ICAI member.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Team

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