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: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: empanelment :: VAT RATES :: articles on VAT and GST in India :: form 3cd :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: cpt
 
 
« News Headlines »
 How to link your Aadhaar and PAN details to file income-tax returns
 How to calculate capital gains tax on property sold at less than stamp value?
 Return Filing - Under GST, this is how you will file tax returns from July 1
 Income tax filing FAQs part 1
 Filing Income Tax Returns? Things To Keep In Mind As Deadline Approaches
 Filing of online return for 4th quarter of 2016-17- extension of period thereof.
 New tax accounting standards may reduce leeway for infrastructure companies
 GST – CONCEPT & STATUS – As on 01st May, 2017
 Govt extends VAT deadline, relief for developers
 Income Tax Appellate Tribunal Rules, 2017
 Got your Form 16? You should file income tax returns early to enjoy benefits

Forged audits at SMEs; ICAI tracks spread
June, 23rd 2010

The Institute of Chartered Accountants of India (ICAI) has unearthed cases of financial statements and audit reports of certain companies with forged signatures of auditors, sparking off fear of a larger menace that may have hit the countrys auditing fraternity.

At a time when the government is going all out to set right the audit profession, cases of forged audit reports have put the regulator on the defensive.

The cases reported so far relate to forged signatures and misuse of the seal of chartered accountants in annual accounts and tax audit reports of companies, said an ICAI official. ICAI is the countrys apex body looking into the functioning of auditors. While the cases include names of small and mid-level firms, the regulator is exploring chances of a larger spread of the forgery network.

The cases, though limited in number, have raised doubts over authenticity of financial reports, the official said, requesting anonymity. However, he refused to share details of the firms whose name and seal have been compromised due to the scam.

A special group has been constituted to look into the cases and suggest measures that can effectively handle such fraudulent practices. The matter, which was also discussed at the institutes council meeting, has highlighted the need for stringent action against those found guilty.

The law provides for penalty for a person who falsely represents himself as a member of the ICAI. The council has proposed imprisonment of up to five years for any person found guilty of such a practice, said the official.

The regulator is also planning to expand its random scrutiny for company audit statements in order to find out the veracity of the statements. The ICAI already has in place the process of random checks of financial statements of companies.

The ministry of corporate affairs, which is the administrative ministry for the ICAI, is mulling extensive reforms to bring more transparency in the auditing process and make auditors more accountable for their work.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Outsourcing Company Offshore Software Outsourcing Software Outsourcing Company India Offshore Outsourcing Company India Software BPO Software Business Process Outsourcing Software Outsourcing India Offsho

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