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: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: ACCOUNTING STANDARDS :: VAT RATES :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: form 3cd :: VAT Audit
 
 
« 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 confronts SBI on single auditor
June, 21st 2010

The Institute of Chartered Accountants of India (ICAI) has opposed State Bank of Indias (SBI) decision to appoint a single audit firm for its tax audit for the current fiscal, a move which it says could compromise its quality of audit as opposed to the banks present practice of getting the work done by multiple firms.

The ICAI, which earlier approached SBIs top management raising its objection on the issue but did not got a favourable response, is now planning to approach the Reserve Bank of India as it fears that the move could see other banks following suit. We will intensify our efforts to stop SBI from going ahead on the matter, said Pankaj Jain, member ICAI council looking into the case.

SBI had recently issued a request for proposal (RFP) calling for applications from eligible firms for doing its tax audit for the fiscal 2010-11.

While SBIs decision to appoint a single firm to do its tax audit is aimed at cutting down on its total audit fees, the ICAI feels that the banks decision could compromise on the larger public interest.

Tax audit, which is a specialised activity that looks to find the taxability of an entity and screens through its transactions, is presently done by statutory auditors of banks. SBI has nearly 3,000 branch auditors and 14 statutory auditors.

In the Indian context, the work done by large number of firms has stood the test of time compared to other prevalent international practices, the ICAI said in its letter to SBI Chairman OP Bhatt, opposing the banks move to find a single CA firm to do its tax audit.

Banks have been allocating their tax audit job to their statutory auditors, the fees in respect of which is included as part of their total audit fees. ICAI feels the present practice of getting the tax done by statutory auditors is the best option as such firms by virtue of their work on the banks financial audit are better equipped to do the tax audit also.

According to an official, 15% of the fees given to statutory auditors of SBI are towards the tax audit. This portion of the fees could be saved once the bank takes away the work of tax audit from the present lot of statutory auditors, the official said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Development Software Programming Software Engineering Custom Software Development Requirement Based Software Development Software Solutions Software Serv

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