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 :: VAT Audit :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: TDS :: VAT RATES :: list of goods taxed at 4% :: ACCOUNTING STANDARD
 
 
ICAI »
 Next batch of the Certificate Course on Valuation at Bangalore from 11th November, 2017.
 Extension of date empanelment of members to act as observers for November / December 2017 examinations up to 25th September, 2017
 CPE Events 18 September- 23 September 2017
 Invitation for expression of interest from software development companies for providing software relevant to the Practitioners & CA Firms of ICAI by 31 October
 Peak Filing Preparation 2017-MCA 21
 Group for suggesting ways and means to resolve Inter unit reconciliations issues including re-engineering the process/procedures, revenue sharing, between HO and branches, various grants payable and accounting entries thereof, especially in GST regime
 Weightage of Marks at All Levels of CA Course Under Revised Scheme of Education and Training
 CBDT has extended the due date for filing Income Tax Returns and audit reports from 30th September 2017 to 31st October 2017
 Exposure Draft of Revised Guidance Note on Report under Section 92E of the Income-tax Act, 1961 (Transfer Pricing)
 President's Message - September 2017
 President's Message - September 2017

Auditing firms face EU heat
July, 05th 2008

Auditing firms in the country could soon run out of business if they do not get themselves verified according to the guidelines mentioned in the Eighth Directive issued by the European Union (EU). EU will recognise balance-sheets of companies audited by firms that fit their specified standards.

With increasing interest in overseas operations, most domestic companies would shy away from appointing firms that are not recognised by the EU, said Rahul Roy, director, Ernst & Young India. They look at raising funds from Europe and it is important that their balancesheets are acceptable to the firms there, he explained while talking on the sidelines of the seminar on International Financial Reporting Standards(IFRS) organised by the Bengal Chamber of Commerce and Industry.

EU has released three lists in the directive and India comes under the second list that includes countries that do not have an EU equivalent auditing system yet but have the potential to do so within the next two years. Around 160 countries have not been recognised in the Directive.

According to the Eighth Directive that came into effect from June 1, a firm needs to be verified by a public oversight system in their own country. Around 50 per cent people in that evaluating body will have to be people who are not practising chartered accountants(CAs) for the last 15 years, explained Roy who was also the ex-president of the Institute of Chartered Accountants of India(ICAI).

This rules out ICAI as the body that will evaluate firms. The Quality Review Board, formed by the government of India(GoI) last year to ensure that the accounting profession in the country delivered quality, could possibly take up the role of reviewing auditing firms, Roy told reporters here.

The Board comprises five government nominees, five members of ICAI and one chairman nominated by the GoI.

Each firm would also have to publish a transparency report that will include details like the list of clients, income from fees, percentage of income from audit as well as the principle for determining the remuneration of its partners.

"There are roughly 150 auditing firms in the country right now and around 70 per cent of them are small and medium firms," Roy said. The directive has given a concession period to List 2 countries till December 2010, beyond which it will not recognise balance-sheets audited by such firms. A recent survey done by the EU showed that while it relied on balance sheets audited by firms from 70 countries, India perhaps had the largest share at 80 firms compared to the US that had 47 firms that were recognised by companies in the EU, Roy explained.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Bath SEO Company Birmingham SEO Company Bradford SEO Company Brighton and Hove SEO Company Bristol SEO Company Cambridge SEO Company Canterbury SEO Company Carlisle SEO Company Chester SEO Company Chichester SEO Company Coventry SEO Compan

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