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: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: VAT Audit :: form 3cd :: cpt :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: empanelment :: TDS :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
« ICAI »
 Pre-Budget Memorandum - 2018 Direct Taxes And International Tax
 ICAI submits Pre-Budget Memoranda-2018
 Four Weeks Residential Programme to be held from 29th January, 2018 to 25th February, 2018 at Centre of Excellence, Hyderabad for Women Participants only.
 Group for Refurbishing of ICAI Main & Annexe Buildings
 CPE Events 4th December - 9th December 2017
 President's Message - December 2017
 Draft Bank Branch Auditors’ Panel for the year 2017-18.
 CPE Events 27th November - 2nd December 2017
 Digital Accounting and Assurance Board of ICAI Online Survey 2017 is Now Open- Seeking Member's Input
 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]

EPFO to take SBI clean chit to ICAI laundry
July, 01st 2008

A brewing duel between the countrys second largest non-banking financial institution & largest retirement fundthe Employees Provident Fund Organisation (EPFO)and Indias largest bank, State Bank of India, EPFOs sole banker and investment manager, has now reached a flashpoint.

Even as the process of abolishing SBIs monopoly in investing EPFOs funds is underway, EPFO has dismissed the findings of an audit report that has, more or less, given SBI a clean chit on its management of EPF monies. In fact, the EPFO boards finance & investment committee (FIC) is so dissatisfied with the audit that it has decided to refer (read complain about) the report to the countrys accounting regulator, Institute of Chartered Accountants of India (ICAI), for necessary action.

With returns on its portfolio dipping in recent times to around 8%, EPFO had last year blamed SBIs sub-optimal investment decisions for the low returns. SBI kept funds idling and invested large sums of money in its own term deposits, EPFO had stressed, even going on to say that the higher the deposits in SBI, the lower the returns. Alarmed, the FIC had called for a full-fledged investigation into SBIs fund management.

The auditor appointed last March is learnt to have first submitted a draft report without consulting the bank. A significantly modified report was submitted in September 2007, to which EPFO reacted with alacrity seeking more clarity on the auditors observations and stressing that SBIs reaction to most points was No comments.

When the final report was put up before FIC members recently, they concurred that the audit was not up to the mark as the auditors have not addressed the concerns of EPFO and have rather shied away from quantifying any notional losses.

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

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