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: ACCOUNTING STANDARD :: VAT Audit :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: articles on VAT and GST in India :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: cpt :: ACCOUNTING STANDARDS :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: empanelment
 
 
« ICAI »
  Certificate Course on Forex and Treasury Management - forthcoming batches at Mumbai, Chennai & Noida.
 Constitution of Group for formulating the Detailed Action Plan - Ministry of Corporate Affairs
 CPE Events 20th March - 25th March 2017
 Invitation for contributions to Question Bank in respect of Information System Audit-(Assessment Test (ISA-AT) (New Syllabus)
 Reconstitution of Group for Rohini Land at Delhi
 Group to review the Terms of Reference of Infrastructure Development Committee
 Empanelment of Members to act as Observers at the Examination Centres for The Chartered Accountants Examinations May/ June 2017.
 Canada (Toronto) Chapter of ICAI launched helpline for Members interested for getting CPA Canada membership
  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
  Register for Webinar Organized By CPA Ontario in Association with Canada (Toronto) Chapter of ICAI on March 15, 2017.
 CPE Events 6th March - 11th March 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