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
Latest Expert Exchange
« ICAI »
 CPE Events 23th April - 28th April 2018
 Request for valuable suggestions on the Exposure Draft of Indian Valuation Standards formulated by Valuation Standards Board of ICAI latest by 12th May, 2018.
 CPE Events 16th April - 21th April 2018
 Invitation to Members to Empanel as a Resource Person to Conduct Investor Awareness Program
 Accounting Policy Changes (Proposed amendments to IAS 8)
 Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 15
 Group on Vision 2024 for Global Presence of Indian CAs
 Educational Material on Indian Accounting Standard (Ind AS) 103, Business Combinations
 Invitation to Empanel as a Resource Person to Conduct Various Programmes for the Benefits of Members in Industry.
 Reconstitution of Group for Review of Examination, Evaluation & Testing
 Advertisement for Invitining Consultants to work with ICAI Accounting Research Foundation on Applied Research Project (Chennai)

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 2018 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