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: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: articles on VAT and GST in India :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: empanelment :: form 3cd :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: VAT RATES :: due date for vat payment :: list of goods taxed at 4% :: TDS
 
 
« ICAI »
 President's Message - May 2017
 Commencement of the Next Batch of the Certificate Course on Wealth Management and Financial Planning to be commenced on 3rd June, 2017 at Chennai : An initiative of CCBMP, ICAI
 Commencement of the Next Batch of the Certificate Course on Wealth Management and Financial Planning to be commenced on 8th July, 2017 at Kolkata : An initiative of CCBMP, ICAI
 Group to look into the intricacies involvced in areas pertaining to the Disciplinary Mechanism
 Exposure Draft of Amendments to Ind AS 101, First-time Adoption of Indian Accounting Standards
  Requirements for passing Information Systems Audit (Assessment Test)
  Exposure Draft of Clarifications to Ind AS 115, Revenue from Contracts with Customers
 Exposure Draft of Clarifications to Ind AS 115, Revenue from Contracts with Customers
 Exposure Draft of Clarifications to Ind AS 115, Revenue from Contracts with Customers
 Reconstitution of Group to study the existing norms for the appointments/re-appointments of statutory / internal auditors
 Reconstitution of Group to study and suggest changes in the Guidelines relating to Networking of CA Firms

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