Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
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: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: cpt :: list of goods taxed at 4% :: due date for vat payment :: TDS :: empanelment :: VAT Audit :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: ACCOUNTING STANDARDS
« Auditing »
 Auditing to be less of a burden as accountants embrace AI
 CAG's report on GST will be totally paperless
 Time Limit For Completion Of Assessment From The Date Of Special Auditor’s Report Under Income Tax Act, 1961
 Provisioning pertaining to Fraud Accounts
 Tax Audit Report (TAR) Certain exceptions and increased limits according to number of partners and considering nature of activity are desirable
 Cost Auditing Standards [ Cost Audit Documentation (102)] – Part-II
 Conference on Companies Act gets under way
 New bureau to dissolve state-run banks' power to choose auditors
 Foreign Exchange Management (Permissible Capital Account Transactions) (Fourth Amendment) Regulations, 2015
 ICAI forms 'prima facie' view on NSEL auditor
 Firms appoint new auditors in shift to meet new standards

PSUs may get audit deadlines
July, 03rd 2010

The government is set to fast track the process of updating and finalising accounts of public sector units in order to get a correct
picture of their financial health before it decides a roadmap for them.

The department of public enterprises is considering a proposal to reduce the period of audit pendency for public sector undertakings (PSUs) to seven years, before their accounts are taken up for an finalisation.

The move assumes significance in the wake of several public sector units primarily at the state level having a lax approach towards finalising their accounts, some of which are pending for over two decades.

As on September 2009, 14 central PSUs had their accounts in arrears for periods ranging from 2 to 13 years and over 600 operational state PSUs whose accounts are in arrears for periods ranging from 1 to 25 years.

The rational cut-off of the pendency period will give the government an opportunity to formulate a proper strategy to fix a time limit within which the accounts of the firms could be updated, said a senior government official on conditions of anonymity.

The proposal was discussed at a recent meeting of the department of public enterprises, Comptroller and Auditor General of India (CAG), ministry of corporate affairs and the Institute of Chartered Accountants of India (ICAI).

The meeting thought it best that the pendency gap be reduced and appropriate guidance be prepared to audit the PSU accounts to the latest financial year.

While the proposal is at a nascent stage, the ICAI which is the apex body of auditors in the country has been asked to prepare a guidance format that will be required to bring down the pending period audit and update them to the latest date.

It is a matter of concern that so many PSUs take critical financial decisions in the absence of required financial information, said Amarjit Chopra, ICAI president. He said that the accounts-in-arrears beyond a certain period, for example seven years, would not be considered, which will then be adjusted through appropriate guidance for the auditors.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Website Ranking Website Ranking Company Website Positioning Alexa Ranking Website Promotion Website top 10 ranking website top 10 promotion search engine result promotion Strategic Internet Marketing Website Optimization Website Ranking Factors

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