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: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: TDS :: articles on VAT and GST in India :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: VAT RATES :: VAT Audit :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment
 
 
« General »
 Alarm bells over return of tax inspector raj
 Shah gets notices over civic tax dues
 Tax revenue down in first six months after prohibition
 Post demonetisation, Income Tax department sends 30 cases of irregularities to Enforcement Directorate, CBI
 Don’t rush into a new tax without being prepared
 Can’t tax income from palace rent: Supreme Court
  Withdrawal of Legal Tender Character of the existing Bank Notes in the denominations of â‚ą 500/- and â‚ą 1000/- (Updated as on November 30, 2016)
 Cases for tax scrutiny will be selected by machines
 Time to revisit 1997 direct tax rates, says P Chidambaram
 Lok Sabha passes Bill to tax black money deposits post demonetisation
 Last day to pay property tax with old notes

No accounting wrong doing in Reebok, says auditor
July, 03rd 2012

Reebok's auditor N Narasimhan & Co has informed the ICAI the there was no accounting wrong doing in the company which has filed Rs 870-crore fraud case against two of its former employees.

"Narsimhan & Co has said they are both the tax auditors and statutory auditors of the firm. They have told us that as far as audit is concerned there is no issue. We are waiting for some trigger from the company," ICAI President Jaydeep Shah told PTI on the sidelines of Chartered Accountants Day function here.

The Institute of Chartered Accountants of India (ICAI) had asked from Narsimhan & Co and Reebok's former chief operating officer Vishnu Bhagat, who is also a CA, to give their version and clarification on allegations about their role in the case.

Information was also sought from Rebook India which is still carrying out its internal investigation, Shah said.

"The company (Reebok) has said till investigation is going on they will not be able to share anything," he said, adding, "they have given us the report of the FIR that they have filed with the Gurgaon police."

ICAI has sought information from the auditors and the company in order to carry out its own probe into the role of auditors. Shah said the body would wait for the company to complete its probe and give leads.

Apart from the ICAI, Corporate Affairs Ministry's fraud probe body SFIO is investigating the case. The I-T department too launched a probe into the finances of Reebok India.

In May, Adidas-owned Reebok India had filed an FIR, alleging that its former Managing Director Subhinder Singh Prem and Chief Operating Officer Vishnu Bhagat were involved in Rs 870-crore fraud by indulging in "criminal conspiracy" and "fraudulent" practices over a period of time.

Both the executives, however, had denied the allegations. Following this, the Ministry of Corporate Affairs (MCA) had ordered a scrutiny of the books of accounts of the sportswear maker Reebok's Indian arm by the Registrar of Companies. The case was later handed over to the SFIO

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Custom Software Development Outsourcing Custom Software Development Offshore Cus

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