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: Central Excise rule to resale the machines to a new company :: form 3cd :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: articles on VAT and GST in India :: VAT RATES :: ACCOUNTING STANDARDS :: due date for vat payment :: empanelment :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
ę News Headlines »
 8 benefits you must know about this tax-saving mutual fund
 10 most important income-tax changes which will apply from April 1
 Delhi: 54 CAs, company secretaries on radar in I-T crackdown against black money
 10 Income Tax Rules That Will Change From April. See Details Herea
 Looking for last-minute tax planning with Section 80C investments? Here's help
 Aadhaar mandatory for filing income tax return
 Will Aadhaar linkage solve India's income tax woes?
 GST roll out from July 1 will make goods cheaper: Jaitley
 Aadhaar To Be Mandatory For Filing Income Tax Return, PAN Application
 7 best tax-saving solutions which can help you save money
  No proposal to replace Income Tax with Banking Cash Transaction Tax

ICAI to seek oversight of audit firms
August, 18th 2010

Accounting profession watchdog Institute of Chartered Accountants of India (ICAI) will seek an amendment to the Chartered Accountants Act to expand its regulatory powers to cover audit firms.

Currently, the institute has powers to regulate only its members chartered accountants but does not have a specific mandate under law to oversee audit firms operating in the country.

The move comes on the heels of the Bombay High Courts August 13 ruling that the Securities & Exchange Board of India (Sebi) could proceed with its enquiry into audit firm PriceWaterhouse for its alleged role in the Satyam scam.

The High Court had observed that Sebi has the power to act in the interests of shareholders of listed companies. However, it noted that actions against professionals (chartered accountant, in this case) could be taken only by the body that regulates that profession.

The court observation triggered a debate on whether Sebi could bar PriceWaterhouse from working with listed companies, if proven guilty.

ICAI is attempting to arm itself with powers to monitor and, if necessary, wield regulatory powers over audit firms right from the time of registration. The ICAI council, the apex decision-making body, is expected to finalise the institutes recommendations tomorrow. Once finalised, the proposal will be submitted to the Ministry of Corporate Affairs.

The institute had suggested the need to strengthen its powers to regulate audit firms in its report on the Satyam accounting fraud submitted to the ministry few months ago. Currently, the disciplinary committee of ICAI holds individual chartered accountants responsible for any malpractices or discrepancies that occur during an audit. ICAI has powers to suspend the registration of such persons if found guilty. However, the institute has no power to take similar action against erring audit firms.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Web Application Development Web based Software Solution Web Application Deployment Web Application Solutions Web Application Software Development Web Application Deployment Web Application Programming Web Application Design and Development

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