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: cpt :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: VAT RATES :: TDS :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: form 3cd :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS
« Auditing »
 Supreme Court puts the spotlight on audit firms
 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

Govt may take private help for corporate audit
September, 25th 2009

The government has decided to hire private professionals to scrutinise companies balance sheets filed with the Registrars of Companies (RoC) in a bid to scale up the annual scrutiny of corporate financial statements and ensure better regulatory compliance.

With the limited staff over-burdened with other work, the government is able to cover only a small fraction of the nearly eight lakh registered companies now. The government is keen to expand its scrutiny of the financial statements filed by companies for early detection of possible violations or fraud.

This key task will now be done by privately engaged chartered accountants, cost accountants and company secretaries. The countrys three statutory regulators for accounting (ICAI), company secretaryship (ICSI) and cost accounting (ICWAI), have already been asked to send a panel of their members to the RoCs for this purpose, said a government official, who wished not to be identified.

The decision to outsource has been taken for the financial year 2009-10. The project, which will be reviewed and its impact assessed at the end of the financial year, may be continued for subsequent years if found satisfactory.

All hired professionals scrutinising the balance sheets, will enter into an agreement with the respective RoC declaring their integrity.

The government will pass on the work only after confirming that the balance sheet, which they are to scrutinise, do not belong to a company which he represents or that of his competitor.

The employed staff will have to take an oath of confidentiality about the financial data that they will be given access to.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Work Flow Workflow Software Software Automation Workflow automation Software Design Workflow Design Business Work Flow Workflow automation tools

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