Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: empanelment :: VAT RATES :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: TDS :: due date for vat payment :: VAT Audit :: cpt :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
« News Headlines »
 A tax saver scheme with higher returns
 GST registration mandatory for TDS entities
 Govt rules out extension for filing GSTR-3B returns after December
 Tax department’s e-filing portal out of action for 2 hours
 Use ITR-2 to show salary and capital gains income
  TDS Applicability On Government Contracts Under Gst (Under Section 51 Of The Cgst Act, 2017)
  How to file ITR for FY 2016-17 and all the links you need
 All about E-way Bill under GST
 Good and simple tax: on the GST regime
 Seeks to extend the time limit for filing of GSTR-1, GSTR-2 and GSTR-3
 Good news, find Tax Return Preparers soon at a place near you; 5 things to know

Scathing Report by the ICAI
September, 28th 2011

The Institute Of Chartered Accountants in India has come down heavily on multinational audit firms in India. ICAI says audit firms are violating the law by using foreign brand names and the accounting regulator has asked for a Ministry of Corporate Affairs and RBI inquiry into their accounts.

You may recall that last year in its first post-Satyam report, the ICAI had asked the ministry for powers to go after audit firms and not just auditors. The second report that was submitted to the ministry last week by the ICAI does not bode well for all those audit firms functioning under foreign brands. The Institute has made three key charges against multinational network accounting firms:

- Firstly that these firms are violating the Chartered Accountants Act by using foreign brand names

- Secondly, many of these firms were meant to provide just management consulatancy services but are now providing all kinds of services like accounting, taxation, audit and book keeping.

- And that despite the ICAIs requests, several firms have not furnished complete details regarding their contracts with multinational audit firms.

Now, the ICAI has not mentioned any names, but the report clearly points in the direction of local firms working under the big 4 brands that is Deloitte, E&Y, PWC & KPMG.

The ICAI has suggested that the RBI and government investigate remittances made by local firms to multinational parents. ICAI President G Ramaswamy has also proposed joint action to enforce compliance with the law.

G Ramaswamy
President, ICAI

"If anybody is violating the Chartered Accountants Act under the guise of some other name, if the Chartered Accountants are involved in that, naturally the ICAI will take the regulatory measures, then the disciplinary mechanisms can be used. A joint working group can be constituted between government as well as ICAI so that we can bring out larger area of recommendation and implement through Chartered Accountants Act."

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Bath SEO Company Birmingham SEO Company Bradford SEO Company Brighton and Hove SEO Company Bristol SEO Company Cambridge SEO Company Canterbury SEO Company Carlisle SEO Company Chester SEO Company Chichester SEO Company Coventry SEO Compan

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