Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« Top Headlines »
Open DEMAT Account in 24 hrs
 ITR filing 2023-24: Top 7 mistakes to avoid for hassle-free income-tax return filing this year
 Income tax returns for FY 2023-24: Keep these 8 tax law changes in mind while filing ITR this year
 ITR Filing 2024: Know who can and cannot file income tax returns using ITR-1 this year
 Income Tax Filing: 10 necessary guidelines that you must be aware of
 Why you should file your income tax returns before July 31
 What is Form 26AS? How to download Form 26AS to file Income Tax Return (ITR)
 Income Tax Return: What are the alternatives to Form 16 that can be used while filing ITR?
 What should you do if your Form 16 data doesn't match your ITR prefilled form?
 Check your Form 26AS, AIS carefully for error-free income tax return filing
 10 ITR filing mistakes which can cost taxpayers dearly
 Income Tax Return (ITR) Filing Deadlines FY 2023-24: A Quick Guide for Different Taxpayers

ICAI hints foreign audit companies fuel fraud
April, 13th 2011

Making a strong plea to entrust the audit of Indian corporates' books by Indian accounting firms, the Institute of Chartered Accountants of India (ICAI) President G Ramaswamy said this carried the benefit of preventing massive fraud.

It is time to entrust the audit of Indian corporates with the Indian accountant firms, Ramaswamy told reporters here, rather than foreign audit companies.

This would prevent "deficient audits and financial statements of companies enabling massive accounting fraud to go undetected for several years" as in the Satyam case, he said.

On the delay of taking action against chartered accountants registered with ICAI, who audited the Satyam Computer service, Ramaswamy said the US securities and Exchange Commission has slapped USD 17.5 million fine on Satyam, Pricewaterhouse (PW) and Lovelock and Lewis.

Stressing on the need for confering more powers to ICAI to avert large scale corporate scandals in future, he said a special disciplinary committee has been constituted this year exclusively for dealing with the Satyam case and it would complete the hearing on a fast track mode.

Remarkable progress has been made in the cases, where the court has not stayed the proceedings, he said.

Ramaswamy said certain changes in the disciplinary mechanism of the ICAI are on the anvil to award appropriate punishment to erring members of the institute.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting