The Confederation of Indian Industry (CII) has opposed the corporate affairs ministry move to rotate auditors and audit firms compulsory. The provision for rotation of auditors has been included in the Companies Bill, 2009, recently been vetted by the Parliamentary Standing Committee on Finance. “The rotation of audit firms does not serve any purpose, and [...]
Archive for the ‘Auditing’ Category
Posted in 
New Co’s Bill to make Auditors compensate for corporate fraud
Posted by admin on September 13th, 2010
The new Companies Bill could contain a provision that will make auditors compensate retail investors in cases of corporate fraud, a measure aimed at bringing in more accountability into audit profession. In a representation made before the parliamentary standing committee on finance, the ministry of corporate affairs has suggested several such measures to restore investors’ [...]
For Attention of members carrying out tax audit u/s 44AB of the I-T Act,1961
Posted by admin on September 10th, 2010
Attention of members is invited towards the changes in the Guidance Note on tax Audit under section 44AB of the Income-tax Act, 1961 approved subsequent to the publication of the Supplementary Guidance Note, issued by the erstwhile Fiscal Laws Committee, as a part of the publication “Guidance Note on Audit of Fringe Benefits under the [...]
Govt proposing to change role of accounting standards body
Posted by admin on September 10th, 2010
The government plans to redefine the functions of the National Advisory Committee on Accounting Standards (Nacas) to convert it into an independent regulatory entity to monitor the quality of audit undertaken across the corporate sector in the country. The proposal, made by the corporate affairs ministry to the Parliamentary Committee on Finance that looked into [...]
ICAI seeks power to punish errant audit firms with prior govt nod
Posted by khyati on August 25th, 2010
The Institute of Chartered Accountants of India (ICAI) is likely to ask for powers to penalise errant audit firms, but only with prior approval from the government. The ICAI Council, the apex decision-making body that met last week, was divided on the issue of the regulatory agency for auditors getting powers to penalise firms as [...]
2011-12 challenging for CA’s with IFRS & direct tax code
Posted by admin on August 22nd, 2010
The financial year 2011-12 is going to be more vibrant, especially for the accounting professionals, with the implementation of Direct Taxes Code (DTC) and the convergence of Indian accounting standards with IFRS (International Financial Reporting Standards), according to Mr G. Ramaswamy, Vice-President of the Institute of Chartered Accountants of India (ICAI).
