Accountancy regulator Institute of Chartered Accountants of India (ICAI) today agreed to withdraw disciplinary proceedings against the Delhi branch of the audit firm Price Waterhouse (PW) in the multi-crore Satyam scam. Advocate C S Vaidyanathan, appearing for ICAI, agreed to withdraw the proceedings after the Delhi High Court objected to ICAI taking action against the [...]
Archive for the ‘ICAI’ Category
ICAI Agreed to Withdraw Disciplinary Proceedings against Audit Firm PW Delhi
Posted by admin on November 4th, 2009
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ICAI, Audit Firms against Autonomy to Govt Banks in Choosing Auditors
Posted by admin on November 3rd, 2009
The extra freedom given to the 26 public sector banks from this year to choose their statutory auditors has auditing companies — both those chosen and those left out — restive. The have approached the Union finance ministry and the Prime Minister’s Office to say that the decision will affect the quality of audits. The [...]
QRB: ICAI has held on to its Turf and Extended Little Cooperation
Posted by admin on October 29th, 2009
The Institute of Chartered Accountants of India (ICAI), the regulator for the audit profession in the country which also sets the curriculum for CA’s, conducts the examination and grants certification, is itself unwilling to share information about its members and the quality of services they provide with the Quality Review Board set up in 2007 [...]
ICAI to Disallow Tainted Cos’ Partners from Audit Work
Posted by admin on October 28th, 2009
Accounting regulator Institute of Chartered Accountants of India (ICAI) has decided to disallow all partners of tainted firms from conducting any audit work till the firm is absolved of the charges and proceedings have been completed. The decision is likely to have an adverse effect on the profession as partners who, even if a part [...]
Centre asks ICAI to seek information from Foreign Companies Operating here
Posted by admin on October 25th, 2009
The government has sought clarity from auditing firm PriceWaterhouseCoopers (PWC) about their operations and business plans in India. “Come back with a plan. What is that you are responsible for? What is that you should be responsible for?” Corporate Affairs Minister Salman Khurshid told PTI while replying to questions about his meeting with senior representatives [...]
Freedom of Firms to Appoint, Fix Pay of Auditors should be taken away, says ICAI
Posted by admin on October 21st, 2009
The autonomy to appoint auditors and fix their remuneration should be taken away from firms and entrusted to respective regulators so that trust – which has been badly hit in the aftermath of Satyam fiasco — can be restored in auditors, the Institute of Chartered Accountants of India (ICAI) said today. ICAI President Uttam Prakash [...]
