Our report is independent, say auditors. A day after the Securities and Exchange Board of India (SEBI) said it would investigate reports of audit discrepancies by Reliance Communications (RCom), Anil Ambani accused special auditors Parakh & Company of being “completely unilateral, biased and prejudiced”. In a hastily organised tele-conference at which no counter-questions were permitted, [...]
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ICAI seeks RCom Data before taking any action on Auditor
Posted by admin on October 15th, 2009
The Institute of Chartered Accountants of India (ICAI) said on Wednesday that it has sought details on reports of alleged discrepancies in the books of the Anil Dhirubhai Ambani Group’s Reliance Communications (RCom), to see if it needs to initiate any action against the telecom major’s auditor. “I have asked the ICAI Director (Discipline) to [...]
ICAI seeks Info on Audit with Foreign Tie-Ups
Posted by admin on October 11th, 2009
Institute of Chartered Accountants of India (ICAI) has sought broad-ranging information about the association of its member institutions with foreign auditing firms. The move assumes significance following the accountancy fraud by the promoters of Satyam Computers that brought the role of auditors under scrutiny. The auditors concerned were associate firms of international auditing entity PricewaterHouseCoopers. [...]
ICAI Mulls Sector-Specific Accounting Norms
Posted by admin on October 6th, 2009
ICAI expects the recommendations to be ready by early next year. The Institute of Chartered Accountants of India (ICAI) is planning to introduce sector-specific accounting standards to bring in more transparency in handling corporate accounts. ICAI’s Committee for Members in the Industry (CMII) has already formed three groups — in sectors such as insurance, retail [...]
Single Authority for Auditing, Accounting Standards Soon
Posted by admin on October 6th, 2009
The Government is planning to strengthen the National Advisory Committee on Accounting Standards (NACAS), a move that will make the Institute of Chartered Accountants of India (ICAI) report to NACAS. For this, it will hand over the supervisory role of both accounting and auditing standards to NACAS. NACAS was constituted in 2001 to examine only [...]
ICAI asks CAs to Volunteer for Balance Sheet Audit of 9 lakh Cos
Posted by admin on October 5th, 2009
As the ministry of corporate affairs (MCA) gears up for the process of scrutinising the balance sheet of around 9 lakh registered companies in the country, the Institute of Chartered Accountants of India (ICAI) has asked chartered accountants to volunteer for this. “We have put this up on our website and have asked our chartered [...]
