Accounting regulator ICAI has asked the government to stop giving assignments to tainted audit firms, a move that would discourage wrong doings and promote entities with honest track records. The Institute of Chartered Accountants of India (ICAI) has mooted this suggestion in its final high powered committee report on Satyam submitted to the corporate affairs [...]
Archive for the ‘ICAI’ Category
Posted in 
ICAI proposes compulsory outsourcing of internal audit functions
Posted by admin on July 9th, 2010
Accounting regulator ICAI has asked the government to make outsourcing of internal audit functions mandatory for companies to prevent a Satyam-like fraud from happening again.
The suggestion is part of the recommendations by a high- powered committee of the ICAI to the Corporate Affairs Ministry in the aftermath of a Rs 10,000-crore scam in Satyam Computer and is intended to strengthen the internal audit system of companies.
ICAI seeks level field in foreign countries with foreign firms getting unrestricted practising rights
Posted by admin on July 9th, 2010
The Institute of Chartered Accountants of India (ICAI) has urged the government to ensure that Indian accounting firms get a level playing field in foreign countries, as the country is considering unrestricted practising rights to foreign firms.
Responding to a commerce ministry query on its position with regard to the accounting sector under the World Trade Organisation (WTO) regime, the country’s apex audit regulator called for a reciprocal arrangement with other countries to ensure that Indian firms get equal opportunities abroad.
ICAI suggestions on the Revised Discussion Paper (RDP) on DTC
Posted by admin on July 8th, 2010
A Revised Discussion Paper (RDP) on Direct Taxes Code (DTC) has been released by the CBDT on 15th June, 2010, taking into consideration the vital and critical issues raised by the various stakeholders on the DTC. It is extremely satisfying to note that six of the eleven significant issues identified in the RDP are as per the specific suggestions of the Direct Taxes Committee of the ICAI.
ICAI sees huge shortage of practising professionals
Posted by admin on July 5th, 2010
The Institute of Chartered Accountants of India (ICAI) is trying hard to get more professionals into practise. “At present more than 80 per cent of chartered accountants are employed with some company or the other. Very few opt to take up practice. But the opportunities are opening up and we foresee a huge shortage of practising professionals,” Mr G. Ramasamy, Vice-President, ICAI said.
To get more candidates take up the CA programme, the institute is planning to conduct an online CPT exam every month.
Certified Filing Centre under MCA 21 e-governance Programme
Posted by admin on July 5th, 2010
The Ministry of Corporate Affairs had introduced the MCA21 e-Governance programme with a view to improve the speed and certainty in delivery of MCA services in a transparent manner.
A scheme for Certified Filing Centres (CFCs) managed through the practicing professionals (Chartered Accountants, Company Secretaries, Cost & Works Accountants) was also introduced following the concept of user charges.
