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ICAI to seek power to punish audit firms with govt nod
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 well. Instead, it agreed that the powers be used only in special circumstances,
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 well. Instead, it agreed that the powers be used only in special circumstances,
Auditor mindset needs to undergo change
Section 227 of the Companies Act 1956 requires an auditor to express an opinion on if the balancesheet presents a true and fair view of the state of the company’s affairs at the end of the
ICAI to seek oversight of audit firms
Accounting profession watchdog Institute of Chartered Accountants of India (ICAI) will seek an amendment to the Chartered Accountants Act to expand its regulatory powers to cover audit firms.
Accounting profession watchdog Institute of Chartered Accountants of India (ICAI) will seek an amendment to the Chartered Accountants Act to expand its regulatory powers to cover audit firms.
SEBI can probe PW role in Satyam scam
The Bombay High Court has ruled that the Securities and Exchange Board of India (Sebi) can proceed with its inquiry against audit firm Price Waterhouse for its alleged role in the Satyam scam. Raju
The Bombay High Court has ruled that the Securities and Exchange Board of India (Sebi) can proceed with its inquiry against audit firm Price Waterhouse for its alleged role in the Satyam scam. Raju
CAG can now vet NGOs in social sector schemes
The Comptroller and Auditor General of India (CAG) has now been empowered to vet all non-government organisations (NGOs) and other agencies involved in the government’s social sector schemes.
The Comptroller and Auditor General of India (CAG) has now been empowered to vet all non-government organisations (NGOs) and other agencies involved in the government’s social sector schemes.
Bidding era for auditors to end
The government is likely to ask all departmental enterprises and agencies, such as the National Highways Authority of India (NHAI), to dispense with the system of tender-based appointment of
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