ICAI for compulsory outsourcing of internal audit functions

ccounting 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 Institute of Chartered Accountants of India (ICAI) to the Corporate Affairs Ministry in the aftermath of a [...]

ICAI for compulsory outsourcing of internal audit functions

ccounting 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 Institute of Chartered Accountants of India (ICAI) to the Corporate Affairs Ministry in the aftermath of a [...]

Shri Salman Khurshid Presents ICWAI 7th National award for Excellence in Cost Management

BHEL bags 7 awards while LG electronics wins the first award in Private Manufacturing (Large) Category
Shri Salman Khurshid, Minister of Corporate Affairs, here today presented the 7th National Award for Excellence in Cost Management- 2009. BHEL bagged 7 awards in different Categories while LG Electronics won the First Award in Private Manufacturing (Large) category. [...]

M&As will soon get cleared in 180 days

India Inc has reason to cheer with the Ministry of Corporate Affairs making it mandatory for the competition regulator, the Competition Commission of India, to clear M&A (mergers and acquisitions) proposals in just 180 days compared with 210 days specified earlier.
Finalising Sections 5 and 6 of the Competitions Act, 2002, that deal with M&As, the [...]

Cos Bill to ban pyramid holding structure

In a move that will make it difficult for large companies to have a pyramid-like holding structure, the Ministry of Corporate Affairs plans to prohibit a subsidiary company from floating a 100 per cent owned company of its own.
In a string of new changes proposed to the Companies Bill, 2009, the Ministry has told the [...]

MCA proposes strict action against defunct firms

The Ministry of Corporate Affairs (MCA) proposes stringent measures against defunct companies that do not opt for the Easy Exit Scheme-2010, or EES-2010.
The move comes in the wake of poor response to the scheme, which came into effect on May 30 and remains in force till August 30, under which out of a total of [...]

Khurshid for 33% reservation for women in CA profession

The Corporate Affairs Minister, Mr Salman Khurshid, has called for higher representation of women in the chartered accountancy profession, similar to the 33 per cent reservation for women in Parliament.
“If there can be 33 per cent representation for women in Parliament, then why not something like that in the chartered accountancy profession too?,” Mr Khurshid [...]

Icai seeks more teeth to prevent frauds

India’s apex audit and accounting body wants more regulatory powers to prevent frauds such as the one perpetrated by B. Ramalinga Raju, the founder of Satyam Computer Services Ltd.
The Institute of Chartered Accountants of India (Icai), in a report to the ministry of corporate affairs (MCA), has asked that its committees be given the power [...]

Conduct code for analysts and i-bankers in offing

The government is mulling a comprehensive code of conduct for financial analysts and investment bankers to make them more accountable to the companies and retail investors they serve.
A proposal in this regard from a high-powered committee of Institute of Chartered Accountants of India (ICAI) that investigated the financial scandal at the erstwhile Satyam Computer Services [...]

Independent director selection may get easier

The government is planning to reform rules guiding the selection and appointment of independent directors in state-owned companies, a move aimed at instilling greater transparency and haste into a ponderous process.
A parliamentary panel of experts studying the new Companies Bill is likely to come up with suggestions in this regard, said a corporate affairs ministry [...]

Foreign audit firms may get full practising rights

Foreign audit firms may soon get full practising rights in India. Recommendations to give them full rights and make them accountable are in the final report on the multi-crore Satyam Computers scam submitted by the Institute of Chartered Accountants of India (ICAI) to the ministry of corporate affairs.
The ministry of corporate affairs, the ministry of [...]

ICAI for compulsory outsourcing of internal audit functions

Khurshid for 33% reservation for women in CA profession

Icai seeks more teeth to prevent frauds

Conduct code for analysts and i-bankers in offing

Foreign audit firms may get full practising rights