Chartered Accountancy
ICAI for compulsory outsourcing of internal audit functions
By admin at 9 July, 2010, 12:46 pm
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 [...]
Khurshid for 33% reservation for women in CA profession
By admin at 2 July, 2010, 10:57 am
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
By admin at 1 July, 2010, 9:57 am
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
By admin at 21 June, 2010, 12:35 pm
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 [...]
Foreign audit firms may get full practising rights
By admin at 31 May, 2010, 11:11 am
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 [...]
PwC to meet Khurshid on surrogate practices
By admin at 21 May, 2010, 10:28 am
Under pressure from the government to reveal the surrogate nature of its practices in India, senior officials from PricewaterhouseCoopers have sought a meeting with the corporate affairs minister Salman Khurshid next week to clarify its position.
Following the Satyam scam, the accounting regulator Institute of Chartered Accountants of India had voiced its concerns over the opaque [...]
ICAI asks Sebi to defer decision on annual results by 6 months
By admin at 17 May, 2010, 12:48 pm
Accounting regulator ICAI has requested the Securities and Exchange Board of India to defer by at least six months implementation of its decision with regard to publishing of quarterly results by listed companies.
“Sebi has been requested to defer the applicability of the (Sebi’s) decision by six months so that there is sufficient notice for not [...]
The Institute of Chartered Accountants of India Pitches Strongly for Hosting the 19th World Congress of Accountants in 2014
By admin at 12 May, 2010, 10:53 am
International Federation of Accountants Deeply Impressed with the Facilities Available at Hyderabad.
The Institute of Chartered Accountants of India (ICAI) here today organized a Press Conference at ICAI Bhawan. It was addressed by Mr Robert Bunting, President, International Federation of Accountants (IFAC),Mr Ian Ball, Chief Executive Officer, IFAC and Mr Matthew Bohun, Technical Manager, Governance and [...]
ICAI mulls making names of guilty auditors public
By admin at 5 May, 2010, 11:48 am
The Institute of Chartered Accountants of India (ICAI) has taken a number of initiatives to converge auditing in India with global accounting standards. Amarjit Chopra, president, ICAI, in an interview with FE’s Neha Pal, shares his views on some these initiatives and the need to punish auditors and auditing firms responsible for frauds. Excerpts:
How far [...]
Info sought on multinational accounting firms
By admin at 30 April, 2010, 1:01 pm
Against the backdrop of multi-crore Satyam fraud, the accounting regulator ICAI has sought information from 150 chartered accountant firms, including MNCs, to see whether they circumvented laws while providing auditing services in the country.
The Institute of Chartered Accountants of India (ICAI) has written to 150 firms seeking information on various issues including on agreement or [...]