Companies would have to recognise the increase in gratuity liability arising from new labour codes in their interim financial statements and results for the period ending December 31, the Institute of Chartered Accountants of India (ICAI) has said in its FAQs on the new labour codes.
The government also proposes to set up risk guarantee fund for infrastructure sector, she added.
Chartered accountants' apex body ICAI will be preparing a research paper to help markets watchdog Sebi in dealing with financial frauds. ICAI president Charanjot Singh Nanda on Saturday said the institute will set up a working group and hold discussions with Sebi to finalise the various aspects that will be looked into with respect to tackling financial fraud.
Chartered accountants' apex body ICAI may review the financial statements of IndusInd Bank, which is grappling with discrepancies in accounting to the tune of Rs 2,100 crore. The private sector lender, on March 10, disclosed about some discrepancies in its derivatives portfolio which could have an adverse impact of about 2.35 per cent of the bank's net worth as of December 2024 as per its internal review.
The Income Tax department will start sending SMS/emails to about 25,000 individuals, who are part of the "high-risk" cases identified for non-disclosure of foreign assets in the income tax returns (ITRs) filed for Assessment Year (AY) 2025-26, sources said.
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The Institute of Chartered Accountants of India (ICAI) has held discussions with ministry of corporate affairs (MCA) secretary Manoj Govil on the 'Aggregation of CA Firms' and the roadmap to create big Indian firms, a press statement by ICAI said.
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The National Financial Reporting Authority (NFRA) will invite public comments on the revised International Standard on Auditing 600 (ISA 600) proposed to be adopted by publicly listed companies and non-public-sector banks, sources close to the development told Business Standard. The decision to take this "graded approach" for the adoption of the ISA, which is meant to rein in auditors often found hiding behind the audit reports signed off by subsidiary companies, was taken at a meeting of various financial sector regulators at NFRA's board meeting on Monday (August 26). The idea behind upgrading the Standards of Audit 600 currently followed by Indian auditors to ISA 600 is to plug current gaps, which have led to major audit lapses in the recent past.
The move also comes against the backdrop of the embattled Mallya facing a case of loan default worth Rs 9,400 crore.
ICAI has also imposed a fine of Rs 5 lakh on each of the three accused in Satyam case.
The Institute of Chartered Accountants of India (ICAI) is likely to take disciplinary action against two Pricewaterhouse Coopers (PwC) auditors who were involved in auditing the account books of erstwhile Satyam Computers.
This second report is expected to go deeper into the matter and look at all new facts that may have come up.
In order to plug the loopholes that allow foreign audit firms to do surrogate audit practice in India with their Indian associates, the Institute of Chartered Accountants of India (ICAI), the apex body to regulate the chartered accountancy profession in the country, has issued notices to 12 CA firms that have tie-ups with foreign firms.
The Institute of Chartered Accountants of India (ICAI) has initiated an inquiry against former Reebok India chief operating officer Vishnu Bhagat, one of the accused in the alleged Rs 870-crore fraud in the company, a senior ICAI official said.
Licence foreign banks only if they reveal investment details, says Institute of Chartered Accountants of India.
Accounting regulator ICAI is planning to come out with accounting norms for the software and the BPO industry.
The chartered accountants body ICAI on Tuesday constituted a six-member special committee to look into the auditing of crisis-hit Satyam Computer, whose disgraced founder chairman Ramalinga Raju has confessed to fudging accounts.
The current process for selecting auditors could compromise their "independence".
The accountants body was reacting to reports about a tax assessment order by the I-T department, which found violations by ICAI such as failure to get their accounts signed by auditors, providing loans to partners without guarantee and interest and hiding income from coaching business. However, the institute pointed out that a view taken by a particular officer in the department in a specific year is not final and said that it is sure to be eligible for exemption.
The current revision, approved by the ICAI council last week, addresses issues such as effects of laws and regulations in conducting internal audit, responsibility of management for compliance with laws and regulations, responsibility of internal auditor and internal audit procedures.
The ICAI president said that the auditors would be interrogated mainly on accounting and auditing aspects and to check whether they followed the right methods of accounting. The Institute of Chartered Accountants of India has obtained permission from a local court to interrogate the two auditors and examine and record their statements.
The issue relates to alleged Rs 870-crore (Rs 8.7-billion) financial fraud at the company last year.
There are three Price Waterhouse firms and four Price Waterhouse & Co firms in PriceWaterhousCoopers' network of firms in India. Each firm is a separate partnership firm, with a maximum of 20 partners each, with head offices in the cities in which they are registered. Each of these is registered with ICAI. The Pricewater House registered in Bangalore had audited Satyam.
Widening the scope of its enquiry regarding practices adopted by foreign auditing firms to operate in India through surrogate entities, ICAI has asked 11 more domestic chartered accountancy firms to furnish details of operational arrangement with them.
The Ministry of Corporate Affairs has been engaging with officials from several audit firms over the past two months to streamline the process for the expansion of audit firms in the country, according to sources familiar with the matter. These discussions have involved representatives from notable firms who have independently submitted their recommendations to the ministry.
The chartered accountants regulator ICAI on Thursday said KMPG cannot audit Satyam's books, but the global auditor said it does not require to register with the regulator to restate the IT company's accounts.
The corporate affairs ministry has asked its field officers to expedite the inspection of the books of Byju's and submit the report, a senior official said on Monday as trouble continues to brew at the edtech firm. The ministry, which is implementing the companies law, will decide the further course of action after receiving the report from its regional office. In July 2023, the ministry had asked the office of the regional director in Hyderabad to conduct an inspection of the company Think & Learn Pvt Ltd, which is registered in Bengaluru.
Currently, ICAI cannot take action against any chartered accountant who has indulged in professional misconduct or any other misdeed if he is not a registered member of the institute. The accounting body is also planning to set up a serious fraud detection cell to assist regulators like the Reserve Bank of India and Securities and Exchange Board of India to prevent Satyam-like scams.
The fraud was disclosed by Satyam founder Ramalinga Raju himself in January.
As the heat turns on the government on the issue of black money, the Institute of Chartered Accountants of India (ICAI) on Thursday said it would suggest to the finance ministry ways to track and control illicit money.
Action against auditors, last of the 276 recommendations of a JPC probing Ketan Parekh scam, is still pending.
The national trait of exploiting the inherent weakness of democracy is now mirrored within the ICAI too.
Accountancy regulator ICAI on Wednesday agreed to withdraw disciplinary proceedings against audit firm Price Waterhouse Delhi for its alleged involvement in the multi-crore scam in Satyam Computer Services.
The decision to seek tie-up details from CA firms, especially those associated with the Big 4 -- PWC, Ernst & Young, KPMG and Deloitte -- follows a report by an Institute of Chartered Accountants of India committee on the multi-crore Satyam scam.
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