In fact, the ministry of corporate affairs announced that role of directors and auditors at Satyam will be scanned by ICAI and the apex body of company secretaries.
With economic offences seeing an increase, the CBI has written to the Institute of Chartered Accountants of India (ICAI) to probe the growing number of white collar crimes.
Setting aside the ban on PwC, which is one of the Big Four global accounting firms, SAT said only the national auditors watchdog ICAI (Institute of Chartered Accountants of India) can take any action against its members and fraud cannot be proved on the basis of negligence in auditing.
"I told my office to take permission of the court because I want director, discipline, to begin proceedings against them (S Gopalakrishnan and Srinivas Talluri).
The tax portal problem is a goof-up by both sides, and making Infosys the only villain in the story is quite unfair, argues Shyamal Majumdar.
For India to emerge as a global power it needs to unleash its potential in the services sector. Accounting sector is one where it could have succeeded easily with, but failed.
26 chartered accountants associated with such shell companies have also been identified
Besides, auditors are required to mention in their reports whether the companies have made adequate disclosures about dealings in junked notes during demonetisation
On July 23, the apex court had cracked its whip on errant builders for breaching the trust reposed by homebuyers and ordered cancellation of the registration of Amrapali Group under the real estate law RERA, and ousted it from its prime properties in the NCR by nixing the land leases.
20-year old Shruti, who is simultaneously studying for CA, aims to join the Indian Revenue Service (IRS) in the future.
Under the Companies Act, 2013, auditors have the responsibility of reporting frauds, at entities being audited by them.
The session was organised in the backdrop of upcoming new Companies Act which is touted to have very strong provisions for both executive and independent directors, said Nitin Mankad, chairman, CII Central Gujarat Zonal Council.
The Institute of Chartered Accountants of India has written to 150 firms seeking information on various issues including on agreement or contract for usage of name of multinational entity, Corporate Affairs minister Salman Khurshid said in the Lok Sabha.
Going down the memory lane while addressing a function of the Institute of Chartered Accountants of India (ICAI) in New Delhi, he said: "I started out with a hidden desire of becoming a CA. I strayed into other activities and then preferred Law because at that time also the CA exam was difficult."
The corporate affairs ministry and the Institute of Chartered Accountants of India (ICAI) are confident of meeting the April 2011 deadline to shift to International Financial Reporting Standards (IFRS).
As the economy surges ahead, these financial watchdogs will be increasingly in demand.
Coal ministry officials along with senior officials from Coal India and department of disinvestment would meet with capital market regulator Securities and Exchange Board of India this month to take forward the process of listing the public sector unit.
Income Tax (I-T) Department has issued a fresh notice to realty major DLF even as it's appeal against an additional tax liability imposed on it by the I-T Department is being heard.
Beating the slowdown, chartered accountants (CAs) have bagged jobs with top-notch companies in the latest campus placement drive, which has also seen more newly qualified professionals get jobs.
Firms denied peer review certificate may be barred from auditing
India's big four audit firms are PricewaterhouseCoopers, Deloitte, KPMG and Ernst & Young, while ICAI is the apex regulator of the profession of chartered accountants.
Price Waterhouse's S Gopalakrishnan was involved in the Satyam case. The other two auditors who have been found guilty by the ICAI's disciplinary committee in the Global Trust Bank case, five years after the bank had collapsed, are Price Waterhouse partner P Ramakrishna and Lovelock & Lewes employee Manish Agarwal. ICAI President Uttam Agarwal said punitive action against the erring auditors would depend upon the gravity of offence.
The Institute of Chartered Accountants of India and CPA Australia have inked a mutual recognition agreement that would recognise the qualification and give memberships to eligible CAs through a bridging mechanism (by appearing for one or more papers). According to the MRA, ICAI members who are graduates will be eligible for CPA Australia membership after clearing a paper on business strategy and leadership.
Many of the legal outfits, which provide consultancy services to corporates that include drafting merger and acquisition agreements, preparing MoUs, rendering advice etc, operate as sole proprietorships.
After the Satyam scam, the role of chartered accountants has come into focus again. This time the Income Tax Department has found that CAs have given false certificates, enabling Non-Resident Indians and foreign nationals to evade taxes in India.
The country's accounting sector regulator has set a target to build 50 global brands based out of India in three years.
Paving the way for takeover of crisis-ridden Satyam by Tech Mahindra, the Company Law Board allowed the new owners to appoint Vineet Nayyar, C P Gurnani, Sanjay Kalra and Ulhas N Yargon on the board.
At a time when professionals charge hefty sitting fees, the government-appointed directors who worked long-hours to revive crisis-hit Maytas Infra worked for free.
This is to ensure that the amount paid by its customers was not used for other purposes, according to customers who have invested in company projects. The customers wanted the company to execute the Maytas Hill County project at the earliest. The delay was causing inconvenience to them due to soaring interest rates, they said, adding that a lot of people had paid the amount in full.
The decision comes in the backdrop of the Rs 7,800 crore fraud at Satyam. Independent directors in other firms have also resigned from their board positions in recent months. "It is possible they may have left due to some other reasons, but if any director has left intentionally and was aware of any wrongdoing, then the matter would be reported to the regulator concerned," says ICAI President Uttam Agarwal.
Maytas Infra has requested the government-appointed directors on its board -- O P Vaish and Ved Jain -- to furnish their consent and declarations.
Company balance sheets could soon acquire a new look, with the government asking ICAI to suggest ways to strengthen reporting norms following Satyam Computer Services scandal 7. ICAI sources said the mandate from the government was to ensure that company managements did not use notes to accounts as a cover-up for misdemeanours. The special group will submit its recommendations over the next few weeks.
The Institute of Chartered Accountants of India is in the process of clarifying the procedure for accounting of these peculiar transactions for which there is no precedence."We will issue explanations and clarifications as to how to record certain transactions which are innovative in nature," ICAI President Ved Jain told PTI.
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