The Institute of Chartered Accountants of India has declared the dates for its examinations.
Following the request of the Securities and Exchange Board of India, the Institute of Chartered Accountants of India
The Reserve Bank of India on Tuesday banned chartered accountant firm Haribhakti & Co LLP from undertaking any type of audit assignments for regulated entities for a period of two years starting April 1, 2022.
Finance Minister Nirmala Sitharaman on Monday said technical glitches in the new income tax e-filing portal will be largely fixed in the next few days and that she has been constantly reminding Infosys about the issue. "I have been reminding Infosys (the vendor which developed the new portal) constantly, and (Infosys head) Nandan Nilekani has been messaging me with assurances that next couple of days they will sort out majority of problems," she said. To a large extent, the system is far better than what it was in June but still some issues are there, she said.
First-quarter results of several big companies such as Reliance Industries, Reliance Communications, Bharti Airtel and Jet Airways would have been a lot worse had they followed the Accounting Standards 11 rules prescribed by the Institute of Chartered Accountants of India.
The Institute of Chartered Accountants of India's Professional Education-I, Professional Education-II and Final examination will be held from November 1.
These include the Professional Education-I, Professional Education-II and Final examination.
The Institute of Chartered Accountants of India has shortlisted the changes it hopes to see in Budget 2017.
Nine months have passed since the country's largest financial scandal hit Satyam Computers, after its promoter Ramalinga Raju confessed to a fraud that its auditors had failed to detect.
Since KPMG is not registered in India, it cannot undertake auditing work or restate accounts of beleaguered Satyam Computer Services, said Ved Jain, president of the Institute of Chartered Accounts of India.
Any act by a chartered accountant that brings disrepute to the profession, whether or not in the professional domain, is open to disciplinary scrutiny and action.
The National Stock Exchange (NSE), which is once again in the eye of a storm due to the co-location scandal, has said it has taken several transformational steps in the past few years on the regulatory, technological, and surveillance fronts to help improve stakeholder experience and to protect investors. Senior officials of the exchange briefed the media over the steps the exchange has taken on various fronts following changes at the helm with former managing director and chief executive officer Chitra Ramkrishna's ouster in December 2016. "Over the last few years, we have been looking to modernise and transform the entire value chain of technology.
The rules are being framed to maintain absolute transparency and fair play in investigations.
The Institute of Chartered Accountants of India had issued show-cause notice to Bhagat, who sought time till March 31 to give his response.
A recent clarification by the Institute of Chartered Accountants of India regarding disclosure norms for derivative contracts had specified that companies would have to disclose mark-to-market losses from such transactions, financial year 2007-08 onwards. Sources now say companies have the leeway to avoid reporting losses on derivative contracts, as there are enough mechanisms in accounting standards that lay out the guiding principles in this regard.
ICAI intends to investigate the chartered accountants of PNB but the bank allegedly refuses to give the information sought.
The government paid Rs 164.5 crore to Infosys to build the new income tax e-filing portal between January 2019 and June 2021, Parliament was informed on Monday. "The contract for Integrated e-filing & Centralized Processing Centre (CPC 2.0) Project was awarded through an open tender published on Central Public Procurement Portal (CPPP) to Infosys Ltd, the Managed Service Provider on the lowest cost basis.
The letters were meant to assess if there had been any professional misconduct by any auditors of Reliance Infra and Reliance National Resources Ltd that led to the alleged misrepresentation of investments by these companies.
PricewaterhouseCoopers was Satyam's statutory auditor when the company's founder, B Ramalinga Raju, confessed to a massive accounting fraud in January 2009.
The government on Monday clarified that accounting regulator ICAI hasn't reported any irregularity in the account books of some Indian Premier League teams. 'The Institute of Chartered Accountants of India (ICAI) has not reported any irregularities in the accounts and violations of auditing norms by some Indian Premier League (IPL) teams,' Corporate Affairs Minister Salman Khurshid told the Rajya Sabha.
Says it will have implications for auditing work. According to the proposal, commercial banks need not classify a non-serviced loan under NPAs if the borrower has submitted an application for restructuring the package before March 31, 2009.
Even seventeen years after the government adopted the new economic policy the ICAI is yet to come to terms with the changing times and changed circumstances
There has been an exponential increase in the use of technology to validate financial numbers, with a greater reliance on electronic evidence, use of live videos where possible, data analytics, and project management software to overcome the physical limitations in verifying transactions and accounts.
ICAI is planning an investment of Rs.200 crores towards setting up of 'Centres of Excellence'.
"We will ensure that, to any person who has not worked according to our standards and our expectationsm severe punishment be given," ICAI President Ved Jain said after the financial wrong doings by India's fourth largest IT company were unearthed. He added that that under the Indian Penal Code any person party to a fraud or cheating can be convicted.
PwC's comments are still awaited. Following a letter from the Satyam chairman, who accepted that he had misrepresented facts in the company's balance sheet, role of auditors and accountants for the company has also come under scanner.
On the back of the Satyam episode, the ICAI is planning to seek more power for chartered accountants so that they are not mere qualifiers. In case they see any divergence in the numbers provided by the company, there must be a way to compel a restatement of accounts, according to the ICAI. It has asked its members to 'to be much more vigilant and rely on external information than be dependent on what the management provides.'
The apex body of chartered accountants on Friday apprehended that the move by the Centre for empowerment to issue directions through amendment in the CA Bill could lead to loss of its autonomy.
The CA insitute had asked the SFIO numerous times for details against the auditor, but it has not been furnished till now
Booming demand for chartered accountants services fuelled by a rapidly growing economy has meant that Shetty's experience is not an isolated one.
Amarjit Chopra, President, ICAI discusses what it means to be a Chartered Accountant, student issues and corruption.
The Institute of Chartered Accountants of India has offered technical information for drafting the rules for valuing employee stock options for calculating the fringe benefit tax.
Two weeks since the much talked about new income tax return filing portal was launched, technical glitches continue to mar the site, an issue finance ministry officials will take up in a meeting with Infosys -- the vendor which provided the IT solution -- at a meeting on Tuesday. Several stakeholders have submitted written inputs highlighting the issues facing the portal as well as areas that need to be fixed. At the company's annual shareholder meeting, Infosys had on Saturday stated that it is working to resolve the issues and has already succeeded on some fronts.
Meanwhile, company secretaries' body ICSI is also writing to the company secretary of Satyam Computer today to submit a report on corporate governance in a week. ICSI president Keyoor Bakshi said the government had earlier asked the institute to look into the revelations made by Satyam Computer's founder President Ramalinga Raju.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances