It has issued two revised accounting standards -- SA 500 and SA 720. The SA 500 lays down norms for obtaining and evaluating audit evidence, on which the final audit findings are based. Under this, a CA will have to go beyond verifying the balance sheet. The second standard -- SA 720 -- requires the auditor to read other information to identify any material inconsistencies vis-a-vis the audited financial statements.
A resolution which says 'I will be more organised' is not a good one, but a resolution which says 'I will keep my clothes and papers in an organised manner, make my bed, have bath at a regular time, eat at a fixed time, go the gym at a fixed hour and go to bed at a stipulated hour' is a far better resolution, points out P V Subramanyam.
'...We should first look at and acknowledge what we have done to ourselves.' 'To not do so opens us to the accusation of rank hypocrisy and also reduces the stature of our globetrotting peaceniks,' asserts Aakar Patel.
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.
Charanpreet Singh, associate dean, Praxis Business School, advises readers on MBA programmes.
For the startup ecosystem in India, the scorecard so far has been a mixed bag, observes Akhil Gupta.
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.
India abstained in the United Nations General Assembly on a resolution that demanded Israel end its unlawful presence in the Occupied Palestinian Territory within 12 months, with Delhi underlining that it is a strong advocate of 'dialogue and diplomacy' and efforts should be made towards 'building bridges', 'not furthering divides'.
Auditor Deloitte flagged three transactions, including recoveries from a contractor identified in the Hindenburg report, as it issued a qualified opinion on the accounts of Adani Ports & Special Economic Zone.
Finance Minister Pranab Mukherjee wants the income tax forms to be simple so that a taxpayer can understand his liability without consulting experts or chartered accountants.
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.
ICAI president Uttam Prakash Agarwal said the new board, to be called the Review Reporting Board, will have powers to examine even unlisted firms. Currently, the Financial Reporting Review Board, which was set up in 2004 to monitor and regulate the functioning of CAs in the country, picks up audit reports of about 50-60 listed companies and non-government organisations to see whether procedures are being followed.
Justice Dangre said that Ahmedabad, where the FIR against Das was registered, was not too far from Mumbai.
If the FM can levy education cess to meet the cost of education, then why not defense cess for defense cost, health cess, food cess, and so on. What are the tax collections meant for, asks Kanu H Doshi, partner of Kanu Doshi Associates, chartered accountants, Mumbai.
The Anil Ambami controlled-ADA Enterprises on Friday announced the appointment of Gautam Doshi, a leading chartered accountant, as group president and key member of the leadership team.
Is it a good idea to give Rs 1 crore to someone who promises you a return of 24% per annum, wonders financial advisor P V Subramanyam.
The government on Tuesday reassured chartered accountants and lawyers that training unemployed youth to be 'Income Tax Preparers' was not aimed at depriving them of work.
The apex body for accountants, ICAI, on Friday said it will seek explanation from R S Lodha on the structure of his audit firms following a complaint for alleged breach of its Code of Ethics and flouting of Companies Act.
No discrimination on basis of gender, age, religion, caste and physical ability.
To take the 'Idea to Enterprise' journey, you need to be open about your idea and articulate it to potential customers, existing entrepreneurs, experts in your industry and well-wishers.
P V Subramanyam takes a hard look at the pros and cons of both options.
Probe reveals "first and second" level of decision making in ministries of finance and commerce was "compromised".
Ratan Tata, Chairman Emeritus of the Tata Group, on Sunday said ace investor Rakesh Jhunjhunwala will always be remembered for his acute understanding of the markets as well as for his jovial personality, kindness, and foresightedness. Jhunjhunwala, often referred to as 'India's Warren Buffett', passed away here Sunday morning due to a cardiac arrest. He was 62. Jhunjhunwala had investments in more than three dozen companies, the most valuable being watch and jewellery maker Titan, part of the Tata conglomerate.
The CBI also informed that Karti Chidambaram will come back to India on May 24 and he has been directed to appear before them in 16 hours.
The Enforcement Directorate has issued fresh summons to Jharkhand Chief Minister Hemant Soren to appear before it in Ranchi on November 17 for questioning in a money laundering case linked to alleged illegal mining in the state, official sources said Wednesday.
The Election Commission on Friday virtually made it mandatory for political parties to deposit their funds in banks and not to exceed ceiling limits in financial assistance for candidates to ensure transparency and accountability.
Mizoram's social structure also contributes to the happiness of its youth. "It is the upbringing that adds to youth being happy or not, we are a casteless society. Also, parental pressure for studies is less here," said Sister Lalrinmawii Khiangte, a teacher of Eben-ezer Boarding School, a private school in the state.
ICAI is planning an investment of Rs.200 crores towards setting up of 'Centres of Excellence'.
The case pertains to an alleged scam in the Sahakari Sakhar Kharkhana (co-operative sugar factories) and Sahakari Soot Girnis.
'My parents had no idea what CA is or how difficult it is to crack the exam.'
The amazing excuses given by people who don't invest their money abound, but you would be wise to ignore them. Excuses won't help you get ahead; they can only hold you back from the retirement you deserve, says financial planning advisor P V Subramanyam
Donations to NGOs and charitable institutes are likely to be exempted from fringe benefit tax, a leading member of chartered accountants body ICAI said on Saturday.\n
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