News Details- (Get Professional Updates on Whatsapp, Msg on
8285393786) More
News
Auditors have access to only one set of account - SIRC
PrintThe Institute of Chartered Accountants of India (ICAI) - SIRC has said that they maintain only one set of books of accounts. It has stated that the accounts of the SIRC are still in draft form and become final only upon approval and adoption by the Regional Council. The accounts have neither been finalised nor approved by the Regional Council nor been audited, the ICAI said in a statement.
The clarification comes at a time when Sundararajan Associates, the statutory auditors of SIRC and Southern India Chartered Accountants' Students Association (SICASA), had filed a resignation letter with ICAI, withdrawing from the post of statutory auditors.The Institute of Chartered Accountants of India (ICAI) - SIRC has said that they maintain only one set of books of accounts. It has stated that the accounts of the SIRC are still in draft form and become final only upon approval and adoption by the Regional Council. The accounts have neither been finalised nor approved by the Regional Council nor been audited, the ICAI said in a statement.
The clarification comes at a time when Sundararajan Associates, the statutory auditors of SIRC and Southern India Chartered Accountants' Students Association (SICASA), had filed a resignation letter with ICAI, withdrawing from the post of statutory auditors.In their resignation letter (copies of which are with TOI) the auditors' had stated that they had been furnished with three sets of financial statements on various dates with different figures with huge variance for the period 1 April 2015 to 30 September 2015.
The Institute, said that that during the finalisation of accounts, the draft accounts undergo changes and it is a normal practice to share draft accounts at various stages with the statutory auditors to speed up the audit process. Changes occurring in the draft accounts do not become dubious, said ICAI.
While committing to maintain the highest standards of financial discipline, governance and transparency, the Institute has stated that their auditors have access to only one set of accounts as maintained at the regional headquarters in Chennai. (Times of India)
Category : Auditing | Comments : 1 | Hits : 1661
Get Free Daily Updates Via e-Mail on Income Tax, Service tax, Excise and Corporate law
Search News
News By Categories More Categories
- Income Tax Dept serves notices to salaried individuals for documentary proof to claim exemptions
- Bank Branch Audit 2021 - Update on allotment of Branches
- Bank Branch Audit 2020 Updates
- Bank Branch Audit 2021 Updates
- Bank Branch Audit 2020 - Update on Allotment of Branches
- Police Atrocities towards CA in Faridabad - Its Time to be Unite
- Bank Branch Statutory Audit Updates 2019
- Bank Branch Statutory Audit Updates
- Bank Branch Audit 2022 Updates
- Bank Branch Statutory Audit Updates
- NFRA Imposes Monetary penalty of Rs 1 Crore on M/s Dhiraj & Dheeraj
- ICAI notifies earlier announced CA exam dates despite pending legal challenge before SC
- NFRA debars Auditors, imposes Rs 50 lakh penalties for lapses in Brightcom, CMIL cases
- GST Important Update - Enhancement in the GST Portal
- NFRA Slaps Rs 5 lakh Penalty on Audit Firm for lapses in Vikas WSP Audit Case
- CBDT extends due date for filing Form 10A/10AB upto 30th June, 2024
- RBI comes out with FEMA regulations for direct listing on international exchange
- RBI directs payment firms to track high-value, fishy transactions during elections
- NCLT orders insolvency proceedings against Subhash Chandra
- Income Tax dept starts drive to dispose of appeals, 0.54 million at last count
- Payment of MCA fees –electronic mode-regarding
- Budget '11-12' Parliament Completes Approval Exercise
- Satyam restrained from operating its accounts
- ICICI a foreign firm, subject to FDI norms: Govt
- Maha expects Rs 15 crore entertainment tax revenue from IPL
- CAG blames PMO for not acting against Kalmadi
- No service tax on visa facilitators: CBEC
- Provision of 15-minutes reading and planning time allowance to the candidates of Chartered Accountants Examinations
- Companies Bill to be taken up in Monsoon Session
- File Service Tax Return in time as Maximum Penalty increased 10 times to Rs. 20000
Comments
RAVITOSH KUMAR
07-May-2016 , 12:07:13 amhats off to auditor for showing courage