Retain our Audit, Regulatory roles: ICAI to Ministry
PrintListen to this Article
The Institute of Chartered Accountants of India, the regulator of corporate accounting and audits, is hoping the Union Ministry of Corporate Affairs will acknowledge its current role and accept its recommendations regarding avoidance of certain domain-overlapping functions with those of the proposed National Financial Reporting Authority.
The Union Ministry of Corporate Affairs is yet to notify the relevant provisions and rules related to NFRA under the Companies Act, 2013.
The Ministry has proposed that the National Advisory Committee on Accounting and Auditing Standards (NACAS) be renamed as National Financial Reporting Authority with a mandate to ensure monitoring and compliance of accounting and auditing standards and to oversee quality of service of professionals associated with compliance.
K Raghu, President of ICAI, told Business Line that the institute suggested that it should continue to set the accounting and auditing standards, which could be approved by the NFRA.
Fraud monitoring
The super-regulator should also take action in case of “large-scale” accounting fraud. The regular monitoring of accounting and auditing practices should remain in the domain of ICAI. So far, the ICAI had been formulating and setting the accounting standards.
Similarly, the body with constitutional powers, had been taking actions against its members, who failed to comply with the standards set by the institute. Raghu said the ICAI, in consultation with the Ministry, has planned to introduce IFRS from April 1, 2016.
“Issues of taxation have delayed introduction of IFRS in India. However, in case of consolidated accounts, this problem would not arise”, he explained. The consolidated accounts of the holding company and its subsidiaries — listed or unlisted companies will have to be prepared following the IFRS. The standalone accounts, however, continue to be prepared following the Indian GAAP. (The Hindu)
Category : ICAI | Comments : 0 | Hits : 1339
The CA Institute has proceeded and notified its revised exam dates (announced on March 19) for the intermediate course examination and final examination despite a pending Supreme Court hearing slated for April 29 on postponement plea filed by some CA Students. An ICAI notification—gazetted on April 25 —showed that the intermediate course exams will be held on May 3, 5 & 9 (Group I) and May 11, 15 and 17 (Group II). The final exams are scheduled for May 2, 4 and 8 (Group ...
The Institute of Chartered Accountants of India (ICAI) has found gross negligence by edtech firm Byju's auditors, ICAI president Ranjeet Kumar Agarwal said on Wednesday. "Our inspection has found gross negligence on accounting practices by individual auditors of Byju's and accordingly we have recommended to the Financial Reporting Review Board (FRRB) to take punitive actions on auditors concerned," Agarwal told news agency PTI. Agarwal said, "The FRRB wil...
The Enforcement Directorate (ED) raided premises linked to Delhi Chief Minister Arvind Kejriwal’s personal secretary Bibhav Kumar, and Aam Aadmi Party (AAP) Rajya Sabha MP, Past President of ICAI Sh.ND Gupta in connection with a money laundering probe related to the Jal Board case. The central probe agency had last month arrested Jagdish Kumar Arora, the former chief engineer of the Delhi Jal Board. The probe agency claims that Arora awarded a contract worth Rs 38 crore to NKG Infrastru...
A bench of justice Bharav D Karia had observed that the activity of a CA includes that of accounting, auditing, refereeing, receivers, arbitrators and special commissioners as prescribed by the ICAI to be carried out on-premises and at places of managing partner may determine The Gujarat high court has ruled that a Chartered Accountancy (CA) firm should be classified as a professional establishment rather than a shop, commercial or retail entity and as a result, its employees are deemed ineli...
Notice Sent to Kumar Vishwas by Advocate (CA) Dr. Suneel Maggo for his Derogatory Remarks against Professionals (Chartered Accountants and Company Secretaries). We had discussed the matter with Advocate Suneel Maggo and the same has been uploaded on the youtube but on the pressure of Kumar Vishwas, Video has been removed 2 times. In his notice to Kumar Vishwas, He asked for Sorry to the Professional else Next Defemation Notice to Kumar Vishwas for his Derogatory Remarks against Chartered A...
Comments