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  • ICAI wants standard norms for internal auditing by companies
    Posted Date : 12-Oct-2011 , 08:18:20 am | Posted By CASANSAAR

    Accounting regulator Institute of Chartered Accountants of India has asked the government to standardise the internal auditing procedures adopted by domestic companies to prevent a repeat of Satyam-like frauds. These benchmark norms would reduce corporate risk manifold and ensure a standard and ...

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  • ICFAI founder CA.N.J. Yasaswy dead
    Posted Date : 10-Oct-2011 , 09:01:01 pm | Posted By CASANSAAR

    CA. N.J. Yasaswy, founder of the ICFAI Group of educational institutions and a pioneer to promote higher education in the private sector, died on Saturday.   A chartered accountant, the 62-year-old Yasaswy built a network of 11 universities and six ICFAI Business-schools, with presence across...

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  • Court upholds ICAI decision to bar auditor from practising
    Posted Date : 07-Oct-2011 , 08:16:43 am | Posted By CASANSAAR

      The Delhi High Court has upheld the decision of the Institute of Chartered Accountants of India (ICAI) to bar an auditor for Global Trust Bank (GTB) from practising accountancy for five years, according to the national professional accounting body.   It was last year that the capital-...

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  • Govts, PSUs favour CA firms with MNC link: ICAI
    Posted Date : 03-Oct-2011 , 08:26:10 am | Posted By CASANSAAR

    Accounting regulator ICAI has accused state and central governments, and PSUs, of deliberately favouring chartered accountant companies having affiliations with multinational audit firms.   "In certain cases, public sector undertakings, the government departments, central and state government...

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  • Turmoil in ICAI Pune; Council Member under scan
    Posted Date : 30-Sep-2011 , 07:59:35 am | Posted By CASANSAAR

    The Pune chapter of Institute of Chartered Accountants of India (ICAI) has suspended a training contract outsourced to a popular chartered accountancy training academy, Zaware's Professional Academy Pvt Ltd, following allegations related to conflict of interest. The matter assumes significance cons...

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  • Multinational audit cos flouting rules: ICAI
    Posted Date : 29-Sep-2011 , 08:25:05 am | Posted By CASANSAAR

    The Institute of Chartered Accountants of India (ICAI) has accused multinational audit firms operating in India of violating the Chartered Accountants Act, and has asked the Reserve Bank and the Ministry of Corporate Affairs to investigate their accounts.   A 168-page report prepared by the a...

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  • Multinational audit firms on ICAI's clean-up radar
    Posted Date : 28-Sep-2011 , 08:34:36 am | Posted By CASANSAAR

    The Institute of Chartered Accountants in India (ICAI) has come down heavily on multinational audit firms in India. ICAI says audit firms are violating the law by using foreign brand names and the accounting regulator has asked for an MCA and RBI inquiry into their accounts, reports CNBC-TV18's Paya...

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  • CAs to get new rules for auditing books of political parties
    Posted Date : 24-Sep-2011 , 10:08:35 am | Posted By CASANSAAR

    Call it corporatisation of political parties. Taking a step ahead towards introducing financial accountability among the political parties in India, the auditing regulator Institute of Chartered Accountants of India (ICAI) is set to issue guidelines on standard accounting norms to its member Charter...

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  • ICAI Invites Suggestions for Pre-Budget Memorandum-2012
    Posted Date : 22-Sep-2011 , 07:43:17 am | Posted By CASANSAAR

    The Central Direct & Indirect Taxes Committees are in the process of identifying issues that need to be taken up in the Pre-Budget Memoranda on Direct & Indirect Taxes – 2012 to be submitted to the Ministry of Finance. Suggestions are invited on laws relating to Direct Tax, Centra...

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  • ICAI to probe Everonn auditors
    Posted Date : 14-Sep-2011 , 07:36:45 am | Posted By CASANSAAR

    Chartered accountants' regulatory body, the Institute of Chartered Accountants of India (ICAI), has asked Everonn Education for its books, after the company got embroiled in a tax evasion and bribery case. The CBI arrested Everonn's founder and managing director P Kishore fo...

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  • ICAI will train companies on new software
    Posted Date : 12-Sep-2011 , 07:49:34 am | Posted By CASANSAAR

    Move over HTML, welcome XBRL (eXtensible Business Reporting Language). This is the mantra that The Institute of Chartered Accountants of India (ICAI) is pushing for, given that the last date for filing of company's balance sheet and annual return for current fiscal is falling due during October and ...

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  • Independent auditing of cooperatives, NGOs needed: ICAI
    Posted Date : 02-Sep-2011 , 07:21:49 am | Posted By CASANSAAR

    The Institute of Chartered Accountants of India has stressed the need for independent auditing of cooperative societies, various educational trusts and NGOs, saying it would bring down discrepancies in financial statements. ICAI President G Ramaswamy said revenue of NGOs, cooperatives and educa...

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  • ICAI to offer course in forensic accounting
    Posted Date : 01-Sep-2011 , 07:32:19 am | Posted By CASANSAAR

    In a month's time, the Institute of Chartered Accountants of India (ICAI) will launch a 100-hour certified course in ‘Forensic Accounting and Fraud Detection' using IT and Computer Aided Audit Tools, said its president G. Ramaswamy on Tuesday. Talking to reporters, he said that the importance...

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  • Auditors should be paid from a pool of funds
    Posted Date : 30-Aug-2011 , 07:46:40 am | Posted By CASANSAAR

    The Institute of Chartered Accountants of India's ( ICAI) move to write a new code of ethics is welcome, but it can be effective only if it compels auditors to raise their standard of ethics and values. No large corporate fraud has been exposed by eagle-eyed accountants, but by insiders or thro...

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  • Chartered accountants can become whistleblowers? ICAI council is divided over code of ethics
    Posted Date : 29-Aug-2011 , 08:05:00 am | Posted By CASANSAAR

    Chartered accountants, who are often blamed for helping clients sidestep the law and masking the truth behind numbers, will have a new code of ethics. After a marathon council meeting last week, the statutory body that makes the rules for the profession decided to overhaul the present code. Amid ...

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  • Clarification regarding non-inclusion of audits conducted under sections 44AD, 44AE and 44AF in the “specified number of tax audit assignments”
    Posted Date : 23-Aug-2011 , 05:13:07 pm | Posted By CASANSAAR

    In order to clarify the doubt raised by majority of members in respect of inclusion of audits conducted under sections 44AD, 44AE and 44AF of the Income-tax Act, 1961 in the specified number of tax audit assignments, the extracts of Para 6 of Chapter VI “Tax Audit assignments under section 44A...

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  • India Inc can soon tap CAs for arbitration services
    Posted Date : 19-Aug-2011 , 04:44:23 pm | Posted By CASANSAAR

    For corporates faced with commercial disputes, a cost effective mechanism that would also ensure their speedy disposal is on the anvil. The Institute of Chartered Accountants of India (ICAI) is piloting a new initiative by empanelling its members as arbitrators. This move could help bring down the...

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  • ICAI – Office in-charge can only be Partner or paid assistant in whole time employment who attends such office for a period of not less than 182 days
    Posted Date : 17-Aug-2011 , 08:02:48 am | Posted By CASANSAAR

    Status of In-charge of Head office or branch of Chartered Accountant Firm ICAI has considered the issue regarding status of In-charge of a Head Office of a firm of chartered accountants or its Branch Office and clarified that- “A member designated In-charge of an office of a chartered account...

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  • ICAI to submit report in Sept on black money
    Posted Date : 13-Aug-2011 , 07:39:40 am | Posted By CASANSAAR

    The Institute of Chartered Accountants of India (ICAI) will submit a report to the Central Board of Direct Taxes (CBDT) next month with its recommendations on tackling issues related to black money.   "A nine-member committee is looking into India's Double Taxation Avoidance Treaty Agreements...

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  • CAs should audit social welfare schemes: ICAI
    Posted Date : 09-Aug-2011 , 08:21:30 am | Posted By CASANSAAR

      The Centre and the state governments must allow certified Chartered Accountants to audit the financial expenses of social welfare schemes and cooperative societies, said G Ramaswamy, president, Institute of Chartered Accountants of India (ICAI).   "We have sent the proposal to respe...

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  • Announcement of KYC Norms by ICAI
    Posted Date : 04-Aug-2011 , 11:16:04 pm | Posted By CASANSAAR

    All the members of Institute of Chartered Accountants of India (ICAI), who are in practice, are hereby informed that the Council has formulated the following Know Your Client Norms (KYC norms) at its 307th Meeting held on 13th July, 2011, which shall be recommendatory in nature, and apply ...

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  • SC asks ICAI to proceed against Satyam auditor after October 3
    Posted Date : 01-Aug-2011 , 09:55:45 pm | Posted By CASANSAAR

    The Supreme Court today directed accounting regulator ICAI to initiate disciplinary proceedings against Talluri Srinivas, auditor embroiled in the multi-crore Satyam accounting fraud, only after October 3. A bench of Justices D K Jain and A K Ganguly asked the Institute of Chartered Accountants of I...

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  • ICAI asks govt. to amend Income Tax Act
    Posted Date : 30-Jul-2011 , 07:26:40 am | Posted By CASANSAAR

    Institute of Charted Accountants of India, ICAI appeal ed the government to amend the Income Tax Act in order to empower Accountants to examine foreign bank accounts closely in black money cases. Briefing reporters in New Delhi on Friday G Ramaswamy, President of ICAI said that an empowered group ha...

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  • EXPOSURE DRAFT OF TAXONOMY FOR NON-BANKING FINANCIAL COMPANIES (NBFCs)
    Posted Date : 29-Jul-2011 , 08:30:49 am | Posted By CASANSAAR

    XBRL (eXtensible Business Reporting Language) is a novel way of electronic communication of business and financial data that is of immense utility to the capital markets and the investing community. Those who stand to benefit include all who collect business data, including governments, regulators, ...

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  • ICAI recommends action against auditor
    Posted Date : 28-Jul-2011 , 07:20:09 am | Posted By CASANSAAR

    The Institute of Chartered Accountants of India (ICAI), which has been set up by an Act of Parliament, has decided to recommend to the High Court that a member CA R Laxminarayan of C C Chokshi & CO be removed from the Register of Members for one year for professional misconduct.   The ICA...

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  • ICAI - Handbook on "The Process of E-filing of Income Tax Returns"
    Posted Date : 26-Jul-2011 , 07:13:08 am | Posted By CASANSAAR

    A Handbook on "The Process of E-filing of Income Tax Returns" For more detail click here...

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  • ICAI allows audit firms with limited liability
    Posted Date : 19-Jul-2011 , 07:10:37 am | Posted By CASANSAAR

    The Institute of Chartered Accountants of India (ICAI) has allowed audit firms to convert into limited liability partnership (LLP) firms in a move that could set a trend for consolidation in the space dotted with several small entities. At the same time, the regulator for chartered accountants has...

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  • ICAI to submit suggestions on black money by August end
    Posted Date : 11-Jul-2011 , 09:01:07 pm | Posted By CASANSAAR

    Accounting regulator ICAI today said it will submit to the government, its suggestions on the ways to deal with the menace of black money and retrieving illegal money stashed in tax havens and overseas banks by the end of August. "We (the Committee) have had our first meeting. Right now we are colle...

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  • CBI arrests an Income Tax Officer and a Chartered Accountant in a bribery case
    Posted Date : 09-Jul-2011 , 07:57:30 am | Posted By CASANSAAR

    The Central Bureau of Investigation has arrested an Income Tax Officer and a Chartered Accountant, both of Aurangabad for demanding and accepting a bribe of Rs.15,000/- from the complainant.   A complaint was received at CBI, ACB, Pune from the complainant against the ITO Ward (1)(2), Auranga...

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  • ICAI to suggest ways to deal with black money
    Posted Date : 08-Jul-2011 , 07:37:08 am | Posted By CASANSAAR

    As the heat turns on the government on the issue of black money, the Institute of Chartered Accountants of India (ICAI) on Thursday said it would suggest to the finance ministry ways to track and control illicit money.   A committee, consisting of nine members of ICAI’s central council ...

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