The accountants were allegedly found laundering money for companies through shell companies during the demonetisation period.
Chartered accountants' apex body ICAI today said it is looking at alleged accounting irregularities at some Tata group companies in the wake of concerns raised by ousted chairman Cyrus Mistry.
Advisory on illegal activities by chartered accountants if any is welcome move but advisory not hearing any negative views on demonetisting by any ICAI member is a bit of an overreach, says V Balakrishnan, Former CFO, Infosys.
To provide a "fair picture" of a company's financial position, more than 3,000 disclosures will be required under the Indian Accounting Standards, according to chartered accountants' apex body ICAI
Companies need to treat expenses related to CSR activities as non-cost items and separately disclose transactions in this regard where related parties are involved, according to cost accountants' apex body ICAI.
The paper said the track capacity addition of railways could grow at compound annual growth rate (CAGR) of a meagre 0.7 percent whereas it witnessed passenger and freight traffic growth of CAGR 3.1 percent and 4.3 percent respectively.
Currently, an auditor for a public sector bank is practically selected by the chairman of the respective lender unlike the earlier practice of auditor being appointed by RBI, ICAI's new President M Devaraja Reddy.
Minister of State for Finance Jayant Sinha also asked investors to take a long term view on equities, without getting swayed by short term volatilities, saying that he himself has been investing in stocks for 30 years.
While directing the company to expeditiously make the public announcement about the delisting, the market regulator said the same price of proposed deal with Russia's Rosneft should be offered to the public shareholders.
"We are planning to compile a report on banking that will focus on how to reduce NPAs by PSU banks," ICAI chairman (committee on banking) Sumantra Guha said.
Facing a multi-agency scrutiny, Diageo-owned United Spirits may have to restate its financial accounts, even as some investor groups have begun to question the UK-based parent's long silence on allegations against the erstwhile main promoters, Vijay Mallya-led UB Group.
Raising concerns, the chartered accountants' apex body ICAI has said that the current process for selecting auditors at public sector banks could compromise their "independence" in carrying out the auditing job.
The plausible reasons for rising NPA levels could be attributed to slowdown in the economy or deficiency in due diligence, he said. "There is a need for research on why the NPAs in the banking system are rising, in addition to a segmented and focused study", Kaul said.
10 years ago the Enron scam prompted the Sarbanes Oxley Act with measures to improve governance standards in corporate America and so was born the Public Company Accounting Oversight Board. PCAOB oversees the audits of public companies, has 2363 accounting firms registered with it, a staff of 766 and a budget of 245 million dollars.
By: Rohan Phatarphekar, Head â€“ Transfer Pricing, KPMG India, Global Transfer Pricing Services
The world spoke one language as eminent accountancy professionals from across the globe got together to share their visions, theories and strategies at the ICAI International Conference this year.
By: Arun Giri & PS Prabhakar
By: Kanwal Gupta, Deloitte Haskins & Sells
The Institute of Chartered Accountants of India (ICAI) will meet Union Finance Minister P Chidambaram on retaining the current advance limit of bank branches for independent audit.
Apex accounting body ICAI has barely made any progress in the Reebok scam putting a question mark on its role as an effective regulator, reports CNBC-TV18's Ronojoy Banerjee quoting sources.
Market regulator Sebi today decided to make it mandatory for top 500 listed companies to facilitate e-voting, making it easier for shareholders to participate in key decisions without being physically present in the meetings.
CNBC-TV18's Payaswini Upadhyay reports that analysts are questioning the way it has accounted for the compensation received from Pfizer at the premature termination of their insulin drug development agreement.
Indian Rupee has hit all time low today at Rs 54.51 per dollar, says Jagannadham Thunuguntla, Strategist & Head of Research, SMC Global Securities Limited.
The Institute of Chartered Accountants of India (ICAI) has approached the capital market regulator â€“ the Securities Exchange Board of India for a four-pronged change in company compliance norms. Last week, the accounting regulator met the SEBI chairman U K Sinha to apprise him on those issues.
Former tennis star Vijay Amritraj has resigned from the board of the beleaguered air carrier Kingfisher Airlines (KFA).