-The Hindu Chennai: In a move to usher in more transparency in Mahatma Gandhi National Rural Employment Guarantee Act, the Institute of Chartered Accountants of India (ICAI) will evolve standards to audit the scheme in 2.5 lakh villages, said ICAI president, Subodh Kumar Agarwal on Friday. Briefing reporters, he said ICAI would evolve a standardised procedure as the auditing of the MGNREGA scheme was unstructured one. He also urged the Centre...
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ICAI report on black money to be ready in Sept
-PTI The Institute of Chartered Accountants of India (ICAI) today said it would submit its report to the government in September, suggesting changes required in the key economic Acts such as Income Tax and FEMA to tackle the menace of black money and ways of retrieving it from tax havens abroad. ICAI had said earlier this month that the report was expected in August. A committee, headed by ICAI President G Ramaswamy, is...
More »Satyam auditing not the only slip-up in India, admits Price Waterhouse India by John Samuel Raja & Sangita Mehta
Five audit firms of Price Waterhouse India have admitted to the US markets regulator, the Securities and Exchange Commission (SEC), that deficiencies in their auditing process were not restricted to Satyam Computer , but extended to other companies audited by them in India as well. This disclosure by PW India is in two documents released by the SEC on April 5 while concluding its findings on the Satyam accounting fraud case....
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