ICAI to issue norms on fraud reporting by Auditors
Posted Date : 24-Apr-2014 , 07:27:44 am | Posted By CASANSAAR
Accounting watchdog the Institute of Chartered Accountants of India (ICAI) will bring out a guidance note for auditors on detecting corporate fraud. This follows the new Companies Act making it mandatory for auditors to report corporate frauds to the government within a specified time fram...
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ICAI |
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RBI prescribes uniform accounting norms for asset reconstruction firms
Posted Date : 24-Apr-2014 , 07:26:26 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) prescribed uniform accounting standards for asset reconstruction companies(ARCs) for acquiring non-performing loans, recognising revenue and management fees to ensure common treatment for firms.
The new norms will be effective from accounting yea...
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RBI |
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0 | Hits : 972
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Sebi revises norms for liquidity enhancement schemes
Posted Date : 23-Apr-2014 , 09:56:17 pm | Posted By CASANSAAR
The Securities and Exchange Board of India has revised norms governing the incentives that stock exchanges can provide members for trading on their platforms. The new norms allow exchanges to provide incentives for a maximum period of three years, according to a circular on the regulator's website.
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SEBI |
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0 | Hits : 847
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RBI for two-stage verificationfor online transactions
Posted Date : 23-Apr-2014 , 08:07:21 am | Posted By CASANSAAR
Worried over rising number of frauds in online banking, the Reserve Bank of India (RBI) has suggested that banks introduce two-stage authentication to ensure security of transactions.
The RBI report on ‘Enabling Public Key Infrastructure (PKI) in Payment System Applications’ sai...
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RBI |
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Companies can't use ECBs from same bank to repay loanst
Posted Date : 23-Apr-2014 , 08:04:10 am | Posted By CASANSAAR
The RBI has barred manufacturing and infrastructure companies from repaying rupee loans taken from domestic banks through the external commercial borrowing (ECB) route at their overseas branches/subsidiaries.
"If the ECB is availed from overseas branches/subsidiaries of Indian banks, th...
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Banking |
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0 | Hits : 982
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ICAI bans four auditors for life in Satyam Scam
Posted Date : 23-Apr-2014 , 07:56:50 am | Posted By CASANSAAR
The chapter of Satyam scam is finally set to close as far as the accounting regulator, ICAI, is concerned. The Institute of Chartered Accountants of India (ICAI) has imposed a life-time ban on four auditors — S Gopalakrishna, Talluri Srinivas, V Srinivasa and VS Prabhakara Rao — involved...
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ICAI |
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1 | Hits : 2469
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Sad Demise of 18 years old son of our member CA. P.K.Agrawal in a Road Accident
Posted Date : 23-Apr-2014 , 07:41:14 am | Posted By CASANSAAR
CASANSAAR Deeply mourns the Sad Demise of 18 years old son of our member CA.P.K.Agrawal in a Road Accident. His son (18 Years) was a student of B.Tech first year in a Private college in Greater Noida.
He was returning from the college after writting his examination. He was hit by...
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General |
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0 | Hits : 1363
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Milestone 100
Posted Date : 22-Apr-2014 , 08:45:54 am | Posted By CASANSAAR
Many thanks to all users for their faith in CASANSAAR. Heartiest thanks to the lucky CA.Revati Galgali for getting developed 100th website (www.rvgco.in) from CASANSAAR.
Great show by the team of CASANSAAR who have worked day and night continuously to achieve this landmar...
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ICAI |
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0 | Hits : 2006
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PwC forensic audit report may put fat tax liability on MCX
Posted Date : 22-Apr-2014 , 08:03:12 am | Posted By CASANSAAR
There is trouble brewing ahead for MCX, which may face a big tax liability post the PwC's forensic audit report, reports CNBC-TV18’s Varinder Bansal.
Now it will place its audit report before Audit Committee in the April 23 meet. The Board will decide on further course of action in the April ...
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Auditing |
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0 | Hits : 940
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SEBI norms on related party deals would pose difficulties
Posted Date : 22-Apr-2014 , 07:57:52 am | Posted By CASANSAAR
Capital market watchdog Sebi's new norms on related party transactions could pose practical difficulties for listed companies, according to consultancy KPMG.
The norms are part of a stringent corporate governance framework for listed companies that would be effective from October 1.
Under the new ...
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SEBI |
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This is the age of Professional Accountants and not Chartered Accountants - ICAI President
Posted Date : 21-Apr-2014 , 06:57:45 am | Posted By CASANSAAR
“This is timely and appropriate in view global situation. Why should there be a monopoly of one profession? Cost-based and operational audits are required today. This is the age of professional accountants and not chartered accountants. Stakeholders need specific information,” SC Mohanty...
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ICAI |
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3 | Hits : 1992
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ICAI to start flexi working portal for women CA for working from Home
Posted Date : 20-Apr-2014 , 05:43:28 pm | Posted By CASANSAAR
The Institute of Chartered Accountant of India (ICAI) plans to start women flexi working portal by next week, to facilitate female chartered accountants to work from home and having flexible working hours.Under the plan, ICAI flexi working portal would allow qualified CA women to have flexible worki...
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ICAI |
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1 | Hits : 2601
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Exclude private companies from audit cap scope, ICAI tells Ministry
Posted Date : 20-Apr-2014 , 12:29:25 pm | Posted By CASANSAAR
The recently introduced audit cap restriction under the new company law should not apply to private limited companies, one-person companies and small companies.
A representation to this effect has now been made by the CA Institute to the Corporate Affairs Ministry.
The new company ...
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Income Tax |
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1 | Hits : 1368
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Online PF transfer for workers under private trusts from July
Posted Date : 19-Apr-2014 , 03:53:24 pm | Posted By CASANSAAR
The organised sector workers covered under private PF trusts, which manage their employees' retirement fund themselves, will be able to transfer their PF accounts online from July this year.
There are over 3,000 private Provident Fund (PF) trusts which are managing the a...
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General |
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0 | Hits : 1217
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New Companies Act 'draconian', feel auditors; officials if found guilty of fraud then liable to pay 3 times of amount involved
Posted Date : 19-Apr-2014 , 08:19:04 am | Posted By CASANSAAR
The new companies law has key managerial professionals (KMPs) and auditors worried as its terms are much more stringent than the old legislation, with some even calling it 'draconian'.
While the previous law allowed professionals to get away with a fine for most offences...
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Auditing |
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0 | Hits : 1389
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RBI implements Bhaskar panel recommendations
Posted Date : 19-Apr-2014 , 08:16:41 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has asked the Fixed Income Money Market and Derivatives Association of India (FIMMDA) and the Foreign Exchange Dealers’ Association of India (FEDAI) to act as administrators of the Indian rupee interest rate and foreign exchange benchmarks.
“To ...
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RBI |
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0 | Hits : 1064
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Sebi issues new corporate governance norms
Posted Date : 18-Apr-2014 , 04:17:14 pm | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi) today came out with detailed corporate governance norms for listed companies providing for stricter disclosures and protection of investor rights, including equitable treatment for minority and foreign shareholders.
The new rules, which would be eff...
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SEBI |
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0 | Hits : 1008
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New Companies Act: 137 top companies need to change auditors by 2017-18
Posted Date : 18-Apr-2014 , 08:32:33 am | Posted By CASANSAAR
With the implementation of new Companies Act from April 1, a majority of the top 200 listed companies will need to change their auditors over the next three years in a bid to ensure objectivity and prevent the "cozy management-auditor nexus". The recently notified section 139 of the Companies A...
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Auditing |
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1 | Hits : 1683
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Difficulties related to new Cos Act will be resolved: MCA
Posted Date : 18-Apr-2014 , 08:27:40 am | Posted By CASANSAAR
The Ministry of Corporate Affairs today said efforts are being made to resolve difficulties faced by various professional entities, including company secretaries and auditors, with regard to new companies law.
There have been discontent in some quarters related to certain rules under the...
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Corporate Law |
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0 | Hits : 1442
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Big loan defaulters to face Rserve Bank's Audit
Posted Date : 18-Apr-2014 , 08:26:17 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has taken upon itself the task of investigating bank frauds after a series of inquiries by banks themselves in high-profile cases such as those involving Deccan ChronicleBSE 1.81 % and Kingfisher Airlines yielded very little. The Board of Financial Supervision (B...
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Auditing |
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0 | Hits : 1100
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CAs, CS' object to notification of Companies Act
Posted Date : 17-Apr-2014 , 01:07:29 pm | Posted By CASANSAAR
Chartered accountants, cost accountants and company secretaries—three classes of professionals recognized under the statute— have protested against the notification of the new companies law, with each saying that they will be hurt by it in various ways. While chartered accountants a...
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Corporate Law |
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0 | Hits : 1963
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CAG empowered to examine accounts of private telecom companies: SC
Posted Date : 17-Apr-2014 , 01:03:32 pm | Posted By CASANSAAR
In a judgement with far-reaching consequences across various business sectors, the Supreme Court on Thursday ruled that the Comptroller and Auditor General (CAG) was empowered to examine the accounts of private telecom companies.
The court held that such a scrutiny was imperative ...
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Auditing |
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0 | Hits : 826
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Eligibility Test for ISA is scheduled to be held on Saturday the 10th May, 2014
Posted Date : 16-Apr-2014 , 09:26:33 pm | Posted By CASANSAAR
1. The next Eligibility Test for ISA PQC is scheduled to be held on Saturday the 10th May, 2014 from 08.00 a.m. to 12.00 p.m. A detailed notification giving list of centers would be hosted on Committee Portal at http://cit.icai.org by 15th April, 2014.
2. Attendance of members, wh...
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ICAI |
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0 | Hits : 1131
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Cancel tax benefits to defaulting political parties: EC to CBDT
Posted Date : 16-Apr-2014 , 09:13:39 pm | Posted By CASANSAAR
Election Commission has written to the CBDT seeking cancellation of income tax exemption given to certain political parties as they failed to submit their mandatory expenditure contribution reports on time to the poll body.
The Central Board of Direct Taxes, sources said, h...
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Income Tax |
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0 | Hits : 825
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SC grants recognition to transgender as third Gender
Posted Date : 16-Apr-2014 , 09:20:27 am | Posted By CASANSAAR
In a landmark verdict, the Supreme Court granted legal recognition to transgenders or eunuchs as third category of gender and directed the Centre and all states to treat them as socially and educationally backward classes to extend reservation in admission in educational institutions and f...
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General |
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0 | Hits : 1048
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I-T Dept can now raise objections to merger schemes
Posted Date : 16-Apr-2014 , 09:13:27 am | Posted By CASANSAAR
The Income-Tax Department will now get an opportunity to protect the interests of the Revenue in reconstruction or amalgamation schemes filed for approval before various High Courts.
The Central Board of Direct Taxes (CBDT) has directed the Chief Commissioners of Income-Tax (CCITs) to ensur...
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Income Tax |
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0 | Hits : 1023
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Public sector bank management should be held accountable for bad loans: Jalan
Posted Date : 15-Apr-2014 , 10:10:04 pm | Posted By CASANSAAR
Former RBI governor Bimal Jalan on Monday said the managements of public sector banks, and not the finance ministry, should be held accountable for the wrong assessment of credit worthiness to check the rising number of bad loans.
“If you put public sector banks in one bracket and oth...
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RBI |
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0 | Hits : 908
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No TDS on deposits doesn't mean these are tax-free
Posted Date : 15-Apr-2014 , 08:24:23 am | Posted By CASANSAAR
Are you receiving emails or telephone calls from banksadvising you to invest in recurring deposits because there is no tax deducted at source (TDS) in this case? Remember, such investments aren’t tax-free.
No TDS merely means the bank will pay you the entireinterest&n...
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Income Tax |
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0 | Hits : 1519
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SEBI pitches for teaching capital markets to school students
Posted Date : 15-Apr-2014 , 08:10:15 am | Posted By CASANSAAR
The Securities and Exchange Board of India (SEBI) has made a pitch for including additional financial concepts related to capital markets in school syllabus.
The market regulator said it has followed up with Central Board of Secondary Education (CBSE) and HRD Ministry on the proposal and ha...
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SEBI |
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0 | Hits : 872
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Murder of CA Anand Agarwal - Will ICAI take appropriate Action?
Posted Date : 14-Apr-2014 , 08:45:58 am | Posted By CASANSAAR
CA Anand Agarwal, Age 26 ,who was posted in Assam for in service with Eastern Coal field ltd.
He was found dead in his room on 04.04.2014. He was poisoned through Dinner. A news paper circulated this sad news.
Police is not taking any substantial action due to possible involvement of Coal mafi...
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ICAI |
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3 | Hits : 4895
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