sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
« News Headlines »
 How much tax can you save via tax saving investments, expenditures?
 5 tax saving mistakes millennials need to watch out for Income Tax Saving
 Tax-saving 101 for young earners
 4 important tax benefits of buying a house jointly
 5 best ways to invest and save tax at the last minute Last minute tax saving tips
 Pay your pending advance tax by 15 March
 2018 Tax Extensions: 12 Tips To Save You Money
 5 investment options other than Section 80C to save more Income Tax return filing
 Is it mandatory to link Aadhaar with income tax returns?
 Companies (Incorportation) 2nd Amendment Rule 2019
 Know how your family can help you save tax Filing income tax returns?

ICAI panel to examine Satyam audit
January, 16th 2009

The Institute of Chartered Accountants of India (ICAI) on Tuesday set up a six-member special committee to look into the auditing of fraud-hit Satyam Computer Services, whose erstwhile founder-chairman B. Ramalinga Raju is now in custody following his confession of having fudged the accounts of the Hyderabad-based IT major.

The committee, headed by ICAI Vice-President Uttam Prakash Aggarwal, has been asked to submit its report on February 11. Four others are ICAI council members S.L. Dogra, Amarjeet Chopra, Subodh Aggarwal and Akshay Gupta, while K.R. Maheshwari, a banker and chartered accountant, is government nominee.

According to ICAI president Ved Jain, with the institute scrutinising the role of Price Waterhouse as auditor of Satyams accounts, which were fudged to show inflated profits, the special committee has been asked to go to the root of the matter. As audit regulator, the ICAI has already issued a show-cause notice to Price Waterhouse and asked it to submit all balance sheets, financial statements and related documents of Satyam audited by it.

The ICAI has clarified that its own accounts were duly audited and signed by the auditors and, after adoption by the institute, published in the Gazette of India as well as circulated among its members and filed with income tax authorities.

Referring to some press reports about the I-T assessment of the institute, the ICAI points out that exemption under Section 10(23 C)(iv) has not been withdrawn and it is only pending with the DG-Income Tax (Exemption).

In an official release here, the ICAI also said there was no violation of tax laws, hiding/concealment of any income, including income from coaching activities, and any loan granted to an associate body fell within the powers of the Council under the provisions of The Chartered Accountants Act, 1949.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Contact Us

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions