Audit News

ICAI pitches for independent appointment of bank auditors

26 March 2009 at 17:15

RBI recommendations should be followed in appointments Author : DNA Money CorrespondentThe Institute of Chartered Accountants of India has demanded that the appointment of auditors in the public sector and private sector banks should be made on the b

Posted in Audit | 8085 Views

ICAI Response to RBIs moves on Bank Audit 2008-09

17 March 2009 at 22:13

I. ICAI’s quest for financial transparency in the financial reporting of the Indian banking sectorThe ICAI wishes to draw the attention of the RBI in respect of certain circulars issued by it relating to the restructuring proposals. In th

Posted in Audit | 5 comments | 12516 Views

Announcement regarding Bank Branch Auditors

17 March 2009 at 10:41

Your attention is drawn to the new Procedure for appointment of Branch Statutory Auditors in Public Sector Banks for the year 2008-09 already hosted on the website

Posted in Audit | 3 comments | 23913 Views

Two More Auditing Standards cleared

10 March 2009 at 14:56

The Council of the Institute of Chartered Accountants of India at its 286th meeting held on March 8, 2009 cleared two more Standards on Auditing (SAs), i.e., Revised SA 500, Audit Evidence and SA 720, The Auditor’s Responsibility in Relation to

Posted in Audit | 10 comments | 27240 Views

Internal auditor can carry tax audit for FY 2008-09

10 March 2009 at 14:51

The Council in its 281st meeting held from 3rd to 5th October, 2008 decided that an internal auditor of an assessee, whether working with the organization or an independently practicing Chartered Accountant being an individual chartered accountants o

Posted in Audit | 1 comments | 23796 Views

C and AG Empanelment-Last date extended

11 February 2009 at 22:04

Last date of Online Submission of Application of CA Firms for PSU Audits to C&AG has been extended to 20th February 2009. Last date of Online Submission of Application of CA Firms&nb

Posted in Audit | 2 comments | 15165 Views

Procedure for Appointment of Branch Auditors in PSBs

11 February 2009 at 10:39

Procedure for Appointment of Branch Statutory Auditors in Public Sector Banks (Psbs) for the Year 2008-09 - (11-02-2009) - 1. The large PSBs having balance sheet size (assets + liabilities) of above Rs. 1 lac crore each to exercise managerial au

Posted in Audit | 1 comments | 9243 Views

Extension of Time for Completion of Peer Review

12 January 2009 at 19:14

Peer Review Process is required to be completed within a stipulated time schedule, those firms which did not adhered to this time schedule were sent a communiqu to complete their Peer Review Process by November, 2008. Our communiqu also stated that t

Posted in Audit | 11124 Views

Four more Auditing Standards approved

25 December 2008 at 14:37

Revised Auditing Standards on Fair Value, Audit Sampling, Related Parties and Opening Balances The Council of the Institute in its recently concluded 283rd meeting has approved four more Standards on Auditing. These SAs relate to important aspects in

Posted in Audit | 8 comments | 35559 Views

Date for completion of Peer Review process extended till Dec 15, 2008

29 November 2008 at 15:29

Practice Units selected for undergoing Peer Review were advised to ensure that the Peer Review Process was completed in their cases latest by November 30, 2008. It has now been decided that date for completion of Peer Review process be extended till

Posted in Audit | 3 comments | 13401 Views