Skip to main content

SC scanner over PwC, KPMG, Deloitte, E&Y, others over Bengaluru man’s complaint

SC scanner over PwC, KPMG, Deloitte, E&Y, others over Bengaluru man’s complaint
By: FE Bureau | New Delhi | Published: July 5, 2016 6:36 AM

According to the PIL filed by CPIL, PwC and its network firms indulged in activities in breach of various statutes and policies. (PTI)
The Supreme Court on Monday asked the Institute of Chartered Accountants of India (ICAI), the regulatory body for chartered accountants in India, to file a status report as to what action it has taken against top foreign multinational accounting firms which, in the guise of providing management consultancy services, have expanded to other fields such as accounting, auditing, book-keeping and taxation. Such operations cannot be undertaken by non-Indian entities.
A bench headed by Justice Dipak Misra also sought response from the Centre on an appeal filed by Bengaluru-based tax consultant S Sukumar, alleging violation by various accounting firms like PricewaterhouseCoopers, KPMG, Deloitte, Haskins & Sells, and Ernst and Young.
While lawyers representing the top firms denied any wrongdoing, counsel Prashant Bhushan alleged that some MNCs are providing auditing services in India through “surrogate companies”, thus violating the Chartered Accountants Act.
The ICAI told the court that it has already initiated action against 170 entities in India. Sukumar has sought direction to the ICAI to probe the functioning of these Indian firms that have tie-ups with foreign firms for breach of Code of Professional Conduct prescribed in the Chartered Accountants Act, 1949.
Referring to the 2009 Satyam scam, Bhushan pointed out that PwC has been found guilty of fabricating the accounts of Satyam and the same firm is the auditor for Kingfisher Airlines. He demanded an inquiry into the firm’s alleged financial malpractices and fudging of accounts.
According to the PIL filed by CPIL, PwC and its network firms indulged in activities in breach of various statutes and policies.

Comments

Popular posts from this blog

INSPECTION MANUAL OF STOCK, BOOK DEBTS & SECURITIES

CONTENTS SR. NO. CHAPTER PAGE NO. INTRODUCTION STOCK & RECEIVABLES AUDIT VERIFICATION OF STOCK & DEBTORS PROCEDURE OF STOCK AUDIT VERIFICATION OF SECURITIES ANALYTICAL REVIEW INTERNAL CONTROL QUESTIONNAIRE STOCK b) BOOK DEBTS LIST OF DOCUMENTS TAKEN AS WORKING PAPERS SPECIMEN INSPECTION REPORT SPECIMEN MANAGEMENT REPRESENTATION LETTER CHAPTER 1 INTRODUCTION: Banking is an important sector of the economy of any country and for the development of the economy a healthy banking system is a must. After the liberalization of the economy, the banking system has undergone a total change in India. There is hard competition in the banking industry to survive in the current circumstances. With the purpose to have better financial discipline & to ensure uniformity in accounting norms RBI introduced the concept of assetclassification & income recognition as per the recommendations of Narasimhan Committee. It was also suggested to classify the advances given by banks into Performing & Non Perfor…

Excel Add-in to convert amount in figures to words by Premal

Gentlemen:
AmtInWords.xla is attached to this mail. It is an MS Excel Add-in written by me to convert amount available in figures to words.
Installation
Copy the attached file to the folder where excel stores the add-ins. (To know where excel stores the add-ins, open any workbook, click on Tools - Add-ins - Browse)
Then open an excel workbook. Click on Tools - Add-ins - Browse - Give the path to this Addin - Ok
Usage
You can use the functions AmtInWords and AmtInWordsUS in any worksheet. The syntax is:
=AmtInWords(decimal number/cell reference, [currency code])
=AmtInWordsUS(decimal number/cell reference, [currency code])
Examples follow:
=AmtInWords(10000000)
=AmtInWords(123456.77)
=AmtInWords(C4)
=AmtInWordsUS(B3) ' Shall give the amount in millions (US format)
=AmtInWordsUS(B3,"USD") ' Shall give the amount in millions (US format) and in US currency (Dollars)
=AmtInWords(C4,"GBP") ' Shall give the amount in lakhs and in UK currency (Pounds)
Notes
The system shall N…

A Complete Guide to sections 54 & 54F Exemptions - T.V. GANESAN CS

A Complete Guide to sections 54 & 54F Exemptions T.V. GANESAN CS If an individual transfers any long-term capital asset and plans to reinvest the sale proceeds in a new residential house property then he would be eligible to claim exemption under sections 54 and 54F of the Income-tax Act, 1961 subject to fulfilment of certain conditions. In the last couple of years there has been a phenomenal increase in the sale of properties resulting in capital gain including but not limited to the land owners giving the land to the developers and entering into Joint Development Agreement, receiving more than one flat from the builder and yet avoiding capital gains tax. In this article the author has enumerated various decisions and judgments of the Tribunals and the High Courts which have liberally interpreted the provisions of the Income-tax Act and extended the capital gains exemptions to the assessees. Introduction 1. Out of the various investment options available, investment in real estate …