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Announcements of ICAI - August 2010

>> August 16, 2010

1. Sebi right authority to probe PW role in Satyam case: ICAI

Two days after the Bombay High Court’s ruling that market regulator Sebi can proceed with its inquiry against Price Waterhouse for its alleged role in Satyam scam, Institute of Chartered Accountants in India (ICAI) on Sunday said Sebi was the right authority to probe allegations of irregularities against the audit firm. link

2. ICAI takes step to ensure availability of examination application form

With a view to give effect to the decision that may be taken by the Council in the matter, the printing and supply of the examination application forms were staggered purely for the benefit of the candidates for the November, 2010 examinations and hence the delay in reaching the required number of examination application forms to various locations.
While appreciating the difficulties being experienced, however, we may inform that every effort is being made to mitigate this hardship whereby required number of examination application forms will be made available latest by 17th August, 2010.

3. Mention of ICAI allotted firm's registration number in all reports

Requirement to mention the firm registration number allotted by ICAI in all reports issued, including certificates, by members of the ICAI Attention of the.

4. ICAI reported no irregularity in accounts of IPL teams

The Institute of Chartered Accountants of India (ICAI) has not found any irregularities in the accounts or violations of auditing norms by some Indian Premier League (IPL) teams.

5. ICAI has to take a view on measure of amortising liability over a period of five years

Two developments that need urgent and serious consideration are the fresh option given for pension and the raising of the statutory limit for gratuity from Rs 3.5 lakh to Rs 10 lakh. The Indian Banks' Association has sent to the RBI a proposal for amortising this liability over a period of five years, as was done once in the past. The ICAI too has to take a view on this measure. The Income-Tax Department will have to give its nod for deferring the liability. The Basel-II discipline and the need to move over to IFRS do not leave much leeway for manoeuvring.

6. Announcement - ICAI International Study Tour to Australia from 7th-14th November 2010

In order to promote member to member and firm to firm contact so as to under stand the economic and regulatory environment and better understanding of the economic opportunities and to tap the vast market existing for Chartered Accountants in Australia; the International Affairs Committee of ICAI will be undertaking the tour to selected cities of Australia during November 2010 for members, on self financing basis. The Study Tour is a mix of business meetings / net working towards coupled with exposition to the local heritage.

7. ICAI plans teaching via virtual classrooms

The Institute of Chartered Accountants of India soon proposes to start coaching classes for students through virtual classrooms.

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