LEGAL & FINANCIAL UPDATES FROM TAX GURU 13.04.2009

LEGAL & FINANCIAL UPDATES FROM TAX GURU KPMG and Deloitte found instances of Amateurish forgery in Satyam books Posted: Sun, 12 Apr 2009 16:44:14 +0000 KPMG and Deloitte, auditors appointed to restate the financials of the fraud-hit Satyam Computer Systems, have found instances of `amateurish forgery' in the account books of the IT firm that... ICAI told auditors to demand detailed disclosures from banks about loans restructured by them Posted: Sun, 12 Apr 2009 16:37:47 +0000 A battle of sorts is brewing between the Institute of Chartered Accountants in India, or Icai, and the banking industry. Icai, the apex accounting body, has told auditors to demand detailed... Listed companies would be audited only by the Peer Review Board certified Auditors Posted: Sun, 12 Apr 2009 16:27:41 +0000 Accounting regulator ICAI on Thursday said all listed companies would be audited by only those who have been certified by the Peer Review Board of the institute."The council had accepted the... ICAI, ICWAI & ICSI yet to recognise Limited Liability Partnership (LLP) Posted: Sun, 12 Apr 2009 16:19:27 +0000 Though the government has initiated the process of registering Limited Liability Partnership (LLP) firms, it would take a while before the chartered accountant (CA), company secretary (CS) and cost... ICAI seek more power for auditors to chase the source of funds declared by companies while auditing accounts Posted: Sun, 12 Apr 2009 16:10:04 +0000 The Institute of Chartered Accountants of India (ICAI), the quasi-judicial body of chartered accountants in India, has sought more powers to auditors to chase the source of funds declared by... PWC standing behind its tainted partners caught up in Satyam scandal Posted: Sun, 12 Apr 2009 16:06:12 +0000 Two audit partners charged by India's Central Bureau of Investigation Pricewaterhouse Coopers is standing by its partners who have been caught up in India's Satyam Computer Services... Service of notice and the time limit for issuance of notice under subsection (2) of section 143 of the Income-tax Act Posted: Sat, 11 Apr 2009 03:48:48 +0000 Sub-section (2) of section 143 of the Income-tax Act provides that the notice under this sub-section shall be served on the assessee within a period of twelve months from the end of the month in...

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