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C&AG Archives - All About Finance

C&AG

ICAI Constituted the Group of members Pursuant to C&AG’s Report `Performance Audit on Appreciation of Third Party (Chartered Accountants)

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ALL MEMBERS OF THE COUNCIL Dear Sir, Pursuant to C&AG’s Report `Performance Audit on Appreciation of Third Party (Chartered Accountants) – Reporting in Assessment Proceedings’ for the year ended March, 2014, the President, in terms of the authority given to him by the Council at its 331st meeting held in February, 2014, has constituted a … Read more

ICAI may take action against the members on issues raised in C&AG report

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Attention has been drawn to certain issues raised on the certification work done by the members of the profession in the report of Comptroller and Auditor General of India (C&AG) entitled ‘Appreciation of Third Party (Chartered Accountant) Reporting in Assessment proceedings’ (Report No. 32 of 2014). The issues raised in said report were deliberated in the recent … Read more

Performance of Tax audit of Chartered Accountants – Shocking report by C&AG

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The executive summary of report of comptroller and auditor General of India on performance audit on appreciation of chartered accountant reporting in assessment proceeding is given blow. The Income Tax Act, 1961 (Act) contains several provisions which mandate the assessees to furnish audit reports and certificates issued by the ‘Accountant’ in the prescribed Form for meeting … Read more