Corporate affair ministry will initiate talks with commerce ministry and RBI to allow global audit firms
Jun 8, 2010 Audit
The corporate affairs ministry will initiate talks with the commerce ministry and RBI to allow global audit firms like KPMG, Deloitte, Ernst & Young and PriceWaterhouseCoopers to open shops in the country. “This matter is not for us alone (to decide), it is a matter which involves the RBI as also the commerce ministry
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Tags: commerce ministry, corporate affairs ministry, DELOITTE, Ernst & Young, global audit firms, KPMG, pricewaterhousecoopers, RBI
PricewaterhouseCoopers improved it’s commend on FTSE 100 companies
Jun 4, 2010 Audit
PricewaterhouseCoopers has improved its commend of FTSE100 audit clients increasing its share of the top flight to 41 in the second quarter of this year. According to the Hemscott adviser rankings PwC remains the biggest auditor among Blue Chips though overall KPMG has improved its position among to maintain the firm’s lead in having the most audit clients among listed companies.
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Tags: BDO, DELOITTE, Ernst & Young, FTSE100, Grant Thornton, Hemscott adviser, KPMG, PWC
ICAI asked local audit firms to furnish details of tie-ups with MNCs to check surrogate practices
Apr 20, 2010 ICAI
Tightening the noose around the audit companies having arrangements with global firms, the accounting regulator ICAI has sought details of their tie-ups with MNCs to check surrogate practices. The decision to seek tie-up details from CA firms, especially those associated with the Big 4– PWC, Ernst & Young, KPMG and Deloitte–follows a report by an Institute of Chartered Accountants of India (ICAI) committee on the multi-crore Satyam scam.
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Tags: DELOITTE, Ernst & Young, KPMG, PWC
Fewer students are passing the CA final exams, why?
Feb 18, 2010 ICAI
The low pass percentage in the latest CA final exams is causing the supply of good chartered accountants to stay low. Call it a result of the economic downturn, the Satyam effect or simply turning off the tap by the Institute of Chartered Accountants of India (ICAI). The Chartered Accountancy final examination results touched a record low in the November 2009 attempt.
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Tags: CA Exams, DELOITTE, Ernst & Young, final examination, KPMG, pass percentage, pricewaterhousecoopers
Deloitte to double workforce in India
Feb 12, 2010 Chartered Accountant
Global business consultancy firm, Deloitte, plans to almost double its India workforce to 24,500 over the next 30 months, a top company official said. “We will hire around 12,000 people in every sector, including IT, CAs, financial services. The process has started and 40 per cent of the total hires will be freshers,” Deloitte India’s Managing Director Hari Kumar told PTI on the sidelines of the Nasscom Summit here today.
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Big four in race to grab the consultant’s job for the Unique Identification Authority of India’s UID project
Feb 2, 2010 Chartered Accountant
The Big Four – KPMG, Deloitte, Ernst and Young and PricewaterhouseCoopers – are in a fray for snapping up the consultant’s job for the Unique Identification Authority of India’s UID project. These four have cleared the first two rounds of evaluation to reach the technical evaluation stage along with three other companies which include Booz & Allen, PA Consulting and Capgemini.
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Tags: Booz & Allen, Capgemini, DELOITTE, Ernst and Young, KPMG, PA Consulting, pricewaterhousecoopers, UID
ICAI not yet submitted its repot on PWC
Jan 26, 2010 ICAI
The ministry of company affairs said that it was yet to receive a detailed report from the Institute of Chartered Accountants of India on the audit and accounting major PricewaterhouseCoopers, which was involved in an accounting goof-up in the Rs 10,000-crore (Rs 100-billion) Satyam scandal.
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Tags: american chamber of commerce, audit firms, chamber of commerce in india, chartered accountants of india, company affairs, DELOITTE, ICAI, institute of chartered accountants, institute of chartered accountants of india, KPMG, MCA, preliminary report, pricewaterhousecoopers, professional body
CBDT set up committee to formulate rules to enable acceptance of transfer pricing returns without scrutiny
Jan 11, 2010 Income Tax
The Central Board of Direct Taxes (CBDT) has set up a committee to formulate rules for the safe harbour provisions—a set of rules that would enable the income tax (I-T) authorities to accept the transfer pricing returns without scrutiny. Transfer pricing refers to the price at which one arm of a company, usually a multinational corporation, transfer goods or services to another division of the same organisation in order to calculate each arm’s profit and loss separately.
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Tags: Chartered Accountant, chartered accountants of india, DELOITTE, developed nations, direct taxes, energy tax, ICAI, institute of chartered accountants, institute of chartered accountants of india, international taxation, multinational corporation, tax liability, tax regimes
Budget 2010-11 may tax undistributed dividend of foreign corporations
Jan 6, 2010 Income Tax
The forthcoming budget may contain provisions for taxing the undistributed dividend of foreign corporations that are controlled or owned by Indian companies. Controlled Foreign Corporations (CFCs) laws enable the authorities to tax the income of a resident derived from a foreign corporation. This is irrespective of whether the profit/dividend of the foreign entity is transferred to India or not.
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Tags: acquisitions, cayman islands, cfc, cfcs, Chartered Accountant, corporations, cross border, DELOITTE, dividend, dividends, forthcoming budget, offshore havens, tax authorities, tax partner, us government, voting rights
Deloitte will treble its India headcount
Nov 28, 2009 General Info
International accounting and consulting firm Deloitte will treble its India headcount from the current 11,000 and shift more of its top talent to the country over the next four years, a company official said. James Brady, CEO of Deloitte’s assurance and risk assessment services, said the company has identified India as a ‘high priority market’ after the economic downturn. The 165-year-old group employs around 1.77 lakh people in 140 countries across the globe and is part of the ‘big four’ audit firms, along with PricewaterhouseCoop ers, Ernst & Young and KPMG.
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Tags: audit firms, consulting firm, current trends, DELOITTE, economic downturn, headcount, high priority, Internal Audit, international accounting, james brady, KPMG, local market, offshore centre, offshore work, percentage terms, Recession, risk assessment services, tax risk