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Tuesday, April 21

Guidance on Reporting under the CARO 2015 and Consequential Amendment to the Format of the Auditor’s Report of a Company

Text of the Clarification -

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AASB issues Clarification on Auditor's Report in Respect of Financial Statements of a Company for Accounting Years Beginning Before 1st April, 2014

Text of the Clarification -

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AASB releases Guidance Note on Reporting under Section 143 (3)(f) and (h) of the Companies Act, 2013

Guidance Note on Reporting under
Section 143 (3)(f) and (h) of the Companies Act, 2013

The Council of the Institute of Chartered Accountants of India (ICAI), at its 342nd meeting considered and approved the Guidance Note on Reporting Under Section 143(3)(f) and (h) of the Companies Act, 2013, developed by the Auditing and Assurance Standards Board (AASB) of ICAI.

The aforesaid Guidance Note is, accordingly, being issued by AASB under the authority of the Council of ICAI and can be downloaded by clicking the following link:

https://www.dropbox.com/s/d9ga335qku8c6og/GN%20on%20143%20of%20CA13.pdf?dl=0

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Text of the Guidance Note -

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Source ; ICAI

Hosting of exemption(s) in a paper(s) granted in IPC and Final examinations, valid for May, 2015


Hosting of exemption(s) in a paper(s) granted in Intermediate (IPC) and Final examinations, valid for May, 2015.


Exemption(s) in a paper(s) are granted to candidates of Intermediate and Final examinations, in terms of Regulation 37C (8) and Regulation 38C (6), respectively, of the Chartered Accountants Regulations 1988.

The rules in this regard are provided in the Guidance Notes made available to the candidates along with the examination forms and hosted on http://icaiexam.icai.org. The related FAQs are also hosted on www.icai.org.

However, in spite of the information already made available, it is seen that some of the candidates carry a mistaken notion that they enjoy an exemption in a paper(s) whereas in reality they do not and end up absenting themselves in the said paper, resulting in avoidable hardships.

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To avoid this kind of situation, exemption(s) granted in a paper(s) which are valid for May, 2015 examination are hosted on http://exemptions.icaiexam.icai.org, so that candidates can check their exemption status before the exams and take necessary action.

Date of hosting the exemption data: 16th April, 2015

Last date for emailing discrepancy, if any: 26th April, 2015

Hence, candidates are advised to check the details more particularly, the month and year of exam and roll number indicated on the said site, with those contained on the relevant Statement of marks issued to them. Exemptions granted in a paper(s) are indicated by way of “#” against the marks awarded thereon and the Result of the relevant Group is indicated as “F-EX”, in the Statement of Marks.

In case of discrepancy, if any, candidates are advised to write to Exam Dept. immediately, in any case not later than 26th April, 2015, at the e-mail address provided herein below, enclosing scanned copy of the relevant mark sheet in which exemption was granted.

Final candidates: final.exemption@icai.in

Intermediate (IPC) candidates: inter.exemption@icai.in

Exam Dept. will respond, within 7 days of the receipt of the e-mail. In case you do not receive any response within 7 days, write to:

Final candidates: final2@icai.in

Intermediate (IPC) candidates: inter7@icai.in




Source: www.icai.org

Thursday, April 9

Announcement on CARO 2003, and Additional Reporting under the Companies Act, 2013

We are receiving queries from the members regarding applicability of CARO, 2003 along with Auditors' Report on financial statements of companies for the financial year 2014-15. The Ministry of Corporate Affairs (MCA) is working on it and has constituted a Committee for this purpose to analyse the contents of the Order to be made under section 143(11) of the Companies Act, 2013 for the Financial Year  2014-15. ICAI is also a member of the said committee. We are given to understand by MCA that an Order being a smaller version of CARO 2003, applicable for the financial year 2014-15, may be notified soon under section 143(11) of the Companies Act, 2013.  However, at this juncture, to bring more clarity, this Announcement is released in consultation with the Ministry. 


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The Companies Act, 1956 has ceased to have effect from 01st April, 2014.  As a corollary, the Companies (Auditor's Report) Order, 2003 issued under section 227(4A) of the said Act also ceases to have effect from the said date.Section 143(11) of the Companies Act, 2013 which came into force from 01st April, 2014 provides that "the Central Government may, in consultation with the National Financial Reporting Authority, by general or special order, direct, in respect of such class or description of companies, as may be specified in the order, that the auditor's report shall also include a statement on such matters as may be specified therein.”Accordingly, it may be noted that as when an Order is notified by the Central Government under section 143(11) of the Companies Act, 2013, the members would be required to report thereon as a part of their statutory audit reports.Until the aforesaid Order is issued, no additional reporting under section 143(11) of the Companies Act, 2013 is required by the Auditors for the financial year 2014-15.Members are advised to keep a watch on the MCA site (www.mca.gov.in) as well as the ICAI site (www.icai.org) for further announcements in this regard.An Announcement in this regard is also hosted on ICAI's website at http://icai.org/new_post.html?post_id=11490&c_id=219


Source: ICAI