Haresh Rakholia (CA) (53 Points)
12 April 2011Dear All Readers,
I have one concern as follows
There is a huge market available for fresh practising chartered accountant to sell his sign where his/her tax audit limit doesnot reach to 45 by getting the audit report sign from established firm by getting 1000 to 2000 bucks.
M sure this is a black market, the thing is that how to curb this rubbish practise.
waiting for comments.
Haresh Rakholia
(CA)
(53 Points)
Replied 13 April 2011
Take a note sir,Radhakrishanan
What is the logic of 45 signature per auditor then . Is it not In substance, big firms are buying signs at throw away prices from practising auditors. Is it not a violation of thumb rule of integrity.
I think it 's a violation of basic audit and professional standards.
Ravi Sankara Reddy.P
(Chartered Accountant)
(25 Points)
Replied 16 April 2011
it is very easy to stop this, provided our institute is sincere in this.
so many ways..
1. icai can randamly ask for working papers of members( generally the singning ca dont have them)
2. the signing ca dont show the actual audit fee of the firms he signs. so ca can be caught here if it dept helps.
3. signing ca generally dont have no letter of communication with previous ca.
like this if icai can do it.
Haresh Rakholia
(CA)
(53 Points)
Replied 17 April 2011
Dear Ravi,
Appreciate your reply.
I think Practicing CA Fraternity would like to continue this practise as it is favourable to big practicing firms.
But how and to whom to notify at CA Insti. about this.
I doubt our institute is unaware about this mal practise.
To stand at international market and now a days so many MRA s with developed nations, this is a shameful practice I believe.
Who join us to stop it?????????????????????????????????
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