That’s the recommendation from the Institute of Chartered Accountants of India (ICAI), as reported by The India Express: “In the high-powered committee report on Satyam scam, we have proposed that internal audit should be outsourced and not be in house so that there is more independence. If the auditor is from the organisation, it isContinue reading “Outsource internal audit for greater objectivity”
Tag Archives: India
Internal audit at Satyam
New charges in the Satyam scandal were laid by India’s Central Bureau of Investigation, for “creating fake invoices to inflate revenues by US$94 million and forging company board resolutions to obtain unauthorised loans worth US$265 million” according to this story in Accountancy Age. This comes after charges were laid on November 21 against the formerContinue reading “Internal audit at Satyam”
Economist claims accountant obsolescence
An esteemed Princeton economist has predicted that accountants, lawyers and other highly educated and highly paid workers in the developed world will be made obsolete in the near future by lower cost alternatives in the developing world. From the best accountants and lawyers to the smartest derivatives traders to teachers and lecturers, many of today’sContinue reading “Economist claims accountant obsolescence”