Need to Know | ICAI issues four more auditing standards

Need to Know | ICAI issues four more auditing standards
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First Published: Wed, Dec 24 2008. 11 52 PM IST
Updated: Wed, Dec 24 2008. 11 52 PM IST
New Delhi: The Institute of Chartered Accountants of India (ICAI) has issued four new standards for auditing aspects like fair value and audit sampling.
“The council of the institute, in its recently concluded meeting, has approved four more standards on auditing. They relate to important aspects in the audit process such as fair value, audit sampling, analytical procedures and opening balances,” ICAI said in a statement on Wednesday. The meeting was held on 18-20 December.
The revised standard relates to auditing accounting estimates, including fair value accounting estimates and related disclosures, audit sampling, initial engagements (opening balances) and related parties.
The standard will be applicable from April next year.
PTI
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UK union expects Brown govt to rescue Jaguar
London: Expressing satisfaction over Tata Motors Ltd’s move to pump in money into Jaguar and Land Rover, the head of the UK’s biggest union Unite, Tony Woodley, has said he expects the Gordon Brown government to offer financial aid to the luxury car maker.
Tata Motors Ltd-owned Jaguar and Land Rover has witnessed a sharp decline in sales and has asked for government assistance.
Woodley, joint general secretary of Unite, was quoted in ‘The Times’ as saying there was little reason for the government not to act, now that the “Jaguar Land Rovers owner, Tata Motors of India, had injected more cash”.
PTI
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Ceat asks workers to suspend work for 7 days
Nashik: Satpur-based tyre manufacturer Ceat Ltd has asked its workers to temporarily suspend work for a week. Addressing a meeting of workers at Satpur on Tuesday, Centre for Indian Trade Unions vice-president Sayeed Ahmed said Ceat had suffered heavy losses due to rising commodity prices such as petrol and carbon.
PTI
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DIAL expansion: PMO asks ministry to fund
New Delhi: The Prime Minister’s Office (PMO)has asked the ministry of civil aviation to find ways to bridge a funding shortfall faced by Delhi International airport Ltd (DIAL), the developer of the Indira Gandhi International Airport in Delhi.
DIAL had earlier warned that work on the modernization of the country’s second-busiest airport may come to a halt in the next 45 days if the consortium is unable to raise funds and had said it was facing an estimated Rs2,750 crore shortfall.
According to a civil aviation ministry official who declined to be named as he is not authorized to talk to the media, this move means that the airport developer’s long pending demand to be allowed to hike the airport development fee may get the government’s approval.
The proposal was earlier rejected by the law ministry. The agreement may now be amended on the same lines of the Airports Authority of India Act, which allows the state-owned airport developer to levy any development fee with prior approval from the government.
Shauvik Ghosh
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Reliance to start new refinery on Sunday
New Delhi: Reliance Industries Ltd is set to double its capacity by starting its new 580,000 barrels per day plant (bpd) this weekend, creating the world’s biggest refinery just as global oil demand collapses.
The $6 billion (Rs29,400 crore) project will make the oil complex in Jamnagar, Gujarat, the world’s single biggest supplier of fuel to the global market, pumping out 1.24 million bpd of ultra-clean fuels to Europe, Africa and the US. The new refinery will be in addition to Reliance’s first 660,000 bpd plant in Jamnagar. A company spokesman declined to comment on the issue on Wednesday.
Reuters
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Road developers place bids for seven stretches
New Delhi: After months of delay, highway developers have finally placed bids for seven of eight road stretches for which bids were open till Wednesday.
The National Highways Authority of India (NHAI) did not receive any or fewer than two bids for three of those projects while two others—between Pune and Sholapur, and Kishangarh and Udaipur—received two bids each.
The bids are part of 60 projects worth an estimated Rs70,000 crore being bid out by the highway regulator.
A NHAI official who declined to be named said the consortium of Navinya Buildcon Pvt. Ltd and Atlantia SpA has emerged the lowest bidder for the 82km stretch from Kishangarh to Beawar in Rajasthan, while Hindustan Construction Co. Ltd and John Laing Plc. were the lowest bidders for the stretch from Maharashtra border to Dhule.
Reliance Infrastructure Ltd was the sole bidder for the 135km Rs2,676 crore eastern peripheral expressway planned around Delhi, the company announced in a press statement. It was not immediately clear whether NHAI would award the concession to the company or extend the bid deadline and call for more tenders because the project attracted only one bid.
Rahul Chandran
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Govt admits importing untested modified food
New Delhi: The government, for the first time, has admitted before the Supreme Court that genetically modified food was imported without any scientific examination of the effects on the environment and people.
The ministry of environment and forests made the admission on Tuesday in a reply to a bench headed by Chief Justice K.G. Balakrishnan that had directed the government on 20 October to restrict the import of unexamined genetically modified food.
Vandana Shiva, a social activist, had approached the top court in 2006 seeking a ban on genetically modified crops in any form in India until a regulatory framework was put in place.
Bloomberg
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Judge hearing RIL-RNRL gas case transferred
Mumbai: Justice K.K. Tated of the Bombay high court, one of the two judges who were hearing the Reliance gas dispute case, has been transferred to the Aurangabad bench of the high court. Tated’s transfer to the Aurangabad bench is a part of the routine reshuffle—which happens every six months or so.
The division bench of justice J.N. Patel and justice Tated has been hearing the case between the Ambani brothers over the terms of gas supply agreement between Mukesh’s Reliance Industries Ltd and Anil’s Reliance Natural Resources Ltd.
The transfer has put a question mark on the fate of Reliance hearing, which resumes on 12 January.
PTI
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Broadcast Zee channels: TDSAT to Prasar Bharti
New Delhi: The Telecom Disputes Settlement and Appellate Tribunal (TDSAT) has issued a show cause notice to Prasar Bharti for failing to comply with its 15 December directive to restore broadcast of two of Zee Turner channels Zee Jagaran and Zee Smile.
Acting on a contempt petition against Prasar Bharti and one of its senior officers F. Saharyar filed by Zee Turner, TDSAT on 23 December issued show cause notices to Prasar Bharti and its officer and has once again directed them to comply forthwith with the directions to restore carriage of the Zee Turner channels.
Staff Writer
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Women face uphill health battle in India
New Delhi: Indian women have taken big steps in politics and the workforce but their health is still determined by class and caste, says a study tracking their experiences over the last 30 years.
Urvashi Butalia, the director of Zubaan books, which is publishing the report in January, said in the areas of health and safety “some things are indeed worse.”
Women who report domestic violence under the Domestic Violence Act, 2006, often find authorities are not properly trained to handle the subject, said the study.
A government survey released last year said almost 40% of married women suffered physical or sexual abuse at the hands of their partners. Many women in poor and rural areas also face barriers to reproductive rights and lack access to basic health care.
AFP
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Interpol chief presses India to provide evidence
New Delhi: Nearly a month after the Mumbai terror attacks, India has not provided the evidence needed for Interpol to help identify and apprehend the suspected masterminds, the chief of the global police agency said.
Ronald Noble, speaking in Islamabad on Tuesday after a visit to New Delhi, said Pakistan has agreed to work with the agency to help investigate the attacks that killed at least 183 people last month.
But he said India has provided no names or information that would allow police in other countries to check their databases, calling it “not acceptable” for New Delhi to provide those details to the media first.
AP
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First Published: Wed, Dec 24 2008. 11 52 PM IST
More Topics: ICAI | UK Union | Gordon Brown | Ceat | DIAL |