FORENSIC ACCOUNTING AND AUDIT - Institute of Cost

124 Pages·2014·5.72 MB·English

SPECIAL FOCUS
Taxation: Advice from the Arthashastra and other tax happenings 62
INSIDE page
MANAGEMENT
the
ACCOUNTANT
THE JOURNAL FOR CMAs SEPTEMBER 2014 VOL 49 NO. 9 `100
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Though forensic accounting is at a nascent stage in
India, it is currently in great demand because of the
emerging demand for transparency and accountability
The Institute of Cost Accountants of India
(Statutory body under an Act of Parliament) www.icmai.in

The Institute of
Cost Accountants
PRESIDENT
CMA Dr A S Durga Prasad
of India
[email protected]
VICE PRESIDENT
CMA Pramodkumar Vithaldasji Bhattad
[email protected]
COUNCIL MEMBERS
CMA Amit Anand Apte, CMA Aruna Vilas Soman, THE INSTITUTE OF COST ACCOUNTANTS OF INDIA (erstwhile
CMA D L S Sreshti, CMA Hari Krishan Goel,
CMA M Gopalakrishnan, CMA Manas Kr Thakur, The Institute of Cost and Works Accountants of India) was first established in
CMA Dr P V S Jagan Mohan Rao,
CMA Rakesh Singh, CMA Sanjay Gupta, 1944 as a registered company under the Companies Act with the objects of
CMA Dr Sanjiban Bandyopadhyaya,
promoting, regulating and developing the profession of Cost Accountancy.
CMA Dr S C Mohanty, CMA Dr S R Bhargave,
CMA T C A Srinivasa Prasad
On 28 May 1959, the Institute was established by a special Act of Parliament,
GOVERNMENT NOMINEES
Ashish Kumar, G Sreekumar, K Govindaraj, namely, the Cost and Works Accountants Act 1959 as a statutory professional
Pramod Kumar, Suresh Pal
Secretary (Acting) body for the regulation of the profession of cost and management accountancy.
CMA Kaushik Banerjee
[email protected] It has since been continuously contributing to the growth of the industrial and
Director (Administration)
economic climate of the country.
CMA Arnab Chakraborty
[email protected]
The Institute of Cost Accountants of India is the only recognised statutory
Director (Professional Development)
CMA J K Budhiraja professional organisation and licensing body in India specialising exclusively in
[email protected]
Cost and Management Accountancy.
Director (Examinations)
CMA Amitava Das
[email protected]
Director (CAT), (Training & Placement)
CMA L Gurumurthy
[email protected]
Director (Finance) MISSION STATEMENT
CMA S R Saha
[email protected]
Director (Administration–Delhi Office The CMA Professionals would ethically drive
& Public Relations)
CMA S C Gupta enterprises globally by creating value to stakeholders
[email protected]
in the socio-economic context through competencies
Director (Research & Journal)
CMA Dr Debaprosanna Nandy
[email protected] drawn from the integration of strategy, management
Director (Advanced Studies)
and accounting.
CMA Dr P S S Murthy
[email protected]
Director (CPD & PR)
CMA A S Bagchi
[email protected]
Director (Technical) VISION STATEMENT
CMA Dr S K Gupta
[email protected]
The Institute of Cost Accountants of India would be
Director (Discipline) and
Joint Director (Membership) the preferred source of resources and professionals
CMA Rajendra Bose
[email protected] for the financial leadership of enterprises globally.
Editorial Office
CMA Bhawan, 4th Floor, 84, Harish Mukherjee
Road, Kolkata-700 025
Tel: [phone]
Fax: [phone]
Headquarters
CMA Bhawan, 12, Sudder Street
IDEALS THE INSTITUTE STANDS FOR
Kolkata 700 016
Tel: [phone]/35
• to develop the Cost and Management Accountancy profession
Fax: [phone]/1026
Delhi Office • to develop the body of members and properly equip them for functions
CMA Bhawan, 3, Institutional Area • to ensure sound professional ethics
Lodi Road, New Delhi-110003
Tel: [phone] • to keep abreast of new developments
Fax: [phone]
WEBSITE
www.icmai.in Behind every successful business decision, there is always a CMA
www.icmai.in SEPTEMBER 2014 THE MANAGEMENT ACCOUNTANT 3
September 2014
Inside
COVER STORY
SEPTEMBER 2014 VOL 49 NO. 9 `100
The Management Accountant,
official organ of The Institute
of Cost Accountants of India,
established in 1944 (founder
member of IFAC, SAFA and CAPA)
EDITOR
CMA Dr Debaprosanna Nandy
[email protected]
PRINTER & PUBLISHER
CMA Dr A S Durga Prasad
President, The Institute of Cost
Accountants of India
12 Sudder Street
Kolkata 700 016
and printed at
Hooghly Printing Co Ltd
(a Government of India Enterprise)
EDITORIAL OFFICE
CMA Bhawan, 4th Floor, 84, Harish
Mukherjee Road, Kolkata-700 025
Tel: [phone] FORENSIC ACCOUNTING IN
Fax: [phone]
THE CYBER WORLD: A NEW
The Institute of Cost Accountants of
India is the owner of all the written CHALLENGE FOR ACCOUNTANTS
and visual contents in this journal.
Permission is neccessary to re-use
any content and graphics for any
purpose. 22 A theoretical 29 A multidimensional
construct of approach to investigating
forensic accounting frauds and scams: a study
DISCLAIMER and auditing in the global and Indian
context
The views expressed by the
authors are personal and do
40 White Collar 46 Why banks should
not necessarily represent
the views of the Institute Crime and its go for Forensic
and therefore should not be punishment Accounting – Needs
attributed to it. policy and applicability
4 THE MANAGEMENT ACCOUNTANT SEPTEMBER 2014 www.icmai.in
6 COVER STORY BANKING
52 Forensic accounting
From the
eliminates epidemic
Editor’s desk
ills in business: A
8
conceptual framework
President’s
56 Viewing through the
communique
forensic lens
11
TAXATION
ICAI-CMA
Snapshots
78 Transparency in Indian
15
banks – considering
information on bank
Economy
websites
Updates
60 COST MANAGEMENT
83 Activity based
Round Table
Management –
Discussion
Glimpses of its practical
62 Fiscal policy: Advice
applications
61 from the Arthashastra
and other tax
From the happenings CONTEMPORARY ISSUE
Research Desk
66 88 Foreign direct
Finance (No.2) Act 2014
105 investment in the
telecom sector
68
Tax Titbits
CMA TRANSFER PRICING
Dossier
70 Taxation issues in 96 International Transfer
118 Telecom Sector Pricing – Issues and
challenges faced by MNCs
Institute News and regulators
The Management Accountant technical data Advertisement rates per insertion
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Ordy. Half Page 12,000 1,250
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Inland: `1,000 p.a. or `100 for a single copy
The Institute reserves the right to refuse any matter of
Overseas: US$150 for airmail or US$100 for surface mail
advertisement detrimental to the interests of the Institute. The
Concessional subscription rates for registered students of the decision of the Editor in this regard will be final. For any query,
Institute: `300 p.a. or `30 for a single copy mail to [email protected]
www.icmai.in SEPTEMBER 2014 THE MANAGEMENT ACCOUNTANT 5
FROM THE EDITOR’S DESK
Greetings! Forensic accountants
Forensic accounting has can support the propaga-
risen to prominence be- tion of the required infor-
cause of increased financial mation about governance
frauds popularly known and ethics policies to in-
as white collar crimes. terested parties within and
Forensic accounting can outside the organization.
be described as a special- In this way they can help
ized field of accountancy to maintain a good image
which investigates fraud of their respective com-
and analyse financial infor- panies to its stakeholders
mation to be used in legal and also build up effective
proceedings. Forensic ac- communication process
counting uses accounting, and transparency.
auditing, and investigative The fraud prevention
skills to conduct investiga- strategy outlines a high
tions into theft and fraud. level plan on how the or-
It encompasses both Liti- ganization will go about
gation Support and Inves- implementing its fraud
tigative Accounting. prevention policy. An ef-
Forensic audit can be de- fective fraud risk manage-
fined as an examination of ment approach encom-
evidence regarding an assertion to determine its corre- passes controls that have three objectives:
spondence to established criteria carried out in a man- • Prevent
ner suitable to the court. • Detect
• Respond
Objectives of Forensic Accounting and Auditing Fraud risk management strategy can follow the fol-
• To use the forensic accountant’s conclusions to fa- lowing steps:
cilitate a settlement, claim, or jury award by reduc- • Identify risk areas.
ing the financial component as an area of contin- • Understand and assess the scale of risk.
uing debate • Develop a risk response strategy.
• To avoid fraud and theft • Implement the strategy and allocate responsibilities.
• To restore the downgraded public confidence • Implement and monitor the suggested controls.
• To formulate and establish a comprehensive corpo- • Review and refine the process and do it again.
rate governance policy Fraud risk management is not a one-time exercise but
• To create a positive work environment a continuous process. As businesses change and grow, so
A forensic accountant can ensure the integrity and do their fraud risks.
transparency of financial statements by actively investi- This issue presents a good number of articles on the
gating for fraud, identifying areas of risk and associated cover story theme ‘Forensic Accounting and Audit’ by
fraud symptoms and a good fraud prevention program distinguished experts and authors. We look forward to
can help to create a positive working environment where constructive feedback from our readers on the arti-
employees do not indulge themselves to abuse their re- cles and overall development of the journal under this
sponsibilities. So, by helping companies to prevent and section. Please send your mails at [email protected]. We
detect fraud the forensic accountants can help to establish thank all the contributors to this important issue and
a comprehensive corporate governance policy. hope our readers enjoy the articles.
6 THE MANAGEMENT ACCOUNTANT SEPTEMBER 2014 www.icmai.in
LETTERS TO
THE EDITOR
The Journal is going from Good,
Very Good to Excellent. This The Institute of Cost
makes me proud of being a
member of the Institute.
Accountants of India
Looking forward to
improvements to the Journal
and the perception of corporates (Statutory Body under an Act of Parliament)
about CMAs.
www.icmai.in
CMA V Subramanian
Call for Research Papers/Articles for
On the online link of the
Research Bulletin Vol. XL (ISSN 2230 9241)
Journal: Wonderful! Very good
idea! It will save paper and
valuable natural resources.
We invite you to contribute research paper/ article for
Also, members can now
“Research Bulletin”, a peer-reviewed Bi-Annual Journal of
download and keep it in a
The Institute of Cost Accountants of India. The aim of this
separate folder and read when
time permits. bulletin is to share innovative achievements and practical
CMA R Parthasarathy experiences from diverse domains of management, from
researchers, practitioners, academicians and professionals.
I request you to publish a
special issue on the incentive This bulletin is dedicated to publish high quality research
schemes of state governments papers providing meaningful insights into the management
and the central government
content both in Indian as well as global context.
for industries, their impact on
the Indian economy and the
specific role that CMAs can Guidelines to submit full Paper
play in them. • Soft Copy of the full paper should be submitted in double
CMA Santanu Chakraborty space, 12 fonts, Times New Roman, keeping a margin of 1
inch in four sides, MS Word 2003 (.doc) format.
My warm appreciation for the
nice graphics that accompanied • Each paper should be around 15 typed pages and preferably
my articles in the last two within 5000 words including all.
issues of our journal. They
• An abstract of not more than 150 words should be attached.
enhanced the tone of the
• The cover page should contain the title of the paper, author’s
articles and were eye-catching,
specially the photograph of the name, designation, official address, contact phone numbers,
statue of Lady Godiva which e-mail address.
was an example of editorial
thoughtfulness. Kudos for the
good work. Papers must be received within 3Ist October, 2014 in the
following email id: [email protected]
Dr Ravindran Pranatharthy
www.icmai.in SEPTEMBER 2014 THE MANAGEMENT ACCOUNTANT 7
PRESIDENT’S
COMMUNIQUE
INSTITUTE PREPARED TO PLAY
A ROLE IN INDIAN ECONOMY BY
PROVIDING VITAL INPUTS
sectors in order to boost the economy and investments. From
the Institute I am glad that we are well prepared to play a due
role in all these sectors by providing vital inputs to the Govern-
ment in their efforts.
Companies (Cost Records and Audit) Rules 2014
The Expert Committee of MCA, constituted to examine the is-
sues relating to Cost Rules, desired that the Institute submit
a representation, highlighting the grievances of the Cost Ac-
countants on the Companies (Cost Records and Audit) Rules
2014. The Institute has submitted the following documents in
this regard for the perusal of the Expert Committee on August
21, 2014:
CMA Dr A S Durga Prasad a. Genesis for regulatory mechanism on cost records and cost
President, The Institute of Cost Accountants of India audit covering the review made by the earlier Expert Group con-
stituted by MCA in 2008 and the framework in place since 1965
till date
b. Legal provisions relating to cost records and cost audit, in-
Where is the Life we have lost in living? Where is the cluding suggestions made by various Parliamentary Commit-
tees.
wisdom we have lost in knowledge? Where is the knowledge
c. Brief observations / grievances of Cost Accountants on the
we have lost in information? – TS Elliot
structure & contents of the Companies (Cost Records and Au-
dit) Rules, 2014.
d. International CMA Practices.
e. Value Additions through Cost Audit
Our suggestions with justifications for coverage, and other
terms relating to prescribed class of companies / industries /
My Dear Professional Colleagues,
sectors, the threshold limits along with appropriate changes /
September is starting with some good tidings that the Economy
modifications to be made thereunder will be submitted to the
has started turning around and has proceeded with some good
Expert Committee shortly. We also represented for postpone-
initiatives from the Government for kindling economic growth.
ment of Companies (Cost Records and Audit) Rules, 2014 to be
The optimism to achieve growth beyond 5.7% has been revived. effective from 1st April 2015 pending recommendations of the
Some of the key initiatives such as removal of restrictions on Expert Committee appointed by Ministry of Corporate Affairs
FDI in Railways and Defence, thrust on manufacturing and In- and these rules in its present form are non-implementable due
frastructure investments and creation of special mechanism to to various issues pointed out in its representation to the Expert
resolve tax disputes have definitely helped regain the investor Committee and MCA.
confidence. There is also a momentum for Goods & Services
Tax which will be the next big thing that will bring harmoniza- Quality Review Board
tion in the tax structure of the country. The Quality Review Board of the Institute, which has been doing
There needs to be a balanced growth of all the three impor- a yeoman service in guiding the practicing members in provid-
tant sectors of Indian Economy i.e. Agriculture, Manufacturing ing quality professional service, has given its recommendations
and Services. The Government is also concentrating on Educa- for further improvement in the quality of the services rendered
tion & Health, Agriculture & Food Processing and Infrastructure by the members of the Institute including those in service.
8 THE MANAGEMENT ACCOUNTANT SEPTEMBER 2014 www.icmai.in
These include: Ministry of Textiles has shown willing- Departments/Directorates of the Insti-
• To develop Leadership and Communi- ness to involve our Institute and CMA tute, I now present a brief summary of
cation skills of Final passed students. profession to provide a mechanism to the activities.
• To organize necessary training for the the Ministry for monitoring the flagship
employees of the Institute to improve the Textile Upgradation Scheme, being im- ICWAI MARF Programs
image of the Institute. plemented by the Ministry. We have also The ICWAI MARF has organized the
• CEP hours and Training requirements assured the Ministry to develop a mech- programs on ‘Advance Tax, TDS and Tax
for Certificate of Practice (COP) holders anism of providing additional skill based Planning’ and ‘Risk Based Internal Audit
to be revised with 50% catered to profes- training on Cost Accounting to the train- for Effective Management Control’ dur-
sionally related subjects. ees of Sardar Vallabhai Patel Institute of ing 05-08 August, 2014 at Indore, which
Necessary steps to implement the Management and similar technical and were attended by officers from different
recommendations have been initiated. management Institutions recognized un- organizations. The program on ‘Overview
der the Ministry of Textiles. of Companies Act, 2013 & Finance Act,
Meeting with Union Minister 2014’ has been organized for Container
for Micro Small and Medium Advocacy - Promoting Corporation of India Limited at CMA Bha-
Enterprises awareness wan, New Delhi during 12-13 August,
I along with CMA Manas Kumar Thakur, In the meeting of National Advisory 2014 which was attended by 25 Senior
Council Member had the opportunity to Board, the Chairman emphasized on and Middle level officers.
meet the Shri Kalraj Mishra, Hon’ble Un- the relevance of Cost and Management
ion Minister for Micro Small and Medium Accounting profession and the efforts Advanced Studies Directorate
Enterprises on 8th August 2014 at New required for making the profession more To equip the members with requisite
Delhi. The meeting was very fruitful. On relevant and enhancing visibility. This skills necessary for both Systems audit
behalf of the Institute we offered the calls for creating awareness at the high- and Internal Audit, the Directorate of Ad-
Ministry some specific services to be est level of decision making about the vanced Studies commenced The Diplo-
rendered by the Institute and its mem- knowledge and expertise possessed by ma in Internal Audit course and IS Audit
bers. Some of them are Creating a MSME the CMAs and also across the stakehold- and Control. The 2nd batch of Diploma in
help desk at each of the Chapters / CMA er’s spectrum. IS Audit and Control will commence from
Support centres for facilitating MSMEs In order to promote Advocacy of the pro- October 2014 as the date for admission
to get advice on various aspects of their fession through promoting awareness is extended to 30th September 2014.
operations; to carry out research studies amongst Key stakeholders and audienc- The Directorate has till now conducted
to assess the efficiency of various units es, and focus on the areas: 15 webinars for Diploma in IS Audit &
/ activities; to organize training programs • Highlighting the critical differentiating Control and 9 webinars for Diploma in
for MSMEs specifically focusing on the aspects of a CMA; the DNA of a CMA Business Valuation. 6 webinars were
need and mechanism for effective cost • What steps are needed for career pro- also held for Diploma in Internal Audit.
management for survival and becoming gression as leader; identifying career The Directorate has notified the Diploma
competitive. This was followed up with and educational pathways for gaining in Management Accountancy Examina-
a meeting with Dr. Sunita Chhibba, Chief experience and knowledge tion to be conducted in December 2014.
Economic Advisor to MSME Ministry. • Using CMA role models, and identify- Interested members are requested to vis-
We were advised to give a detailed pro- ing what stakeholders need and ex- it the Institutes website for details.
posal and a draft MOU for the considera- pect of CMAs
tion of the Ministry. • Greater transparency and understand- CAT & ASAP
ing of organizational performance, pro- Total review of ASAP, Kerala was done by
Meeting with Secretary, active engagement with stakeholders
CMA TCA Srinivasa Prasad, Chairman,
Ministry of Textiles on business drivers of performance.
CAT Committee and CMA M. Gopalakr-
I along with CMA M. Gopalakrishnan, As a part of this initiative, during the
ishnan, Member, CAT Committee, with
Past President and Council Member last one month, I met Industrialists and
the officials of Government of Kerala. The
met with Shri S.K Panda, IAS, Secretary, some of our Members who are holding
Institute is gearing up for the successful
Ministry of Textiles on 26th August 2014 senior positions, from different regions in
commencement of the 3rd batch of stu-
and discussed the role CMAs can play order to connect with the Industry and
in implementing the various schemes also elicit their views with respect to dents numbering around 4,000. In Rajast-
for promoting cost competitiveness and the areas listed above and their expec- han, the third batch of students number-
thereby sustaining the growth of Textile tations. ing around 500 from various colleges has
Sector, as indicated in the Vision, Strat- To apprise all the members about the already joined the course as per the MoU
egy and Action Plan by the Ministry. The activities/initiatives undertaken by the with the Government of Rajasthan.
www.icmai.in SEPTEMBER 2014 THE MANAGEMENT ACCOUNTANT 9
PRESIDENT’S
COMMUNIQUE
CPD Activities IT Department, were launched: Companies Act 2013 mandates cost ac-
During the month webinar was organized • CMA Connect Mobile App: This will countants to conduct the internal audit
on 'Stock Audit of Banks'. The session help members and students to receive of the companies. The Institute in order
was well received by the large number updates from the Institute on their An- to enhance the capacity building and to
of CMAs. The Institute organized a pro- droid Mobile Devices. iOS and Windows support members of the Institute to carry
gram in an academic collaboration with version of the App would be launched out the internal audit of various sectors
SCOPE on 'Service Tax-Compliances' at soon. of the Industry also bringing out guidance
New Delhi. There was overwhelming re- • Student Portal: This is one-stop-shop notes on Internal Audit Guidance Notes
sponse from the Public Sector Enterpris- portal catering to all the requirements of shortly. The Guidance Notes apart from
es and sessions were very much appre- the students ranging from access to noti- providing the general guide on general
ciated by the participants. I am happy to fication, Online Services, Administration, principles relating to internal audit in ERP
inform that during the month our Regional Academics, Resources, Training, Exami- Environment, also cover sector specific
Councils and Chapters actively organized nation and Placements. portion, giving the brief about the sector,
many programs, seminars and discus- • President Portal: This will help mem- government policies and rules, legal and
sions for the members on the topics of bers and students to know more about regulatory framework, technical peculiar-
professional relevance such as on MCA E the schedule of the President, Events at- ities, special transactions and activities
Forms, Cost Audit under the Companies tended by him and will also enable them of the sector and internal audits thereof. I
Act, 2013, Limited Liability Partnership, to reach out to him with ideas and sug- urge the members to extensively use the
Understanding MVAT, Corporate Gov- gestions. Through the President’s Desk Guidance Notes on Internal Audit of Phar-
ernance & Independent Directors, Total on this portal, President would also com- maceutical Industry and Stock Brokers
Quality Management, Enterprise Risk municate to the stakeholders. & Depository Participants as reference
Management, Excise, Service Tax and • Dashboard for Council Members: On- technical guides.
Cost Audit, Issues in Capital Gains, Man- line Dashboard for the council members
agement Accounting-A Strategic Empha- to provide quick access to the facts and Research & Journal Directorate
sis, IFRS and its applicability, Mergers updates of the Institute. A meeting was held at Tezpur Universi-
& Acquisitions, Advance Tax, TDS and ty, Assam (a Central University) on 18th
Tax Planning, Negative List of Services, Membership Department August, 2014 on the issues of Recogni-
Workshop on Karnataka Value Added Tax In my earlier communiqué, I had men- tion of the qualification of the members
(K-VAT), Union Budget 2014-2015, Scope tioned about the initiative to launch a of the Institute for pursuing Ph.D program
of CMAs in Banking and Financial Institu- vigorous membership drive to increase and collaborative research activities.
tions, and so on. the number of Members. I call upon all Professor Mihir Kanti Chaudhuri, Vice
final passed students having requisite Chancellor, Tejpur University, Profes-
Exams Directorate experience to apply for Associate mem- sor Subhrangshu Sekhar Sarkar, Dean,
The June 2014 Intermediate and Final ex- bership of the Institute. In regard to pay- School of Management Sciences, Tejpur
aminations results were declared on 23rd ment of membership fee for FY 2014-15 University, Dr. Biren Das, Registrar, Tejpur
August 2014. I congratulate the students which became due on 1st April 2014, it University, CMA Manas Kumar Thakur,
who have passed the examinations and is observed that some of our esteemed Central Council Member of the Institute,
wish them a very bright and successful members have not yet made payment CMA Bibekananda Mukhopadhyay, Sec-
carrier. I urge upon those students who of their membership fees. I urge upon all retary, EIRC of the Institute were among
could not pass the exams this time, to such members to make their member- the dignitaries present in the meeting.
gear up for the next term examinations. ship fee payment before 30th September The meeting was highly successful. An
2014 to continue to avail the benefits of MoU is proposed to be signed shortly in
International Affairs Department membership. this regard.
The next SAFA Events are scheduled to I wish prosperity and happiness to
be held at Dhaka during 9-10th Septem- Professional Development members, students and their family on
ber 2014. Representatives from the Insti- Directorate the occasion of Onam and Navaratri.
tute will be attending the meetings. The The Institute has released two guidance With warm regards,
IFAC-PAIB committee is meeting on Sep- notes on Internal Audit of Pharmaceu-
tember 22-23, 2014 at Newyork, USA. tical Industry and Stock Brokers & De-
pository Participants. The softcopy of
IT Department these guidance notes are available on
I am happy to inform that on the auspi- the Institute website. The print of these
cious occasion of Independence Day, the guidance notes shall be available to (CMA Dr A S Durga Prasad)
following applications developed by the members shortly. Section 138(1) of the 2nd September 2014
10 THE MANAGEMENT ACCOUNTANT SEPTEMBER 2014 www.icmai.in