The Institute of Chartered Accountants (ICAI) may revise tenure of a company's auditors to deal with audit fraud committed by companies as did by Satyam Computer Services recently. It is also planning to issue guidelines to its members to review periodic record of companies to avoid possibility of alteration in company's balance sheet.

It is to be noted that Price Waterhouse has been associated with Satyam as an auditor for eight years and ICAI recently declined to take any action against it for audit mishandling, blaming management for this fraud.
 

On Monday, the Karnataka High Court expressed its shock and discontentment over the letter addressed by former Prime Minister H D Deve Gowda to the Chief Justice and other judges of the High Court regarding alleged counterfeit actions by the Nandi Infrastructure Corridor Enterprises (NICE) in implementing the BMIC project.

In Tamil Nadu, the ruling DMK enjoyed a thumping win, in a fiercely contested Assembly byelection in Thirumangalam, which dashed the hopes of the newly-formed AIADMK-MDMK-Left alliance to the ground.

DMK’s Latha Adhiyaman defeated AIADMK’s M Muthuramalingam by an enormous margin of 39,266 votes.

It was today announced by Microsoft, Intel, and Cisco that they are working together to help ensure that proper standards are created for measuring digital literacy.

The three companies are making an effort to bring together a group of education leaders and academics in order to identify the characteristics that should form the basis of global standards, though they haven’t come up with the assessment criteria themselves.

It took quite a long time for the Ford designers to create the latest concept car, the Lincoln C concept car of the future.  

Finally, after when the car’s design was locked last spring, makers went under strict observation and amendments for months, and at last Lincoln C concept car of the future unveiled Monday in Detroit.

Infosys Technologies, India's second largest software services exporter, reported that the company was able to earn consolidated net profit of Rs 1,641 crore for the Q3 that ended December 31, 2008 as against Rs 1,231 crore in the corresponding quarter a year ago.

A release which was issued to BSE today by Infosys, said, “The Q3FY09 topline has increased 35.5% to Rs 5,786 crore from Rs 4,271 crore in Q3FY08, beating the recession blues which is clouding the global businesses.”