IL&FS shortlists BDO, Grant Thornton as auditors
Posted Date : 01-Nov-2018 , 09:28:26 am | Posted By CASANSAAR
Troubled infrastructure developer and lender Infrastructure Leasing & Financial Services Ltd has shortlisted Indian arms of Belgium-based BDO and Chicago-headquartered Grant Thornton to investigate alleged irregularities in its operations, three people with direct knowledge of the matter said.&n...
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Committee of Experts submits its report on Regulating audit firms and the Networks
Posted Date : 01-Nov-2018 , 09:20:59 am | Posted By CASANSAAR
The Committee of Experts has submitted its report on Regulating audit firms and the Networks to the Government of India through the Secretary, Ministry of Corporate Affairs. The Committee was constituted on April 20, 2018 pursuant to the directions of the Hon'ble Supreme Cour...
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Auditing |
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SC seeks report on role of Amrapali Group's statutory auditors
Posted Date : 26-Oct-2018 , 09:38:59 am | Posted By CASANSAAR
The Supreme Court on Wednesday asked the forensic auditors to submit by Thursday an interim report on the role of statutory auditors in the beleaguered real estate company Amrapali Group.
The SC has asked forensic auditors to conduct an audit of 46 companies of the Amrapali Group, and also ...
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SC asks Amrapali CFO to appear before it for Memory Test
Posted Date : 25-Oct-2018 , 08:33:42 am | Posted By CASANSAAR
In a rare order, the Supreme Court on Wednesday directed the chief financial officer of Amrapali group, Chander Wadhwa, to appear before it for a “memory test”, after the court-appointed auditors said he was not cooperating with the ongoing probe. He was also not answering any question o...
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Government plans to tighten rules for Auditors
Posted Date : 24-Oct-2018 , 07:35:43 am | Posted By CASANSAAR
The government plans to review the auditing standards as it looks to tighten the norms governing auditors, a senior official has said amid rising instances of corporate misdoings. The Corporate Affairs Ministry, which is implementing the companies law, is working on ways to bolster the overall corpo...
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Govt looks to plug gaps in exits of Auditors, Directors
Posted Date : 01-Oct-2018 , 09:24:34 am | Posted By CASANSAAR
The government is looking to tighten the noose around auditors and directors, who quit the company when it lands into trouble — often citing “personal reasons”.
The move follows several exits by audit firms from troubled companies, ranging from Nirav Modi’s outfits —...
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Auditor who exposed Harshad Mehta scam to do forensic audit of Amrapali
Posted Date : 13-Sep-2018 , 08:44:19 am | Posted By CASANSAAR
The Supreme Court said Wednesday that the two auditors it has appointed for forensic audits of Amrapali Group companies as also the assets of its directors since 2008 are "experienced and reputed" and one of them had even exposed the infamous Harshad Mehta scam.
Mehta, a stockbroker, wa...
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SC for forensic audit of all Amrapali group companies
Posted Date : 05-Sep-2018 , 09:43:26 am | Posted By CASANSAAR
The Supreme Court on September 4 ordered an examination of financial records of all the 40-odd companies of the embattled Amprapali group to track the amount of homebuyers’ money that had been diverted, lawyers present at the hearing said.
Meanwhile, the government's construction arm, N...
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Auditors should not quit audit work of firms halfway - T V Mohandas Pai
Posted Date : 30-Jul-2018 , 08:28:20 am | Posted By CASANSAAR
An auditor should give a disclaimer saying that it cannot express an opinion if accounts of the company are incorrect, instead of leaving the audit work halfway, IT veteran T V Mohandas Pai said.
In recent times, scores of auditors have left audit work of companies, mostly listed ones, citing var...
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Auditors of 204 listed companies resign this year
Posted Date : 25-Jul-2018 , 08:39:03 am | Posted By CASANSAAR
Auditors of 204 listed companies resigned in the period between January 1 and July 17 this year, according to an Indian Express report. This translates to one resignation per day.
The Ministry of Corporate Affairs has sent queries regarding this after complaints by investors and stakeholders.
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Auditing |
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Govt plans Audit of CSR projects
Posted Date : 11-Jul-2018 , 08:13:22 am | Posted By CASANSAAR
The government has decided to overhaul the Corporate Social Responsibility (CSR) framework, and conduct audit of the welfare projects implemented by corporates under their CSR programme.
"A high level committee will be set up to suggest ways to improve CSR ecosystem as well as compliance of ...
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Auditing |
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PwC Ordered to Pay $625 Million in Damages Over Bank's Audit
Posted Date : 03-Jul-2018 , 08:45:13 am | Posted By CASANSAAR
PricewaterhouseCoopers LLP was ordered to pay the Federal Deposit Insurance Corp. more than $625 million for negligence in the audit of Colonial BancGroup Inc., an Alabama bank holding company that failed during the financial crisis.
U.S. District Judge Barbara Jacobs Rothstein issued the ruling ...
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Govt to improve norms for Auditors, Corp Professionals
Posted Date : 24-Jun-2018 , 10:54:32 pm | Posted By CASANSAAR
The Government is working to improve the regulations for auditors and corporate professionals as it looks to strengthen the "fabric of corporate governance" in the country, according to Union Minister P P Chaudhary.
His comments come against the backdrop of some auditing entities coming...
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Auditing |
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Sector under scrutiny, Big 4 ease revenue targets for audit partners
Posted Date : 15-Jun-2018 , 11:56:19 am | Posted By CASANSAAR
As the role of auditors comes under increased scrutiny in India, some of the biggest firms in the business, including EY, PwC, Deloitte and KPMG, are either removing or relaxing revenue targets for their audit partners.
In the past few months, some of the audit firms have either told their ...
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Auditing |
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Govt to probe Auditor Resignations from listed Indian Companies
Posted Date : 07-Jun-2018 , 08:50:22 am | Posted By CASANSAAR
A rush of exit of auditors in the last few months has prompted the ministry of corporate affairs to seek reasons for their departure from the companies with close to 15 cases coming under the scanner.
Since January, close to three dozen auditors have opted out of their assignments in listed compa...
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Auditing |
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32 Auditors at listed firms have resigned in last 5 months
Posted Date : 05-Jun-2018 , 10:19:32 am | Posted By CASANSAAR
In the past one month, fifteen auditors have resigned prematurely, besides increasing audit qualifications. The total number of exits, so far, in this calendar year stands at a staggering 32.
According to data from Prime Database, a primary market tracker, between January and May, 32 auditors hav...
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Auditing |
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Banks start forensic audit of Potential NPA Accounts
Posted Date : 30-Apr-2018 , 10:19:00 am | Posted By CASANSAAR
With an aim to identify possible non performing assets (NPAs), public sector banks have started carrying out audits on accounts which have loans of above Rs 50 crore registered against them. This comes after a directive issued from the Finance Ministry. Once the audit is completed, the banks will de...
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Auditing |
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CVC calls PNB statutory auditors to furnish specific details about financial transactions
Posted Date : 08-Apr-2018 , 08:16:09 pm | Posted By CASANSAAR
Awaiting a detailed vigilance report on the over Rs 13,000- crore Punjab National Bank scam, the Central Vigilance Commission (CVC) today said it has asked statutory auditors of the bank to appear before it to furnish specific details about financial transactions.
The watchdog asserted the need f...
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Auditing |
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RBI did not audit PNB branch that sanctioned loans - CVC
Posted Date : 04-Apr-2018 , 09:04:46 am | Posted By CASANSAAR
Central Vigilance Commissioner K V Chowdary on Tuesday said the Reserve Bank of India had apparently not conducted an audit during the period of time when a Rs 13,000-crore scam hit the Punjab National Bank.
Chowdary stressed the need to put into place a more robust auditing system. "They di...
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Prosecutions filed against auditor after inspecting DDCA books - Govt
Posted Date : 16-Mar-2018 , 08:47:10 pm | Posted By CASANSAAR
The corporate affairs ministry said an inspection was conducted on functioning of Delhi and District Cricket Association (DDCA) and prosecutions were filed against the auditor.
In written reply to the Lok Sabha, Minister of State for Corporate Affairs P P Chaudhary said the government had receive...
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NFRA to have power to impose penalty on Audit Firms
Posted Date : 07-Mar-2018 , 09:44:15 am | Posted By CASANSAAR
The Chartered Accountants Act, 1949 (Act) provides for imposition of penalties on members of the Institute of Charted Accountants of India (ICAI).
The ICAI had submitted a proposal to the Government for amendment to the Act to, inter alia, provide for registration of audit firms, procedure for ta...
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Auditing |
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CBI suspects PNB hushed up Audit Reports
Posted Date : 03-Mar-2018 , 08:52:51 am | Posted By CASANSAAR
The CBI suspects that the annual audit reports of Punjab National Bank's internal auditors were either suppressed or ignored by the top brass, resulting in non-detection of the Rs 12,636-crore loan fraud by diamantaires Nirav Modi and Mehul Choksi.
CBI sources expressed surprise that the scam...
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Cabinet approves Establishment of National Financial Reporting Authority
Posted Date : 01-Mar-2018 , 10:55:14 pm | Posted By CASANSAAR
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the proposal for establishment of National Financial Reporting Authority (NFRA) and creation of one post of Chairperson, three posts of full-time Members and one post of Secretary for NFRA.
The decision aims at ...
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Auditing |
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PNB appoints a forensic auditor for Nirav Modi fraud case
Posted Date : 01-Mar-2018 , 09:45:47 am | Posted By CASANSAAR
Punjab National Bank (PNB) has appointed Belgium-based consultancy firm BDO as forensic auditor for five of Nirav Modi Group companies that lead to the biggest ever banking fraud of USD 2 billion in the country.
Besides, more than two dozen banks have decided to seek a forensic audit to establish...
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CBI arrests PNB bank internal auditor in $2 billion fraud
Posted Date : 01-Mar-2018 , 09:39:45 am | Posted By CASANSAAR
The Central Bureau of Investigation (CBI) on Wednesday arrested an auditor of a Punjab National Bank branch at the centre of an alleged $2 billion fraud, a police spokesman said, bringing the number of bank employees held to seven as the investigation widens.
CBI, however, has yet to track ...
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Auditing |
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RBI skipped PNB Branch Audit for 9 years
Posted Date : 01-Mar-2018 , 09:36:17 am | Posted By CASANSAAR
While the blame game begins in the Rs 12,636 crore PNB fraud, so lax were auditing controls that the last audit done by the Reserve Bank of India was nine years ago on March 31, 2009. For a mid corporate bank, like PNB's Brady House branch, that deals with high networth individuals, the audit is...
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Cabinet likely to discuss tighter norms for Auditors
Posted Date : 01-Mar-2018 , 09:26:06 am | Posted By CASANSAAR
Perturbed over the spate of banking frauds, the Union Cabinet is likely to consider measures to strengthen the regulatory regime for auditors to prevent such incidents in the future.
The Cabinet headed by Prime Minister Narendra Modi will be meeting again tomorrow and is reported to have only one...
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SC asks Centre to curb illegal operations of multinational auditors
Posted Date : 23-Feb-2018 , 10:24:50 pm | Posted By CASANSAAR
The Supreme Court took serious note of alleged illegal operations of multi-national accounting firms (MAFs) in India in collaboration with Indian Chartered Accountancy firms (ICAFs) and asked the Centre on Friday to examine steps to rein them in.
"The Union of India may constitute a three-me...
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Auditing |
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Govt may review norms for statutory auditor appointment in PSBs
Posted Date : 20-Feb-2018 , 08:52:43 am | Posted By CASANSAAR
Hit hard by the country's biggest bank fraud at PNB, the government is looking at tightening the norms for appointment of statutory auditors at public sector banks (PSBs) to help detect any irregularities early and take corrective actions, according to a government official.
At present,...
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ED seeks statutory audit reports of banks from RBI
Posted Date : 20-Feb-2018 , 08:47:43 am | Posted By CASANSAAR
The Enforcement Directorate (ED) has sought statutory audit reports of banks from the Reserve Bank of India (RBI) in connection with the Rs 11,400 crore bank fraud reported by Punjab National Bank last week, according to an ED official who spoke off the record.
The official said that at the momen...
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