Public Sector Banks get autonomy to appoint Auditors
Posted Date : 29-Nov-2014 , 08:45:03 am | Posted By CASANSAAR
The government said public sector banks (PSBs) will get autonomy in selection and appointment of their Statutory Central Auditors (SCAs).
"The work of selection and appointment of SCAs henceforth, has been delegated to individual PSBs for the year 2014-15 onwards," the f...
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India has potential to export services of internal auditing: IIA
Posted Date : 25-Nov-2014 , 08:19:56 am | Posted By CASANSAAR
India has the potential to become the international back office ofinternal audit services by meeting the demands of multinational companies, saidHal Garyn, vice-president, professional practices at the Institute of Internal Auditors(IIA), a global professional grouping. The inter...
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Memorandum to ICAI regarding Concern & Suggestion of Members on Statutory Bank Audits by SAVE CERTIFICATION RIGHT / TAR GROUP
Posted Date : 18-Nov-2014 , 08:29:27 am | Posted By CASANSAAR
A delegation representing TAR/Save Certification rights group, comprising CA. Amresh Vashist (Meerut), CA. Deep Jain(Faridabad), CA. Vivek Khurana Founder - CASANSAAR (New Delhi) and CA. M.K.Arora(Noida), met with the worthy President of ICAI, at New Delhi.
This delegation handed over to th...
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Join Us for transparency in Allotment of Bank Audit & Other Reforms...
Posted Date : 14-Nov-2014 , 09:07:12 pm | Posted By CASANSAAR
For improvement in "Bank Audit allotment system, We a group of CAs called " SAVE CERTIFICATION RIGHT" has prepared a memorandum & file a petition at www.change.org. We appeal all CAs to sign it.
CA Vivek Khurana,
http://www.casansaar.com
https://www.change.org/p/rajan-kumar-nic...
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Memorandum for Suggesting Changes in the Process of Allotment Of Statutory Bank Branch Audits to Chartered Accountants
Posted Date : 14-Nov-2014 , 08:48:00 pm | Posted By CASANSAAR
We are Chartered Accountants located in different parts of India. We have noted with concern the various issues that have arisen over the past few years in the matter of appointment of auditors of Bank Branches. This has not only adversely affected the NPAs of various bank branches (which in turn af...
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Auditing |
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Banks to have a say in selecting auditors from next year
Posted Date : 02-Nov-2014 , 09:07:44 pm | Posted By CASANSAAR
In order to give greater autonomy to public sector banks, the Finance Ministry is working on a framework which will give lenders the authority to select statutory auditors, a pattern that would come into effect from next fiscal. "We are now thinking of a framework were banks could be involved. ...
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Audit on Goa mining firms: CM says cooperate or face action
Posted Date : 29-Oct-2014 , 08:52:55 am | Posted By CASANSAAR
The Goa government has said it will launch a criminal investigation against those mining firms that are not cooperating with a state-appointed panel of chartered accountants looking into the financial transactions related to iron ore extraction and export between 2005-2012. The findings of th...
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Audit institutions play an enabling role in ushering in good governance: President
Posted Date : 28-Oct-2014 , 08:28:06 am | Posted By CASANSAAR
President Pranab Mukherjee, who inaugurated the 27th conference of Accountants General here on Monday, said audit institutions play an enabling role in ushering in good governance in democratic functioning.
"Good governance is the exercise of power, within the framework of the Constitu...
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Audit institutions play an enabling role in ushering in good governance: President
Posted Date : 28-Oct-2014 , 08:26:24 am | Posted By CASANSAAR
President Pranab Mukherjee, who inaugurated the 27th conference of Accountants General here on Monday, said audit institutions play an enabling role in ushering in good governance in democratic functioning.
"Good governance is the exercise of power, within the framework of the Constitu...
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President of India to Inaugurate Three Day Accountants’ General Conference on Monday
Posted Date : 25-Oct-2014 , 06:55:30 pm | Posted By CASANSAAR
Shri Pranab Mukherjee, President of India will inaugurate the Accountants General Conference here on Monday, 27th October, 2014. The three (3) day Conference is being organized by the Comptroller and Auditor General of India (CAG) on the theme of ‘Promoting Good Governance and Accountability t...
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Many listed firms had same auditors for over 10 yrs: IIAS
Posted Date : 24-Oct-2014 , 08:05:53 pm | Posted By CASANSAAR
Proxy advisory body Institutional Investor Advisory Services India (IIAS) has called for periodic rotation of auditors and capping their tenure at 10 years.
"IIAS expects the tenure of the audit firm to be capped at 10 years. It would recommend voting against the reappointm...
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Auditing |
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Auditors to give info on Companies' internal financial controls
Posted Date : 15-Oct-2014 , 09:00:04 am | Posted By CASANSAAR
To ensure more transparency, auditors will now be required to provide information about a company's internal financial controls and their operating effectiveness in the annual statements.
The new provision would be mandatory for auditors from next financial year starting from Ap...
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Despite RBI norm, forensic audits of only 12 banks filed
Posted Date : 07-Oct-2014 , 08:11:03 am | Posted By CASANSAAR
More than a year after RBI has made forensic audit compulsory for major bank loans that run into trouble, only 12 such reports have been filed by the auditors.
Even among those there are few actionable points for the banks to file cases like classifying the borrowers as wilful defaulters. T...
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Deloitte may sign up 1.4 million sq ft of office space in Hyderabad
Posted Date : 18-Sep-2014 , 07:46:46 am | Posted By CASANSAAR
India's commercial real estate market is seeing big deals being struck once again in the top cities. In one of the largest leasing deals in the country, Deloitte is close to signing up 1.4 million sq ft of office space in Hyderabad for its BPO business. This isn't the only 1 million sq ft plus leasi...
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KPMG to do Forensic Audit of UCX; submit report in 6 weeks: FMC
Posted Date : 17-Sep-2014 , 08:04:36 am | Posted By CASANSAAR
Commodity markets regulator FMC on Tuesday said auditing firm KPMG has been appointed to conduct a forensic audit of the Universal Commodity Exchange after it found that its promoter allegedly siphoned off funds from the exchange.
The auditing firm will submit a detailed report in 4-6 weeks. Meanwh...
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Govt provides clarity on CAG Audit provision in new Companies Act
Posted Date : 07-Sep-2014 , 09:21:48 pm | Posted By CASANSAAR
To remove difficulties faced by stakeholders, the Corporate Affairs Ministry has made changes to provisions regarding appointment of auditors by CAG for 'deemed government companies' under the new companies law.The Ministry is implementing the Companies Act, 2013, whose many provisions have come int...
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Panel set up to conduct forensic Audit of NSEL
Posted Date : 03-Sep-2014 , 08:01:17 am | Posted By CASANSAAR
On a plea made by investors, the Bombay High Court, on Tuesday, formed a committee headed by a retired high court judge to conduct a forensic audit of the troubled NSEL and liquidate the assets of its defaulting borrowers in the over Rs.5,500 crore payments scam.
The three-member committee, headed ...
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FMC turns the heat on UCX, orders a Forensic Audit now
Posted Date : 29-Aug-2014 , 07:41:39 am | Posted By CASANSAAR
Commodity futures market regulator Forward Markets Commission (FMC) has directed the board of Universal Commodity Exchange (UCX) to appoint audit firm KPMG for conducting a forensic audit of the bourse, after having found last month that its promoter allegedly siphoned off funds from the exchange, a...
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FinMin orders forensic audit of Dena Bank, OBC after reports of scam
Posted Date : 21-Aug-2014 , 08:44:06 am | Posted By CASANSAAR
The Finance Ministry has ordered a forensic audit after reports of misappropriation of funds worth Rs. 436 crore at the branches of Dena Bank and Oriental Bank of Commerce.
Dena Bank was trading down 4 per cent at Rs. 60.70 on the BSE at 2.20 pm. Similarly...
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How this new CBDT rule will create problems for your Tax Audit
Posted Date : 20-Aug-2014 , 08:33:53 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) issued a notification (33/2014) on 25 July 2014 for amending forms 3CA, 3CB and 3CD. For chartered accountants (CAs), who have already finalised their audits and filed report online and had the same confirmed online by the auditee before 25 July 2014, there...
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Auditors under increased scrutiny as PwC fined US$25M for ‘Improperly Altered’ Report
Posted Date : 19-Aug-2014 , 08:41:25 am | Posted By CASANSAAR
Auditors have once again been thrust into the spotlight, with fresh penalties meted out Monday against one firm as such “gatekeepers” come under increased scrutiny in the United States and Canada.
New York’s Department of Financial Services took aim at PriceWaterhouseCoope...
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Bhushan Steel lenders to conduct Forensic as well as a Concurrent Audit to protect their interests
Posted Date : 18-Aug-2014 , 04:48:54 pm | Posted By CASANSAAR
Lenders to Bhushan Steel Ltd have decided to conduct a forensic as well as a concurrent audit to monitor the company’s cash flows as they move to protect their interests in the company.
The bankers have also decided to appoint three nominee directors on the board of Bhushan Steel to represent...
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Not just Judges: It’s time to reform Appointments of Auditors too
Posted Date : 17-Aug-2014 , 08:25:04 pm | Posted By CASANSAAR
Ever since the Supreme Court gave itself the absolute power to appoint judges by making what was arguably a colourable interpretation of the constitutional mandate in this regard, there has been a clamour for defanging the judiciary, as it were. The result - the Constitution Amendment Bill moved in ...
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Airlines Run into Audit Red-flags Over 'Going Concern' Status
Posted Date : 17-Aug-2014 , 07:49:49 pm | Posted By CASANSAAR
Amid continuing difficulties in airline space to generate profits and raise funds, independent auditors of at least two Indian carriers have raised red-flags over their 'going concern' status claims.
Typically, a company is known as a 'going concern' if it has sufficient resources to contin...
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Auditors red-flag SAIL accounting procedure for Rourkela plant
Posted Date : 14-Aug-2014 , 08:21:27 am | Posted By CASANSAAR
Auditors have red flagged SAIL's accounting procedure relating to its Rourkela plant, alleging that this has led to the state-run steel maker overstating profits by Rs 133.66 crore last fiscal, a charge strongly refuted by the firm.
In a note with first quarter results, SAIL said auditors i...
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2 Auditors under pressure to change MoC of Rs 400 cr NPA
Posted Date : 09-Aug-2014 , 09:35:07 pm | Posted By CASANSAAR
Two well known Auditors of the Jammu and Kashmir Bank under considerable influence and pressure to change the Memorandum of Change (MoC) of a Mumbai based real estate company who have defaulted on payments worth Rs 400 crores to J&K Bank.
Sources told Kashmir Monitor that these two auditors dur...
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CAG wants all accounts of PPP projects Audited
Posted Date : 05-Aug-2014 , 08:57:43 am | Posted By CASANSAAR
Observing that there were risks in estimation of revenue streams of projects under public-private partnership mode which might significantly impact the exchequer or consumers, the Comptroller and Auditor General (CAG) on Monday asked the government to ensure all PPP agreements we...
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ICSI wants Secretarial Audit for Private Companies too
Posted Date : 03-Aug-2014 , 09:36:01 am | Posted By CASANSAAR
The Institute of Company Secretaries of India (ICSI) has made a representation to the Union ministry of corporate affairs to bring private limited companies under the ambit of secretarial audit under the Companies Act 2013. This was disclosed by ICSI president R Sridharan here on Saturday.
Sridhara...
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GMR Infrastructure's Auditors flag up the dangers in Accounting Standards
Posted Date : 29-Jul-2014 , 08:31:35 am | Posted By CASANSAAR
The auditors - S R Batliboi & Associates - to publicly-held GMRInfrastructure, have raised red flags over accounting norms followed by the infrastructure developer with respect to certain of its power, airports and highway projects.
One of GMR's power projects which has been hit ...
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Government looking at criteria for fraud reporting by Auditors
Posted Date : 23-Jul-2014 , 09:26:43 am | Posted By CASANSAAR
The Corporate Affairs Ministry is looking at the possibility of having thresholds of the quantum of frauds at companies that need to be mandatorily reported by concerned auditors to the government. In this regard, the government has sought suggestions from ICAI, the apex body for chartered acco...
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