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News Category : Auditing

Supreme Court orders SEBI to expedite probe against PwC in Satyam Case
Posted Date : 13-Jan-2017 , 08:26:14 am | Posted By CASANSAAR

The Supreme Court on Tuesday asked market regulator Securities Exchange Board of India, or Sebi, to expedite enquiry against global auditing firm PricewaterhouseCoopers (PwC) in the corporate fraud case involving Satyam Computer Services Ltd. “Conclude the case within six months from today,...

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Category : Auditing | Comments : 0 | Hits : 373

Audit finds NSE's system compromised for 18 months
Posted Date : 29-Dec-2016 , 08:39:35 am | Posted By CASANSAAR

The NSE's trading system was compromised for about one and half years, which allowed certain brokers to get preferential treatment over all others. Some of the bourse's employees helped these brokers gain such preferential access to the NSE's trading system, a Sebi-directed enquiry by co...

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Category : Auditing | Comments : 0 | Hits : 511

Public Auditors' body demand for more power to PAC, Audit of FIs
Posted Date : 25-Dec-2016 , 11:18:24 pm | Posted By CASANSAAR

The Public Accounts Committee (PAC) should be given enough powers to take up cases for investigation on its own, the Institute of Public Auditors of India (IPAI) has demanded. Besides, banks, other financial institutions and projects under the PPP should be brought within the scope of CAG's a...

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Category : Auditing | Comments : 0 | Hits : 360

Panel suggests relief to private companies and subsidiaries of foreign companies from Auditor rotation
Posted Date : 08-Dec-2016 , 08:38:09 am | Posted By CASANSAAR

The Standing Committee on Finance headed by Veerappa Moily has recommended that “justifiable relief” be extended to private companies and subsidiaries of foreign companies on the “auditor rotation” front. The “justifiable relief” should depend upon their capi...

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Category : Auditing | Comments : 0 | Hits : 724

Expert panel on audit firms gets more time to submit report
Posted Date : 06-Dec-2016 , 09:07:58 am | Posted By CASANSAAR

A government appointed three-member panel looking into various issues related to audit firms has been given more time till January 15 to submit its report.  The group, headed by TERI Chairman Ashok Chawla, was set up by the Corporate Affairs Ministry in September following representations fr...

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Category : Auditing | Comments : 0 | Hits : 454

US fines Deloitte record $8mn over audit fraud in Brazil
Posted Date : 06-Dec-2016 , 08:38:13 am | Posted By CASANSAAR

A US accounting watchdog hit Deloitte's Brazil division with a record USD 8 million fine for issuing false audits of a US-traded Brazilian airline and then doctoring papers to thwart an investigation, the agency said.  Brazil-based Deloitte Touche Tohmatsu Auditores Independentes "k...

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Category : Auditing | Comments : 0 | Hits : 742

SBI plans Special Audit of associate banks ahead of merger
Posted Date : 11-Oct-2016 , 11:12:26 am | Posted By CASANSAAR

The State Bank of India is planning to carry out a special audit of the associate banks before the scheduled merger.  The SBI is on track to merge with five of its associate banks and the Bharatiya Mahila Bank. The banks are, the State Bank of Travancore, State Bank of Mysore, State Bank ...

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Category : Auditing | Comments : 0 | Hits : 772

Govt forms panel to examine issues related to Audit Firms
Posted Date : 01-Oct-2016 , 07:38:14 am | Posted By CASANSAAR

The government on Friday set up a three-member expert panel, headed by The Energy and Resources Institute (Teri) chairman Ashok Chawla, to examine various issues related to audit firms, including possible adverse impact from restrictive shareholder agreements. Reserve Bank of India (RBI) deputy g...

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Category : Auditing | Comments : 0 | Hits : 1062

ICAI firm up view on Foreign Auditors Direct Access on Oct. 3
Posted Date : 27-Sep-2016 , 08:40:45 am | Posted By CASANSAAR

The CA Institute will, on October 3, take a final call on the tricky issue of allowing foreign firms to directly offer accounting services in the Indian market. The Corporate Affairs Ministry (MCA) had sought the CA Institute’s views on whether the government should legalise the entry of fo...

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Category : Auditing | Comments : 0 | Hits : 893

EY fined $9.3m for Auditors' improper relationships with clients
Posted Date : 21-Sep-2016 , 08:27:37 am | Posted By CASANSAAR

Accounting firm Ernst & Young will pay $9.3 million to settle charges that two of its former auditors got "too close to clients on a personal level" and broke rules aimed at ensuring reviews were impartial, the U.S. Securities and Exchange Commission said . The agency said the two f...

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Category : Auditing | Comments : 0 | Hits : 1377

Big 4 auditing firms corner 26% of audit business in India
Posted Date : 20-Sep-2016 , 08:50:21 am | Posted By CASANSAAR

'Big 4 auditing firms’ - Deloitte, Ernest & Young Group, KPMG and Price Waterhouse Group (PwC) continue to dominate the Indian market with 26% share by volume and 30% by overall fee.  The top 10 audit firms accounted for audit of as many as 549 companies or 36% of the total. Le...

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Category : Auditing | Comments : 0 | Hits : 1445

RBI permits banks to hire ex-officials for internal Audit
Posted Date : 27-Aug-2016 , 07:38:10 am | Posted By CASANSAAR

With banks facing shortage of experienced staff for internal audits, the Reserve Bank of India (RBI) on Thursday allowed them to hire their retired officials for up to three years for assistance in conducting “Risk Based Supervision (RBS)”. “Keeping in view the change in demogra...

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Category : Auditing | Comments : 0 | Hits : 1100

Government May Offer Foreign Auditors Direct Access
Posted Date : 22-Aug-2016 , 12:36:03 pm | Posted By CASANSAAR

In a move that signals the government's intent to allow foreign audit firms to register and operate directly in the Indian market, the Ministry of Corporate Affairs has written to the Institute of Chartered Accountants of India (ICAI) to seek its views and recommendations on the government propo...

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Category : Auditing | Comments : 0 | Hits : 865

Only 18% of Indian companies ready for mandatory audit firm rotation
Posted Date : 22-Jul-2016 , 07:40:42 am | Posted By CASANSAAR

Only 18 per cent Indian companies are prepared to rotate by 1 April 2017 auditors who have completed 10 years or more as required under the Companies Act 2013, a survey by Grant Thornton and Prime Database says. The survey says that only 18 per cent have either appointed auditors or have a compre...

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Category : Auditing | Comments : 0 | Hits : 647

Reserve Bank of India should be audited: CAG
Posted Date : 03-Jul-2016 , 09:39:03 am | Posted By CASANSAAR

With rising financial frauds and the government’s eye on cleaning up banks’ balance sheets and cracking down on bad loans, the Comptroller and Auditor General of India (CAG) wants the Reserve Bank of India to come under the auditor’s purview too. CAG Shashi Kant Sharma, said at ...

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Category : Auditing | Comments : 0 | Hits : 542

Presumptive Taxation: No Audit for turnover of up to Rs 2 Crore
Posted Date : 21-Jun-2016 , 09:57:33 am | Posted By CASANSAAR

The Finance Ministry on Monday said small businesses with a total turnover of up to Rs 2 crore will not be required to get their accounts audited if they opt for the presumptive taxation scheme. "The higher threshold (up to Rs 2 crore) for non-audit of accounts has been given only to assesse...

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Category : Auditing | Comments : 1 | Hits : 2705

Auditors have access to only one set of account - SIRC
Posted Date : 05-May-2016 , 08:32:15 am | Posted By CASANSAAR

The Institute of Chartered Accountants of India (ICAI) - SIRC has said that they maintain only one set of books of accounts. It has stated that the accounts of the SIRC are still in draft form and become final only upon approval and adoption by the Regional Council. The accounts have neither been fi...

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Category : Auditing | Comments : 1 | Hits : 699

SIRC's Auditor resigns over dubious accounts
Posted Date : 03-May-2016 , 08:52:35 am | Posted By CASANSAAR

In an odd turn of events, the auditors of the Southern Indian Regional Council (SIRC) of the CA Institute resigned saying the accounts of the body that certifies and regulates auditing appeared dubious. Sundararajan Associates, the statutory auditors of the SIRC and Southern India Chartered Accounta...

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Category : Auditing | Comments : 5 | Hits : 2082

Government to conduct special audit of telcos like Airtel, Vodafone and Idea
Posted Date : 30-Apr-2016 , 07:56:55 am | Posted By CASANSAAR

Government will conduct special audit of telecom companies, including Bharti Airtel, Vodafone, Reliance Communications and Idea Cellular for three years to 2010-11, Telecom Minister Ravi Shankar Prasad said today.  "Government has decided to conduct special audit for three subsequent fi...

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Category : Auditing | Comments : 0 | Hits : 552

Bank of Baroda norms for selecting Auditing firms challenged
Posted Date : 24-Apr-2016 , 02:59:09 pm | Posted By CASANSAAR

Assailing the decision of the Bank of Baroda, which has fixed Rs. 150-crore turnover as the minimum eligibility for auditing firms to participate in the tender for its assignments, a Chartered Accountant has approached the Madras High Court seeking to restrain officials from going ahead with the dec...

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Category : Auditing | Comments : 0 | Hits : 1330

Audit Report of IRCON flags concerns over Rs 422 cr payment to foreign agents
Posted Date : 14-Apr-2016 , 01:25:58 pm | Posted By CASANSAAR

An independent audit report has flagged some serious concerns over payment of Rs 422.43 crore to foreign agents by railway PSU IRCON International in respect of projects in two countries. Stating that such transactions would have an adverse effect on the functioning of the company, the aud...

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Category : Auditing | Comments : 0 | Hits : 829

Simplification of procedure to deal with audit objections raised in indirect taxes by the office of by CAG
Posted Date : 12-Apr-2016 , 10:20:11 pm | Posted By CASANSAAR

Central Board of Excise and Customs (CBEC) has issued a circular to simplify the procedure of dealing with audit objections raised in indirect taxes by the office of CAG. The Circular rescinds all the past circulars and instructions and prescribes a new simplified and consolidated procedure. The Cir...

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Category : Auditing | Comments : 0 | Hits : 359

No Clean Chit given to Auditors related to Mallya’s case - ICAI president
Posted Date : 12-Apr-2016 , 07:14:40 am | Posted By CASANSAAR

President of the Institute of Chartered Accountants of India (ICAI) M Devraj Reddy today categorically said that so far no ‘clean chit’ has been given to the auditors related to the industrialist Vijay Mallya’s default case. Addressing a press conference here, Mr Reddy said though ...

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Category : Auditing | Comments : 0 | Hits : 937

BoB’s move to change concurrent Auditors stirs hornet’s nest
Posted Date : 05-Apr-2016 , 08:45:25 am | Posted By CASANSAAR

Bank of Baroda, the country’s second-largest public sector bank, has stirred up a hornet’s nest with its decision to not renew the contracts of an existing panel of concurrent auditors and instead issue a fresh tender with terms that practically disqualify all small- and medium-size Indi...

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Category : Auditing | Comments : 1 | Hits : 1893

HC panel asks for audit of NSEL, others
Posted Date : 05-Apr-2016 , 08:38:27 am | Posted By CASANSAAR

A committee of the high court here has found discrepancies in data collated from various sources and recommended audit of eight brokers and seven clients or investors in the case of the defunct National Spot Exchange (NSEL). The panel gave its recommendation to the HC, which usually studies these an...

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Category : Auditing | Comments : 0 | Hits : 288

Cost Accountants can audit accounts of cooperative societies - HC
Posted Date : 03-Apr-2016 , 07:44:00 pm | Posted By CASANSAAR

The Karnataka State Chartered Accountants’ Association has lost a legal battle against the State’s two-year-old law, which permits using the services of cost accountants to audit accounts of cooperative societies. The earlier provision of the Karnataka Cooperative Societies (KCS) Ac...

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Category : Auditing | Comments : 0 | Hits : 431

CARO 2016 - Auditors to disclose corporate loan default details
Posted Date : 31-Mar-2016 , 07:49:56 am | Posted By CASANSAAR

Auditors will now have to provide specific details about loan defaults by a company including lender-wise break up in their reports, as the government strengthens efforts to curb corporate misdoings. The latest step by the corporate affairs ministry also comes against the backdrop of rising bad...

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Category : Auditing | Comments : 0 | Hits : 1365

Political parties should maintain properly Audited Accounts : HC
Posted Date : 28-Mar-2016 , 07:48:45 am | Posted By CASANSAAR

In a landmark judgment, the Delhi High Court has ruled that political parties should satisfy the requirement of the Income Tax Act, 1961, for maintaining properly audited accounts of income received through voluntary contributions. If this is not done, a party cannot claim exemption form paying inco...

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Category : Auditing | Comments : 0 | Hits : 327

World's top Auditing firms are under scrutiny for over valuation, Auditing and due diligence of UB Group Companies
Posted Date : 20-Mar-2016 , 08:06:34 pm | Posted By CASANSAAR

Some of world's top auditing firms, including Price Waterhouse, Grant Thornton, Deloitte LLP and Walker Chandiok & Co, are under scrutiny with a slew of regulators seeking answers on their valuation, auditing and due diligence of UB Group companies over the last few years. Deloitte LLP co...

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Category : Auditing | Comments : 0 | Hits : 759

Listed Cos to disclose Audit qualifications impact separately
Posted Date : 14-Mar-2016 , 08:08:41 am | Posted By CASANSAAR

To ensure information is disseminated to investors on time, Sebi will revise the disclosure requirements for companies with respect to impact of "qualifications" made by auditors in their reports.  The Sebi board, which met here today, approved the changes that would further stream...

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Category : Auditing | Comments : 0 | Hits : 676

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