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News Category : Auditing

Big 4 accounting firms on IBA's list of forensic auditors
Posted Date : 19-Sep-2017 , 08:47:51 am | Posted By CASANSAAR

he Big 4 auditors -- KPMG, EY, Deloitte and PricewaterhouseCoopers -- figure in the list of entities that have been empanelled by the Indian Banks' Association (IBA) to do forensic audit of frauds in banks. The number of banking fraud cases involving Rs 1 lakh and above is on the rise, which ...

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Category : Auditing | Comments : 0 | Hits : 407

Auditors come under lens amid crackdown on shell companies
Posted Date : 14-Sep-2017 , 08:30:55 am | Posted By CASANSAAR

A multi-agency clampdown has begun on shell companies to tackle the black money menace wherein the role of auditors has come under the scanner for alleged connivance in facilitating illegal transactions. The auditors' role is also being looked into for not raising the red flag as several case...

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Category : Auditing | Comments : 0 | Hits : 599

Global audit firms may face Scrutiny
Posted Date : 11-Sep-2017 , 12:50:33 am | Posted By CASANSAAR

Global auditing firms may come under greater scrutiny for any wrong-doing as regulators mull ways to make them more accountable, with the role of such auditors -- especially the Big Four -- coming under the lens in various corporate misdoings. The move is expected to give a fillip to Indian audit...

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Category : Auditing | Comments : 0 | Hits : 642

SES accuses 10 listed firms of violating Auditor hiring norms
Posted Date : 18-Aug-2017 , 08:17:10 am | Posted By CASANSAAR

The auditor appointment rules specified by the Companies Act has led to different interpretations. At least 10 publicly traded companies have violated these norms by hiring auditors for terms of less than five years, proxy advisory firm Stakeholder Empowerment Services (SES) said in a report.  ...

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Category : Auditing | Comments : 0 | Hits : 620

Banks' Auditors under lens: RBI seeks explanation on differences in write-downs
Posted Date : 17-Aug-2017 , 08:44:40 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has questioned scores of auditors at 27 public sector banks on the process and logic they had used to compute and report write-downs at the lenders, two people close to the development told ET.  The RBI has sought written explanation on differences in the writ...

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Category : Auditing | Comments : 0 | Hits : 1144

NSE launches seamless filing system for info related to auditors
Posted Date : 17-Aug-2017 , 08:40:36 am | Posted By CASANSAAR

Top stock exchange NSE has decided to introduce seamless corporate announcement filing mechanism for information related to change in auditors, change in directors, declaration of audit reports with un-modified opinion, from tomorrow.  Besides, listed companies would be required to file corp...

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Category : Auditing | Comments : 0 | Hits : 260

BSE, NSE likely to begin audit of 100 suspected shell companies
Posted Date : 17-Aug-2017 , 08:38:16 am | Posted By CASANSAAR

Stock exchanges BSE and NSE are likely to initiate audit on 100 out of 331 suspected shell companies in the first batch in coordination with SEBI, sources told ET Now.  A panel of auditors will soon be appointed for first stage of audit of select 100 companies, sources said.  All exc...

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Category : Auditing | Comments : 0 | Hits : 824

Govt to amend cost audit rules under companies law
Posted Date : 13-Aug-2017 , 07:36:24 pm | Posted By CASANSAAR

The government will amend the cost audit rules under the companies law in order to ensure parity between financial and cost records. The amendments have been mooted pursuant to implementation of the Indian Accounting Standards (Ind AS), which is converged with global accounting norms. The corp...

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Category : Auditing | Comments : 0 | Hits : 195

RBI extends rest period for appointment of auditors to 6 years
Posted Date : 28-Jul-2017 , 10:07:36 pm | Posted By CASANSAAR

In order to put an end to private and foreign banks appointing the same set of auditors alternatively after mandatory rest of 2 years, the Reserve Bank of India has extended the mandatory rest period to 6 years, it said in a notification on Thursday. The earlier rules required an auditor to be ap...

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Category : Auditing | Comments : 0 | Hits : 676

Govt loosens norms for auditor rotation for unlisted companies
Posted Date : 23-Jun-2017 , 07:07:55 am | Posted By CASANSAAR

The government has relaxed conditions for unlisted companies that do not have loans from banks, financial institutions or deposits from public of more than Rs 50 crore on rotation of auditors. Currently, these companies can't appoint individual auditors for consecutive five years and auditor ...

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Category : Auditing | Comments : 0 | Hits : 1060

SBI set to hire retired officials as concurrent auditors
Posted Date : 24-Feb-2017 , 08:30:25 am | Posted By CASANSAAR

Ahead of merger, State Bank of India   (SBI) has called upon retired officers to become concurrent auditors with the bank to oversee compliance and risks under loans and operational activities. Concurrent audits are real-time examination of transactions to ensure accuracy, bank compliance, a...

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Category : Auditing | Comments : 0 | Hits : 555

RBI wants banks to create common pool of forensic Audit firms
Posted Date : 15-Feb-2017 , 08:19:04 am | Posted By CASANSAAR

The Reserve Bank of India wants banks to create a common pool of forensic audit firms so that they can pick one of them quickly whenever a high-value fraud needs to be investigated. This is aimed at ensuring that precious time is not lost in evaluating eligibility criteria of audit firms. Th...

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Category : Auditing | Comments : 0 | Hits : 746

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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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 : 738

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 : 448

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 : 777

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 : 481

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 : 779

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 : 810

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 : 1091

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 : 1083

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 : 1400

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 : 1499

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 : 1120

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 : 887

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 : 673

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 : 571

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 : 2772

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 : 1144

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 : 2456

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