Rotating Auditor rule to impact Companies
Posted Date : 01-May-2014 , 08:17:16 am | Posted By CASANSAAR
Come April 2017, there is likely to be chaos in corporate India. Not because of bad economic conditions or some policy paralysis of the next government, but because of the newly introduced Companies Act. According to the Section 139 of the Companies Act, all companies (with public deposits of a...
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PwC report on MCX: FTIL threatens legal action against Auditor
Posted Date : 29-Apr-2014 , 10:06:53 pm | Posted By CASANSAAR
Financial Technologies, which has 26 per cent stake in MCX, today rejected the PwC special audit report on the corporate governance issue at the commodity exchange and said it will take legal action against the bourse and PwC for painting a wrong picture in the report. Financial Technologies In...
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Auditing |
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MCX to reveal summary of PwC audit report on BSE, NSE websites on Monday
Posted Date : 26-Apr-2014 , 10:12:54 pm | Posted By CASANSAAR
The board of directors of MCX has decided to share the summary of PricewaterhouseCoopers report public through BSE and NSE on Monday. The decision was taken at a board meeting here on Saturday.
“Being price sensitive information, the PwC audit report cannot be disclose...
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Auditing |
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0 | Hits : 997
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SC orders special audit of Kerala's Padmanabhaswamy temple
Posted Date : 25-Apr-2014 , 08:11:17 am | Posted By CASANSAAR
The Supreme Court on Thursday entrusted the administration of the Sri Padmanabhaswamy temple in Kerala to a five-member committee headed by the district judge of Thiruvananthapuram.
The bench of Justice RM Lodha and Justice AK Patnaik said former comptroller and auditor general (CAG) Vi...
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PwC forensic audit report may put fat tax liability on MCX
Posted Date : 22-Apr-2014 , 08:03:12 am | Posted By CASANSAAR
There is trouble brewing ahead for MCX, which may face a big tax liability post the PwC's forensic audit report, reports CNBC-TV18’s Varinder Bansal.
Now it will place its audit report before Audit Committee in the April 23 meet. The Board will decide on further course of action in the April ...
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Auditing |
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New Companies Act 'draconian', feel auditors; officials if found guilty of fraud then liable to pay 3 times of amount involved
Posted Date : 19-Apr-2014 , 08:19:04 am | Posted By CASANSAAR
The new companies law has key managerial professionals (KMPs) and auditors worried as its terms are much more stringent than the old legislation, with some even calling it 'draconian'.
While the previous law allowed professionals to get away with a fine for most offences...
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Auditing |
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New Companies Act: 137 top companies need to change auditors by 2017-18
Posted Date : 18-Apr-2014 , 08:32:33 am | Posted By CASANSAAR
With the implementation of new Companies Act from April 1, a majority of the top 200 listed companies will need to change their auditors over the next three years in a bid to ensure objectivity and prevent the "cozy management-auditor nexus". The recently notified section 139 of the Companies A...
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Auditing |
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Big loan defaulters to face Rserve Bank's Audit
Posted Date : 18-Apr-2014 , 08:26:17 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has taken upon itself the task of investigating bank frauds after a series of inquiries by banks themselves in high-profile cases such as those involving Deccan ChronicleBSE 1.81 % and Kingfisher Airlines yielded very little. The Board of Financial Supervision (B...
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Auditing |
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CAG empowered to examine accounts of private telecom companies: SC
Posted Date : 17-Apr-2014 , 01:03:32 pm | Posted By CASANSAAR
In a judgement with far-reaching consequences across various business sectors, the Supreme Court on Thursday ruled that the Comptroller and Auditor General (CAG) was empowered to examine the accounts of private telecom companies.
The court held that such a scrutiny was imperative ...
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Auditing |
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Deloitte, BSR & Co can
Posted Date : 09-Apr-2014 , 08:32:48 am | Posted By CASANSAAR
Top-notch audit firms Deloitte and BSR and Co, a preferred partner of KPMG, will be barred from auditing the books of India's largest commodity bourse, MCX, whose dealings with group entities have come under regulatory glare. Commodity market regulator Forward Markets Commission (FMC) has direc...
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Auditing |
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Livent Auditor Deloitte ordered to pay $84.8-million for failing detect Fraud
Posted Date : 07-Apr-2014 , 10:34:58 pm | Posted By CASANSAAR
The former auditor of Garth Drabinsky’s Livent has been ordered to pay $85 million in damages to creditors of the defunct Toronto theatre company.
An Ontario Superior Court judge ruled Friday that Deloitte & Touche was negligent in its audit of Livent’s 1997 financ...
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Auditing |
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Billing system: TRAI notifies panel of Auditors
Posted Date : 05-Apr-2014 , 08:39:13 am | Posted By CASANSAAR
Telecom regulator TRAI on Friday notified 17 firms in the panel of auditors which will examine metering and billing system of service providers.
The validity of the panel will be up to July 31, 2017, though TRAI may extend the validity at its discretion.
The operators are required ...
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Auditing |
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Confusion on Auditing Despite Amendment to Kerala Cooperative Societies Rules
Posted Date : 04-Apr-2014 , 07:39:44 am | Posted By CASANSAAR
Despite notification of the draft of amendment to Kerala Cooperative Societies Rules (1969) on February 14, there is still room for problems in the auditing of the societies.
As three panels were proposed earlier for conducting the audit, the proposal to include retired auditors also has le...
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Auditing |
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Clarification on prohibition of simultaneously undertaking Concurrent Audit and Quarterly Review of the same Bank - ICAI
Posted Date : 02-Apr-2014 , 10:12:59 pm | Posted By CASANSAAR
Since queries are being received from members at large on the issue, it is accordingly hereby clarified that concurrent audit and the assignment of quarterly review of the same Bank cannot be undertaken simultaneously as the concurrent audit being a kind of internal audit and the quarterly review be...
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Auditing |
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0 | Hits : 1142
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Private companies excluded from mandatory Secretarial Audit
Posted Date : 02-Apr-2014 , 06:29:51 am | Posted By CASANSAAR
The Company Secretaries’ Institute wants secretarial audit to be treated on par with the internal auditor appointment norms spelt out in the final rules under the new company law.
The new company law had stipulated mandatory secretarial audit for all listed companies and other classes...
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Auditing |
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Govt makes rotation of Auditors mandatory under new Companies Law
Posted Date : 01-Apr-2014 , 08:33:45 am | Posted By CASANSAAR
The corporate affairs ministry on Monday notified rules making the rotation of auditors mandatory for listed companies, unlisted companies with a share capital for more than Rs.10 crore, all private companies with paid-up capital of Rs.20 crore or more, and all companies with public deposi...
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New Companies Act drives demand for forensic audits
Posted Date : 24-Mar-2014 , 08:28:47 am | Posted By CASANSAAR
Forensic audit is emerging as a big-ticket business for accounting firms.Two developments are responsible. One, some high-profile frauds in the limelight over recent months. Two, changes in the approach of regulators, allied to provisions in the new Companies Act, which put more accountability ...
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New secretarial audit rules likely from April 1
Posted Date : 20-Mar-2014 , 07:54:45 am | Posted By CASANSAAR
The Institute of Company Secretaries of India has recommended that the norms for proposed secretarial audit should be on par with that of internal financial audit. The Government needs to approve the recommendation as a rule under the new company law.
R Sridharan, President of ICSI, said he...
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Auditing |
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NSEL, FTIL Auditors face criminal action
Posted Date : 10-Mar-2014 , 08:33:51 am | Posted By CASANSAAR
Three audit firms — Mukesh Shah & Co, S V Ghatalia & Associates and Deloitte, Haskins & Sells — are facing criminal action for alleged lapses at the now-defunct National Spot Exchange Ltd (NSEL) and its parent Financial Technologies (India) Ltd.
Mukesh Shah &...
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EC calls meeting of political party Auditors on March 10
Posted Date : 09-Mar-2014 , 10:27:19 pm | Posted By CASANSAAR
The Election Commission has convened a meeting of account auditors of all political parties tomorrow to discuss transparency guidelines norms and filing of financial statements by them after completion of Lok Sabha polls as part of efforts to to curb use of black money.
The EC has roped in the Inst...
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Reebok fraud: SFIO charges Adidas head office
Posted Date : 07-Mar-2014 , 08:35:29 am | Posted By CASANSAAR
The Serious Fraud Investigation Office (SFIO)'s complaint regarding the Reebok India fraud, filed to a Gurgaon court last week, has indicted the parent company, Germany-basedAdidas Group, on lapses in corporate governance practices and internal controls at its Indian subsidiary.
The ...
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Auditing |
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Company Secretaries
Posted Date : 03-Mar-2014 , 08:26:25 am | Posted By CASANSAAR
Playing the governance and transparency card, the Company Secretaries Institute has urged the Corporate Affairs Ministry to revisit the proposed criteria for mandatory secretarial audit in companies.
The new company law has stipulated secretarial audit for certain companies including listed...
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Deloitte objects to PWC's special audit report on MCX
Posted Date : 28-Feb-2014 , 08:42:52 am | Posted By CASANSAAR
Deloitte Haskins & Sells, the auditor of Multi Commodity Exchange (MCX), is understood to have objected to a special audit report on the exchange by PricewaterhouseCoopers (PwC). Earlier, the Forward Markets Commission (FMC) had asked PwC to carry out a special audit of MCX, since the exchange&r...
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Financial Technologies shareholders adopt FY13 financials, reappoint Deloitte as statutory auditors
Posted Date : 26-Feb-2014 , 08:33:55 am | Posted By CASANSAAR
Five months after it adjourned its Annual General Meeting (AGM) as its auditors said that inspected financial statements for fiscal 2012-13 should not be relied upon, the shareholders of Financial Technologies (FTIL), approved its auditor's report and financials for the fiscal in a meeting held last...
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Auditing |
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Why Companies are paying Auditors Less
Posted Date : 24-Feb-2014 , 09:41:23 am | Posted By CASANSAAR
Coorporate India pays it’s auditors less than Rs 14 for every lakh of turnover it achieves. That is about half a rupee less than it did in 2012, and almost four rupees lesser than it did in 2010, according to a research by Chennai based Prime Academy titled ‘Who are India&rs...
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Explain auditor
Posted Date : 22-Feb-2014 , 08:45:42 am | Posted By CASANSAAR
The Forward Markets Commission (FMC) has sought detailed comments from the Multi Commodity Exchange (MCX) on the findings of PricewaterhouseCoopers (PwC) on alleged violations in its books.
In its interim report, PwC has indicated that MCX has violated several provisions of the Companies Ac...
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Auditing |
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PwC forensic audit finds diverse violations by MCX
Posted Date : 21-Feb-2014 , 08:29:18 am | Posted By CASANSAAR
The unregulated National Spot Exchange Ltd (NSEL) was not the only entity in the Financial Technologies (FTIL) group ridden with irregularities. A forensic audit by PricewaterhouseCoopers has reported several alleged violations from the books of fully regulated Multi Commodity Exchange (MC...
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Auditing |
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Vodafone replaces auditor Deloitte with rival PwC
Posted Date : 15-Feb-2014 , 08:21:33 am | Posted By CASANSAAR
Vodafone replaced its auditor for the first time since listing on the London Stock Exchange in 1991 amid a broad shake-up of the European accountancy market.
The mobile phone company said it would drop Deloitte and replace it with its rival PwC following the completion of the...
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Information regarding Audited/Unaudited Components - Manner of Disclosure in Principal Auditor's Report. - ICAI
Posted Date : 13-Feb-2014 , 01:31:59 pm | Posted By CASANSAAR
Manner of Disclosure in the Auditor’s Report of the Fact of Inclusion of Unaudited Financial Statements/ Information of Component/s in the Financial Statements Audited by the Principal Auditor(s)
1. An independent auditor of the financialstatements of an entity may, at tim...
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Accountants PwC, Deloitte, KPMG and EY face taming moves
Posted Date : 13-Feb-2014 , 01:26:02 pm | Posted By CASANSAAR
Are the Big Four accounting leviathans about to be tamed?
Even as their revenues ascend to fresh records, PwC, Deloitte, KPMG and EY are struggling to navigate new legal and regulatory pitfalls in two of their most important markets – China and the European Union.
On Wednesda...
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