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News - (Get Professional Updates on Whatsapp, Msg on 8285393786) Category : Auditing

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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Category : Auditing | Comments : 0 | Hits : 1068

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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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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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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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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Category : Auditing | Comments : 0 | Hits : 790

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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Category : Auditing | Comments : 0 | Hits : 481

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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Category : Auditing | Comments : 0 | Hits : 724

Company Secretaries’ body wants more firms under mandatory Audit
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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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’s findings on violations: FMC to MCX
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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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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Category : Auditing | Comments : 0 | Hits : 593

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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Category : Auditing | Comments : 0 | Hits : 425

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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Category : Auditing | Comments : 0 | Hits : 264

Tax Audit Limit Increased From 45 to 60 for audits conducted during the financial year 2014-15 and onwards
Posted Date : 13-Feb-2014 , 01:16:39 pm | Posted By CASANSAAR

In view of the enhancement of professional competence of members to perform quality services in an IT-enabled environment, the Council of the Institute at its 331st meeting held from 10th to 12th February, 2014 has decided to increase the "specified number of tax audit assignments" for practicing Ch...

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Category : Auditing | Comments : 0 | Hits : 257

Amendment to Auditor’s Report Format Under the Companies Act
Posted Date : 13-Feb-2014 , 01:12:16 pm | Posted By CASANSAAR

Announcement 1 : Manner of Reporting on Section 227(3)(bb) of the Companies Act, 1956. Announcement 2 : Reference to the Accounting Standards Applicable to the Companies in the Auditor’s Report and Limited Review Reports and various Engagement Standards. Announcement 3 : Amendment ...

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Category : Auditing | Comments : 0 | Hits : 315

Delhi High Court refuses to stay CAG auditing of three power distribution companies
Posted Date : 25-Jan-2014 , 09:18:56 am | Posted By CASANSAAR

The Delhi High Court has refused to stay the city government's decision asking the Comptroller and Auditor General, CAG, to audit the accounts of three power distribution companies. The court also asked BSES Rajdhani Power Ltd and BSES Yamuna Power Ltd of Reliance Anil Dhirubhai Ambani Group an...

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Category : Auditing | Comments : 0 | Hits : 395

Delhi power discoms petition high court against CAG Audit
Posted Date : 23-Jan-2014 , 08:50:04 am | Posted By CASANSAAR

Delhi's three private power distribution companies petitioned the Delhi High Court on Wednesday against the city government’s move to have the Union comptroller and auditor general (CAG) go into their accounts. The move lacked legal sanctity, contend Reliance Infrastructure-own...

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Category : Auditing | Comments : 0 | Hits : 381

CAG's powers to audit under judicial scrutiny
Posted Date : 13-Jan-2014 , 07:48:42 am | Posted By CASANSAAR

The power of the Comptroller and Auditor General (CAG) toaudit has now assumed great topical interest because of the recent judgment of the Delhi High Court allowing CAG to audit public-private partnership (PPP) projects and private projects with a clear impact on government revenue. This is mo...

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Category : Auditing | Comments : 0 | Hits : 406

HC upholds laws empowering CAG to conduct Audit of private telcos
Posted Date : 07-Jan-2014 , 08:39:17 am | Posted By CASANSAAR

In a major boost to regulation, the Delhi high court on Monday upheld the contention of the comptroller and auditor general of India (CAG) that he could scrutinize the accounts of private telecom companies. Such an audit would, however, be limited to receipts in order to check wh...

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Category : Auditing | Comments : 0 | Hits : 413

MCX-SX board appoints EY for forensic Audit
Posted Date : 04-Jan-2014 , 08:42:59 am | Posted By CASANSAAR

MCX-SX board chaired by former home secretary GK Pillai on Friday appointed Ernst & Young (EY) to carry out forensic audit of the stock exchange since its inception in December 2008 when it began trading in currency futures. The board, which has been taken over by government-appointed representa...

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Category : Auditing | Comments : 0 | Hits : 466

FMC gives more time for auditing NSEL's e-series contracts
Posted Date : 30-Dec-2013 , 08:06:49 pm | Posted By CASANSAAR

Commodity market regulator FMC has given more time till January 17 to Mumbai-based chartered accountants Chokshi and Chokshi for completing the forensic audit of the crisis-hit National Spot Exchange Ltd's (NSEL) e-series contracts. Chokshi and Chokshi, which was given December-end deadline to comp...

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Category : Auditing | Comments : 0 | Hits : 245

Investors seek Forensic Audit of NSEL brokers
Posted Date : 27-Dec-2013 , 08:27:10 am | Posted By CASANSAAR

NSEL Investors’ Action Group, a breakaway faction of NSEL Investors’ Forum, has petitioned the Mumbai police for conducting a forensic audit of brokers of the National Spot Exchange Ltd in the case of the 55-bln-rupee payment defaults on the exchange.   “In a criminal breach...

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Category : Auditing | Comments : 0 | Hits : 294

Regulatory action likely against NSEL Audit firms
Posted Date : 25-Dec-2013 , 08:53:18 am | Posted By CASANSAAR

After passing the ‘fit and proper’ order against National Spot Exchange (NSEL)-promoter Financial Technologies India Limited, the Forward Markets Commission (FMC) plans to move against audit firms and consultants associated with NSEL. The market regulator would issue an advisory on these...

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Category : Auditing | Comments : 0 | Hits : 541

Industry rises against mandatory cost audits, but government firm
Posted Date : 20-Dec-2013 , 08:19:42 am | Posted By CASANSAAR

Indian businesses have opposed mandatory cost audits proposed in draft rules prepared by the ministry of corporate affairs (MCA), saying that the companies are conscious about cost structures and such checks shouldn't be made compulsory. But the ministry is unlikely to be swayed on the subject. ...

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Category : Auditing | Comments : 0 | Hits : 570

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