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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Amendment to Auditor
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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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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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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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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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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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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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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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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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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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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Irregular tax exemptions given to cricket associations: CAG
Posted Date : 13-Dec-2013 , 06:16:46 pm | Posted By CASANSAAR
The Income-tax Department has allowed irregular exemptions on TV rights from BCCI to four cricket associations resulting in non-levy of tax to the tune of Rs 37.23 crore, the Comptroller and Auditor General (CAG) said today.
“IT Department allowed exemption in four ... cases for incom...
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FMC appoints Price Waterhouse Coopers to do special audit of MCX
Posted Date : 13-Dec-2013 , 03:09:17 pm | Posted By CASANSAAR
Commodity markets regulator FMC has appointed global auditing firm Price Waterhouse Coopers (PwC) as the auditor to conduct a special audit of MCX and examine if there was trade by related parties on the bourse.
In the wake of Rs. 5,600 crore payment crisis at NSEL, the FMC had in September ordered...
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SC notice to Centre, RBI and CBDT on PIL against PWC (PricewaterhouseCoopers)
Posted Date : 09-Dec-2013 , 08:46:17 am | Posted By CASANSAAR
The Supreme Court on Friday sought responses of the Union finance ministry, Reserve Bank of India, Central Board of Direct Taxes (CBDT) and Registrar of Companies on a PIL seeking a thorough probe into the operations of leading accountancy firmPricewaterhouseCoopers (PwC).
A ...
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SC notice to Centre, RBI over alleged PricewaterhouseCoopers irregularities
Posted Date : 06-Dec-2013 , 07:35:21 pm | Posted By CASANSAAR
The functioning of UK-based multinational accounting firm PricewaterhouseCoopers (PwC) Pvt Ltd and its network audit firms in India came under judicial scrutiny with the Supreme Court agreeing to hear a petition for a probe against them for allegedly indulging in financial irregularities and fudging...
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Tehelka holding company networth negative; Auditors red-flag issues
Posted Date : 01-Dec-2013 , 08:25:00 pm | Posted By CASANSAAR
As Tarun Tejpal battles alleged sexual assault charges by a woman colleague, the filings made by Tehelka’s holding company shows a negative networth with liabilities far exceeding its assets.
Besides, auditors have red-flagged issues like absence of an internal audit committee and non...
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Cost accountants raise concerns over cost audit draft rules
Posted Date : 25-Nov-2013 , 08:22:50 am | Posted By CASANSAAR
Raising concerns over proposal to relax eligibility norms for cost audit of companies, the umbrella organisation of cost accountants today urged the government to modify the draft rules, especially since the planned criteria excludes small and medium enterprises.
The Institute of Cost A...
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Price Waterhouse to convert audit firms into LLPs by April
Posted Date : 22-Nov-2013 , 06:10:24 pm | Posted By CASANSAAR
Professional services firm Price Waterhouse is looking to convert all the nine audit firms under its Indian network into limited liability partnerships (LLPs) by April.
“We are in the process of conversion (from partnership firms to LLPs). By April 1, 2014, all the nine audit firms un...
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PwC re-appoints Deepak Kapoor as India chairman for 3 years
Posted Date : 21-Nov-2013 , 08:26:40 pm | Posted By CASANSAAR
Global consulting firm PwC today said it has re-appointed Deepak Kapoor as the Chairman of PwC India for three years beginning January 2014. "Deepak Kapoor has been re-elected for a second term as Chairman of PwC India network of entities, for a three year period beginning on 1 Jan 2014," it sa...
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PricewaterhouseCoopers to conduct special audit of MCX
Posted Date : 20-Nov-2013 , 10:47:25 am | Posted By CASANSAAR
The Forward Markets Commission (FMC) on Tuesday approved Price Waterhouse Coopers (PWC) as the auditor to conduct a special audit of MCX and Chokshi & Chokshi chartered accountants to conduct the forensic audit of NSEL’s e-series contracts.
The regu...
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NSEL contract case: FMC shortlists Haribhakti & Co and Chokshi & Chokshi Chartered Accountants for e-series Audit
Posted Date : 16-Nov-2013 , 09:18:23 am | Posted By CASANSAAR
Commodity market regulator Forward Markets Commission (FMC) has shortlisted two Mumbai-based chartered accountancy firms — Haribhakti & Co and Chokshi & Chokshi Chartered Accountants — to conduct a forensic audit of gold and silver backing the socalled e-series bullion contracts ...
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NSEL crisis: Spot exchange acting as NBFC without RBI nod, warned auditor in 2011
Posted Date : 14-Nov-2013 , 09:15:53 pm | Posted By CASANSAAR
The management and the board of the National Spot Exchange (NSEL) ignored an internal audit report prepared way back in 2011, which noted that the spot exchange was acting as a non-banking finance company (NBFC) without formal approval from the Reserve Bank of India (RBI).
The audit report ...
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NSEL crisis: Jignesh Shah questions Grant Thornton
Posted Date : 13-Nov-2013 , 11:58:34 am | Posted By CASANSAAR
Financial Technologies India Ltd (FTIL) founder & Group CEO Jignesh Shah has questioned Grant Thornton’s forensic audit report on the Rs 5,600-crore settlement crisis at the FTIL-owned National Spot Exchange (NSEL).
Shah and FTIL are defending their 'fit & proper’ s...
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The Forward Markets Commission (FMC) writes to ICAI for e-series forensic audit
Posted Date : 01-Nov-2013 , 07:58:12 pm | Posted By CASANSAAR
The Forward Markets Commission (FMC) has written to Institute of Chartered Accountants of India (ICAI) to give a list of auditors who can be assigned the task of conducting a forensic audit of e-seriescontracts of National Spot Exchange (NSEL).
The Accountants body is likely to ...
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NSEL investors file complaint against EY; Auditor denies role
Posted Date : 29-Oct-2013 , 08:16:39 am | Posted By CASANSAAR
The harried NSEL Investor Forum, the umbrella group of investors of the crippled spot commodity exchange, today said it has filed a complaint against EY India with the Economic Offences Wing (EOW) of the Mumbai Police for its alleged role in the payment crisis.
NSEL Investors Forum chairman Sharad ...
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FT group Auditors run for cover after Mayaram panel's report
Posted Date : 28-Oct-2013 , 09:47:11 am | Posted By CASANSAAR
The adverse remarks in the report of a special team that probed the Rs 5,600-crore ‘payment crisis’ have jolted the auditors of the National Spot Exchange Limited (NSEL) and Financial TechnologiesIndia Limited (FTIL).
The Special Team of Secretaries (STS) headed by Economic Affairs...
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RBI appoints special auditor for First Leasing; firm's MD allowed to quit
Posted Date : 26-Oct-2013 , 08:42:55 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has appointed an auditor for a special audit of the book of accounts and transactions of First Leasing Company of India, from the year ended March 31, 2010.
A C Muthiah, the chairman of First Leasing, also said its board of directors had accepted last week'...
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NFRA to get powers to investigate Companies, Audit firms
Posted Date : 23-Oct-2013 , 07:24:02 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA), the proposed apex body for accounting and auditing standards, will have powers to probe and review audits of companies, including those which have securities listed outside India. NFRA would be a quasi-judicial body under the new ...
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Deloitte to pay $2 million to settle charges over audit rule violations
Posted Date : 23-Oct-2013 , 07:10:52 am | Posted By CASANSAAR
Accounting giant Deloitte & Touche will pay a $2 million penalty to settle civil charges that it allowed a suspended auditor to continue working in the firm's public company audit practice, the US audit watchdog said Tuesday. The Public Company Accounting Oversight Board, the...
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NSEL fiasco: Forward Markets Commission to order special audit of Multi Commodity Exchange
Posted Date : 14-Oct-2013 , 08:57:16 am | Posted By CASANSAAR
Amid arrests of National Spot Exchange Ltd (NSEL) officials and unraveling of the fraud, the commoditymarket regulator is preparing to widen its probe. Forward Markets Commission (FMC), the regulatory authority, has decided to order a special audit of Multi Commodity Exchange(MCX...
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