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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Auditing |
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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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Auditing |
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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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Auditing |
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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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Auditing |
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0 | Hits : 421
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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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Auditing |
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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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Auditing |
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0 | Hits : 719
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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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Auditing |
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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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Auditing |
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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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Auditing |
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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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Auditing |
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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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Auditing |
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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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Auditing |
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0 | Hits : 608
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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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Auditing |
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NSEL crisis: Jignesh Shah questions Grant Thornton’s forensic audit report
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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Auditing |
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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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Auditing |
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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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Auditing |
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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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Auditing |
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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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Auditing |
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0 | Hits : 426
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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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Auditing |
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0 | Hits : 642
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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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Auditing |
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0 | Hits : 832
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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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Auditing |
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0 | Hits : 339
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Indian auditors get window to global practice
Posted Date : 12-Oct-2013 , 08:20:31 am | Posted By CASANSAAR
There is some good news for chartered accountancy students. Aiming to place Indian chartered accountants on a par with their global peers, the Institute of Chartered Accountants of India (ICAI) has collaborated with its British counterpart - the Institute of Chartered Accountants in England&nbs...
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Auditing |
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0 | Hits : 1605
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First Leasing auditors resign after red flag on accounts, company to go for forensic audit
Posted Date : 11-Oct-2013 , 08:50:49 am | Posted By CASANSAAR
M/s Sarathy and Balu has resigned as the statutory auditor of the troubled First Leasing Company of India Ltd, days after red-flagging the accounts of the joint venture between Farouk Irani and Spic Group's AC Muthiah. The company, disclosing this in a late Thursday eve...
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Auditing |
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Gujarat NRE Coke’s 91% assets Unaudited! Will the ICAI president answer?
Posted Date : 03-Oct-2013 , 08:42:31 am | Posted By CASANSAAR
How did ICAI president Subodh Agrawal, who is also chairman of the audit committee of Gujarat NRE Coke, recommend unaudited financials of the company’s Australian subsidiaries to the Board of Directors, knowing fully well that they are highly material amounts?
When I first read an a...
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Auditing |
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0 | Hits : 1295
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MCA orders inspection of NSEL, FTIL books amid crisis
Posted Date : 03-Oct-2013 , 08:23:28 am | Posted By CASANSAAR
Amid the Rs 5,600 crore payment crisis at the National Spot Exchange, the Ministry of Corporate Affairs has ordered the inspection of account books of the bourse and its promoter Financial Technologies India.
In the wake of the crisis, which also raised concerns about the violation of vario...
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Auditing |
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0 | Hits : 261
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FT Auditor says FY13 accounts can't be relied upon, withdraws audit report
Posted Date : 24-Sep-2013 , 05:42:24 pm | Posted By CASANSAAR
Financial Technologies in a filing on the Bombay Stock Exchange have said that they will not discuss points one, two and five in tomorrow's AGM.
The first point says that the stand alone and consolidated financial statements of the company for the previous financial year shou...
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Auditing |
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0 | Hits : 627
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NSEL Auditor related to Jignesh Shah, allege investors
Posted Date : 19-Sep-2013 , 08:14:14 am | Posted By CASANSAAR
Investors of the crisis-hit National Spot Exchange (NSEL), in their complaint to the Economic Offences Wing (EOW), have alleged that the bourse appointed a little-know audit firm, Mukesh P Shah & Co, as its statutory auditors since the proprietor of the firm was related to Jignesh Shah.
...
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Auditing |
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0 | Hits : 521
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Govt to enforce companies bill in phases
Posted Date : 17-Sep-2013 , 08:26:20 am | Posted By CASANSAAR
One of the top priorities of the ministry of corporate affairs (MCA) is to facilitate the setting up of the National Company Law Tribunals (NCLTs). In parallel, the draft rules of the new companies bill will be finalized through a process of consultation with all stakeholders.
...
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Auditing |
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0 | Hits : 350
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Now, Audit firms can be penalized for frauds
Posted Date : 10-Sep-2013 , 08:09:00 am | Posted By CASANSAAR
Life is set to get tougher for auditors and audit firms, with the draft rules of theCompanies Act proposing to not just make auditors, but even audit firms, liable for frauds. So far, chartered accountants were penalized but the new law also puts firms under the spotlight. In addition, the...
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Auditing |
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0 | Hits : 1245
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NSEL Auditor in the dock over stock positions
Posted Date : 22-Aug-2013 , 08:47:37 am | Posted By CASANSAAR
An association of brokers led by Motilal Oswal and Anand Rathi is planning to take the auditors of National Spot Exchange Ltd (NSEL) to court for providing an incorrect picture of the exchange’s stocks. It would also lodge a complaint with The Institute of Chartered Accountants of In...
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