NSEL crisis: FMC directs bourse to withhold payments to related entities
Posted Date : 20-Aug-2013 , 09:26:39 pm | Posted By CASANSAAR
The Forward Markets Commission (FMC) on Tuesday directed crisis-ridden National Spot Exchange Ltd (NSEL) to withhold payment due to defaulter members of its related entity Indian Bullion Market Association (IBMA) and other connected firms of the exchange.
The directive comes a few hours before the ...
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Govt may conduct Audit of NSEL's Stocks
Posted Date : 19-Aug-2013 , 08:30:14 pm | Posted By CASANSAAR
The government is mulling conducting audit of NSEL's physical stocks lying in warehouses by own agencies as it fears defaults in payment by buyers, a top Consumer Affairs Ministry official said.
Consumer Affairs Secretary Pankaj Agarwal also asked the National Spot Exchange Limited (NSEL) to be a r...
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Auditors red-flag Kingfisher’s revival plans
Posted Date : 15-Aug-2013 , 08:58:20 pm | Posted By CASANSAAR
Grounded carrier Kingfisher Airlines’ decision to consider it a ‘going concern’ entity, despite having accumulated huge losses and defaulted on loans, has come for a sharp criticism by its own auditors, given a lack of clarity about its revival plans.
At the same time, the...
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Wary auditors issue 'emphasis of matter' statements to flag likely financial risks
Posted Date : 19-Jul-2013 , 07:56:24 am | Posted By CASANSAAR
For investors, it's a new place in an annual report where they can find clues to financial risks facing a company that are currently under the radar but could snowball into something big. For auditors, it's a way to insulate themselves from a future backlash, even censure, on the quality of their au...
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Satyam scam: SC turns down PWC auditors' plea against Sebi action
Posted Date : 03-Jul-2013 , 09:34:44 pm | Posted By CASANSAAR
The Supreme Court on Tuesday rejected pleas of Price Waterhouse auditors Srinivas Talluri and Subramani Gopalakrishnan, accused in the Rs 14,000-crore Satyam scam, to defer inquiry proceedings initiated by Sebi against them.
The auditors had approached the apex court seeking deferment of th...
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Finance Ministry Increased Bank Branch Audit Limit to Rs.50 Cr. for Current F.Y.- ICAI President
Posted Date : 12-Jun-2013 , 03:41:31 pm | Posted By CASANSAAR
Union Finance Ministry has raised the audit limit of nationalised bank branch from Rs 20 crore to Rs 50 crore turnover in the current financial year as per Statement of ICAI President Subodh Kumar Agrawal.
He further said, adding ICAI demanded this audit limit be reduced to its original lim...
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Guidelines for Appointment of Statutory Auditors in Public Sector Banks wef Financial Year 2013-14
Posted Date : 29-May-2013 , 09:50:13 am | Posted By CASANSAAR
Based on the recommendations of a Working Group (WG) to review the norms for empanelment of statutory auditors for public sector banks and other related issues and after seeking the approval of GoI, it has been decided to revise the guidelines on appointmentof statutory auditors in public secto...
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Algorithmic trading must be be audited every six months: SEBI
Posted Date : 22-May-2013 , 12:46:07 pm | Posted By CASANSAAR
Securities and Exchange Board of India - SEBI has made it mandatory for users to have their systems audited every six months and increased penalties on errant stock brokers. In a circular issued yesterday, SEBI has decided to tighten the norms for algorithmic trading following the recommendatio...
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Defence secretary Shashi Kant Sharma to replace Vinod Rai as new CAG
Posted Date : 21-May-2013 , 12:07:23 pm | Posted By CASANSAAR
Defence secretary Shashi Kant Sharma would be the next Comptroller and Auditor General (CAG) of India.
Officials said President Pranab Mukherjee has approved the appointment of Sharma as the nextCAG to replace Vinod Rai, who retires on Wednesday. Rai steps down a...
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Finance Ministry appoints auditors without consulting RBI, step aimed at avoiding conflict of interest
Posted Date : 21-May-2013 , 08:50:02 am | Posted By CASANSAAR
The government has appointed auditors for the Reserve Bank of India after consulting with the Comptroller & Auditor General (CAG), reversing the earlier practice of involving the central bank in the selection process. The two auditors appointed by the government are V Sa...
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DISA Members allowed to conduct Annual Systems Audit of BSE Stock Brokers
Posted Date : 06-Apr-2013 , 04:11:04 pm | Posted By CASANSAAR
BSE, vide its Notice No 20130405-5 dated 05 Apr 2013, has clarified that DISA Qualified members are also eligible to conduct Annual Systems Audit of trading members who have availed of the IML/ Internet facility from the Exchange.
Official Notification&nbs...
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Now, auditors doubt Deccan Chronicle Holdings Limited’s viability
Posted Date : 30-Mar-2013 , 06:42:10 pm | Posted By CASANSAAR
The auditors of the crisis-ridden Deccan Chronicle Holdings Limited (DCHL) have raised serious doubts over the company's ability to continue as a 'going concern' in light of the various uncertainties hanging over the company. These doubts have been expressed in the audited report...
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List of CA Firms Appointed as Central Statutory Auditors in Public Sector Banks for FY 2012-13
Posted Date : 30-Mar-2013 , 08:02:38 am | Posted By CASANSAAR
Names of Audit Firms approved for appointment as Central Statutory Auditors in 25 Public Sector Banks for the year 2012-13 :-
Allahabad Bank, Kolkata
1 M/s N K Bhargava & Co, New Delhi
2 M/s M C Jain &am...
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Bankwise List of CA firms Approved for Statutory Bank Branch Audit for FY 2012-13
Posted Date : 26-Mar-2013 , 08:29:11 am | Posted By CASANSAAR
Plz find below the Bank wise list of CA firms which are approved / Empaneled for Statutory Branch Audit for Financial Year 2012-13. Plz click on any bank which you want to check.
Public Sector Banks – 2012-13
Allahabad Bank
Andhra Bank
Bank o...
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Announcement regarding Expert Panel for Addressing Bank Branch Audit Related Queries for the Financial Year 2012-13
Posted Date : 25-Mar-2013 , 02:52:37 pm | Posted By CASANSAAR
The bank audit season is around the corner. Given the fact that the banking industry is typical in terms of its geographical and customer spread, the volume and varied nature of products and services offered, coupled with the strict constraints for completing the audits, the members, many a ...
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Bank Branch Audit Report Format & Guidance on Reporting on MoCs
Posted Date : 21-Mar-2013 , 09:54:26 am | Posted By CASANSAAR
This is to inform you all regarding 2013 Guidance Note on Audit of Banks as also reporting in respect of total numberand amounts of debits/ credits pursuant to Memorandum of Changes issued by the bank branch auditors and reporting thereof under the “Other Matters”&nbs...
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HDFC hires Deloitte to conduct forensic audit
Posted Date : 16-Mar-2013 , 03:37:09 pm | Posted By CASANSAAR
HDFC Bank on Saturday said it has appointed accounting and audit firm Deloitte Touche Tohmatsu India to carry out an independent forensic enquiry into allegations of some of its officials facilitating money laundering activities.
The bank has also appointed Amarchand & Mangaldas & S...
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Bank Audit Gone - Dil Hai Ki Manta Nahi.
Posted Date : 13-Mar-2013 , 10:24:39 am | Posted By CASANSAAR
When shall this fraternity believe the truth that their leaders has surrendered for the 20 Crores limit last year? The present council is the extension of old council. Very few council members lost on account of non performance. But who are there in the council were equally responsible for...
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4 | Hits : 3654
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KPMG at risk of losing vital HSBC audit
Posted Date : 07-Mar-2013 , 07:51:10 am | Posted By CASANSAAR
KPMG could lose the biggest audit contract in corporate Britain after HSBC decided to consider bringing in a fresh pair of eyes to vet its accounts.
The bank said it would put its audit contract out to tender for the first time in more than two decades in the most striking sign ye...
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Revised Audit Report Formats for bank/ bank branch audit
Posted Date : 19-Feb-2013 , 09:51:42 pm | Posted By CASANSAAR
Applicability of the Revised AuditReport Formats (including for bank/bank branch audit reports) and Reporting in respect of Memorandum of Changes in Bank Audit Reports
As you would be aware, the Institute of Chartered Accountants of India had pursuant to t...
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Ernst & Young escapes disciplinary action
Posted Date : 30-Jan-2013 , 08:47:37 am | Posted By CASANSAAR
ERNST and Young will not face any action relating to its work with Lehman Brothers in the year before the bank’s collapse, the Financial Reporting Council ruled yesterday.
The Big Four auditor had faced claims it had been too lenient on the bank, signing off their reports in...
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Sebi wants compulsory audit of key overseas subsidiaries of listed companies
Posted Date : 17-Jan-2013 , 09:11:21 am | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi) may ask for a compulsory audit of the accounts of important overseas subsidiaries of Indian companies as fears of inflated profits and unreliable accounts grow in the wake of recent corporate scandals. The capital markets regulator may...
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RBI may stick to 6 crores limit for March 2013 Statutory Branch Bank Audits
Posted Date : 07-Jan-2013 , 08:48:21 am | Posted By CASANSAAR
As per internal Sources Reserve Bank of India has decided to stick to 6 crores limit for March 2013 Statutory Branch Bank Audits.
As per the reliable source, in spite of clearance for 20 crores limit, RBI is going ahead with last year agreed limit of 6 crores.
RBI...
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CAG's authority of auditing oil and gas blocks unquestionable: PMEAC
Posted Date : 03-Jan-2013 , 02:56:04 pm | Posted By CASANSAAR
The Prime Minister’s Economic Advisory Council (PMEAC) has put to rest all the speculation and confusion about the Comptroller and Auditors General’s power of auditing oil and gas blocks operated by private firms.
Referring to oil and gas block contracts operated by the privat...
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No auditor can audit a company for more than 5 years: Sachin Pilot
Posted Date : 26-Dec-2012 , 08:42:34 am | Posted By CASANSAAR
Terming “cosy” relations between management and auditors of a company as key to accounting frauds, the Corporate Affairs Minister Sachin Pilot has said that such a nexus would not be allowed anymore as lawmakers have become smarter after Satyam sca...
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Satyam made us smarter; auditors can't get cosy with management: MCA
Posted Date : 25-Dec-2012 , 04:00:35 pm | Posted By CASANSAAR
Corporate Affairs Minister Sachin Pilot has said that a nexus between management and auditors would not be allowed anymore as lawmakers have become smarter after Satyam scam.
"Sometimes, auditors get into too cosy a relationship with the management, which creates a lot of proble...
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CAG agrees to only financial audit of KG-D6 block: official
Posted Date : 11-Dec-2012 , 05:01:28 pm | Posted By CASANSAAR
The Comptroller and Auditor General (CAG) has agreed to restrict its audit of Reliance Industries' KG-D6 block to financial scrutiny of the spendings on the flagging gas fields and a performance audit, if any, would be done of the Oil Ministry, a senior government official said t...
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427 Cos,104 Audit firms guilty of violating accounting norms
Posted Date : 11-Dec-2012 , 08:13:19 am | Posted By CASANSAAR
The Government today said 427 companies and 104 audit firms have been found guilty of violating accounting principles and otherfinancial irregularities during the last three years.
“As per the latest information available, 427 companies and 104 audit firms were found gu...
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Auditors in trouble on defaults
Posted Date : 05-Dec-2012 , 08:14:28 am | Posted By CASANSAAR
Auditors could be in trouble in case their client companies default on loan repayments.
Under new government norms that seems to upset the independent accounting watchdogs, banks can now lodge a formal complaint against the auditors with the Institute of Chartered Accountants of India (I...
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Independent Regulator for Auditors
Posted Date : 04-Dec-2012 , 08:54:42 pm | Posted By CASANSAAR
The Parliamentary Standing Committee on Finance which examined the Companies Bill, 2009 and the Companies Bill, 2011 had recommended that the National Advisory Committee on Accounting and Auditing Standards (NACAAS), proposed in the Companies Bill, 2009, be institutionalized not only as a body for s...
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