CAG vs RIL: Company wants financial audit, auditor sticks for performance audit
Posted Date : 03-Nov-2012 , 08:47:55 am | Posted By CASANSAAR
The Comptroller and Auditor General (CAG) has objected to the government's move to narrow the scope of audit of Reliance Industries-operated KG-D6 block, official sources said, keeping alive the controversy over alleged malpractices by the company.Government sources familiar with the matter sai...
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Satyam auditors: Authority upholds ICAI order
Posted Date : 29-Oct-2012 , 03:26:24 pm | Posted By CASANSAAR
The Appellate Authority for chartered accountants has upheld the ICAI's decision to bar two auditors -- P Sivaprasad and Chintapatla Ravindernath – for professional misconduct in auditing the books of erstwhile Satyam Computer Services.
The founder chairman of Satyam Computer B Ramalinga Ra...
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CAG to conduct audit on RIL’s AP gas field
Posted Date : 27-Oct-2012 , 08:20:43 am | Posted By CASANSAAR
The Comptroller and Auditor General (CAG) is likely to carry out a performance audit similar to its first round rather than limit itself to scrutinizing the financial accounts of Reliance Industries Ltd's (RIL) Andhra offshore gas field. CAG sources said its auditors have the man...
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KPMG appoints Richard Rekhy as CEO
Posted Date : 18-Oct-2012 , 08:10:03 am | Posted By CASANSAAR
KPMG today said it has appointed Richard Rekhy as new chief executive for its India operations. Rekhy, who was earlier the Head of Advisory at KPMG in India, will succeed Russell Parera, a statement issued here said. On his appointment, Rekhy said, "The global and...
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RIL not allowing CAG audit : Oil Ministry
Posted Date : 18-Oct-2012 , 08:06:51 am | Posted By CASANSAAR
The Oil Ministry has informed the Prime Minister's Office that it has not given final nod to Reliance Industries' plans to raise natural gas output from the flagging KG-D6 fields as the firm has refused to allow audit of its expenditure by CAG.
Oil Secretary G C Chaturvedi told a meeting conv...
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Concerns rise as more U.S. audit work moves to India
Posted Date : 17-Oct-2012 , 07:53:25 am | Posted By CASANSAAR
Auditing of U.S. corporations' financial books, a vital underpinning of investor confidence, increasingly relies on work carried out in India, where there is no clear system of oversight.
U.S. audit regulators do not conduct regular physical inspections of offshore centers in India where U....
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Govt to conduct random audit to check corruption in MGNREGA Projects
Posted Date : 15-Oct-2012 , 10:58:21 am | Posted By CASANSAAR
Expressing concern over complaints of corruption in the Mahatma Gandhi National Rural Employment Guarantee scheme (MGNREGA) projects, Union Rural Development Minister Jairam Ramesh yesterday said that the government has decided to conduct audit of ten per cent of villages on a random basis every yea...
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Auditors raise eyebrows at DLF take on Vadra dealings
Posted Date : 10-Oct-2012 , 08:36:33 am | Posted By CASANSAAR
Auditors and chartered accountants that Business Standard has spoken to are not convinced with real estate company DLF’s clarification that it had given a ‘business advance’ to Robert Vadra, son-in-law of Congress President Sonia Gandhi, and that there was no quid pro quo between t...
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Government to handle selection of auditors for public sector banks
Posted Date : 21-Sep-2012 , 08:21:00 am | Posted By CASANSAAR
The government will now handle the selection of auditors for state-run banks, a finance ministry official said, signalling growing concern over laxity in the audit followed by lenders and possible overstatement of profits.
The finance ministry is expected to issue a directive on the iss...
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Punjab to start internal audit of govt spending
Posted Date : 17-Sep-2012 , 07:26:33 am | Posted By CASANSAAR
The Punjab government has decided to conduct internal performance audit of expenditure made by various departments, boards and corporations, local bodies, panchayats and other agencies availing of government money in a effort to ensure optimum utilisation of government money and bringing accoun...
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Dhanlaxmi seeks RBI nod for new auditor
Posted Date : 20-Aug-2012 , 07:38:04 am | Posted By CASANSAAR
Kerala-based Dhanlaxmi Bank Ltd has approached the Reserve Bank of India (RBI) to appoint new auditors after Walker Chandiok and Co. and audit consultancy Grant Thornton Advisory Pvt. Ltd walked out in early August, a month before the completion of their three-year tenu...
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Auditor watchdog: US directors can ask for inspection reports
Posted Date : 02-Aug-2012 , 06:32:44 am | Posted By CASANSAAR
In a bid to lift some of the secrecy around US audit firms, a watchdog board on Wednesday told corporate directors that they may seek out non-public information about auditor inspections. US law bars regulators from making public key parts of reports on inspections of audit firms. But the law d...
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Govt may penalise companies saddled with adverse auditor remarks
Posted Date : 17-Jul-2012 , 08:36:20 am | Posted By CASANSAAR
The government is considering an amendment in the Companies Act to support a recent notification by the Indian capital markets regulator Sebi that proposes to penalise companies saddled with adverse auditor remarks. The Securities and Exchange Board of India (Sebi) has initi...
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No. of Tax Audits & Company Audits Permissible for a Member
Posted Date : 14-Jul-2012 , 08:46:28 am | Posted By CASANSAAR
Members have time and again, raising queries regarding maximum numbers of audits that may be accepted by a Chartered Accountant and the various situations under which numbers of audits would be reckoned. Therefore, a comparison of No. of tax audits and company audits permissible for a member in prac...
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MEF Empanelment for Bank Audit for 2012-13 Starts
Posted Date : 11-Jul-2012 , 08:12:23 am | Posted By CASANSAAR
ADVISORY FOR MULTIPURPOSE EMPANELMENT FORM (MEF) FOR THE YEAR 2012-13
1. Last date for submission of applications on the website www.meficai.org is 14th August 2012.
2. Please use Internet Explorer 6.0/ Mozilla Firefox 7.0 or later versions to fill MEF 2012-13. ...
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Hong Kong auditors battle against criminal liability law
Posted Date : 19-Jun-2012 , 08:02:36 am | Posted By CASANSAAR
Auditors in Hong Kong are mounting an increasingly vocal campaign against a proposed new law that would make them face criminal sanctions for shoddy audit work. The city's lawmakers are in the final stages of considering the new Companies Bill, which includes a clause that would make auditors c...
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Audit firms like E&Y, PwC and Protiviti Consulting ramp up hiring for internal audit and risk advisory functions
Posted Date : 12-Jun-2012 , 07:12:00 am | Posted By CASANSAAR
Rising governance issues in companies and increasing corporate frauds have led to a surge in demand for talent in the internal audit arm of audit firms and companies. Audit firms like Ernst & Young,PricewaterhouseCoopers (PwC) and Protiviti Consulting are ramping up hiring fo...
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Indian companies paying less for Audit Fees
Posted Date : 28-May-2012 , 07:42:19 am | Posted By CASANSAAR
How much did auditors charge companies to certify that their financial records are in order? Just Rs 16 for every Rs 1 lakh of the company's turnover in 2011, suggests a report by the Chennai-based chartered accountancy training centre, Prime Academy. Audit fees are actually down f...
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White paper on Black money Proposes to Enhance Auditors Accountability
Posted Date : 24-May-2012 , 08:01:26 am | Posted By CASANSAAR
Following is the extract (Page 63) from the “white paper on black money” issued by Govt. in Parliament on 21-05-2012. This is the part of Supportive measures which Govt. intends to take.
D.2 Enhancing the Accountability of Auditors
5.2.75 Unlike many developed...
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Reliance Power asks CAG to drop audit note on 'undue benefits
Posted Date : 18-May-2012 , 08:31:43 am | Posted By CASANSAAR
Reliance Power has requested theComptroller and Auditor General (CAG) that the audit report on coal blocks should not refer to 'undue benefits' to the company due to surplus coal from Sasan and Tilaiya power projects as a panel of ministers had already reviewed the matter based on the adv...
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China moves to local control of foreign auditors
Posted Date : 12-May-2012 , 08:20:55 am | Posted By CASANSAAR
Foreign auditing firms will have to appoint a Chinese national as their chief partner in China as part of a sweeping overhaul of the country's accounting industry.
The regulations, unveiled on Thursday, are aimed at localising the mainland operations of foreign auditing firms, but they also...
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Centre for CAG audit of NRHM
Posted Date : 09-Apr-2012 , 09:43:07 am | Posted By CASANSAAR
After the multi-crore National Rural Health Mission (NRHM) scam in Uttar Pradesh, the Centre has decided to tighten financial management of the states. In a move that will ensure transparency, for the first time ever the government has proposed annual audits of its flagship scheme NRHM by the Comptr...
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Expert Panel for Addressing Queries arising during Bank Branch Audits for year ending 31st March 2012
Posted Date : 26-Mar-2012 , 06:13:10 pm | Posted By CASANSAAR
Dear Members,
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...
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Move to hike advance limit for bank branch audit flayed
Posted Date : 21-Mar-2012 , 08:26:51 am | Posted By CASANSAAR
A debate is on over the move to up the minimum advance limit for making statutory audit compulsory in a public sector bank branch.
All PSU bank branches having advances of over Rs.5 crore are now subject to statutory audit. The minimum advance limit is now sought to be increased to Rs.20 cr...
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EC gives green signal to new auditing norms for political parties
Posted Date : 19-Mar-2012 , 08:22:06 am | Posted By CASANSAAR
In a step that will bring in transparency and help curb black money in the poll process, the Election Commission has given its nod to new auditing and accounting norms for political parties in the country.
The norms and guidelines, prepared by the Institute of Chartered Accountants of India (ICAI...
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PwC India dressed up books to show profits
Posted Date : 14-Mar-2012 , 08:11:17 am | Posted By CASANSAAR
Serious violations of accounting principles as well as major financial irregularities have been detected in several entities of PricewaterhouseCoopers India (PwC India), which would seem to indicate that the company has been wrongfully dressing up its own books and those of its network au...
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Fund inflow in audit cos against FDI norms
Posted Date : 12-Mar-2012 , 09:29:05 am | Posted By CASANSAAR
Serious violations of accounting principles as well as major financial irregularities have been detected in several entities of PricewaterouseCoopers India (PwC India), which would seem to indicate that the company has been wrongfully dressing up its own books and those of its network audit firms ...
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RBI may soon do away with branch audit of PSU banks: Srcs
Posted Date : 07-Mar-2012 , 07:29:54 pm | Posted By CASANSAAR
RBI may soon do away with branch audits; to save public sector banks hundreds of crores, reports CNBC-18's Gopika Gopakumar quoting sources.
Most PSU banks have two kinds of auditors, statutory central auditors and statutory branch auditors. Statutory central auditors for most banks are around 6 ...
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E&Y to dissociate from its audit functions in India
Posted Date : 07-Mar-2012 , 07:54:45 am | Posted By CASANSAAR
Ernst & Young, one of the four big global audit firms, is taking steps to dissociate its brand from its audit function in India. The move is seen as an after-effect of the ICAI's recommendations on multi national accounting firms, which called for audit firms to not provide non-audit service...
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Audit firms Deloitte Touche Tohmatsu, PWC, Ernst & Young and KPMG in China facing major reorganisation
Posted Date : 29-Feb-2012 , 08:16:37 am | Posted By CASANSAAR
The 'Big Four' international audit firms face a major re-organisation in China as they are forced to abandon their foreign joint venture arrangements. Following are facts about the Big Four accounting firms' China practices. Deloitte Touche Tohmatsu Deloitte opened its first office in Shanghai in...
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