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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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
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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