Cost & energy audits now mandatory for Maharashtra sugar co-operatives
Posted Date : 27-Feb-2012 , 08:30:14 am | Posted By CASANSAAR
The Maharashtra government has made it mandatory for the co-operative sugar industry to perform cost and energy audits. This, if implemented seriously, is expected to save crores of rupees of the co-operatives. Maharashtra is the country's top sugar producer, having a turnover of about Rs 25,000...
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CAG wants to audit all government LLPs
Posted Date : 16-Feb-2012 , 08:24:05 am | Posted By CASANSAAR
Comptroller & Auditor General has asked for powers to audit all limited liability partnerships (LLPs) in which the government holds a majority stake directly or indirectly. Under the current rules, LLPs that have a turnover of less than Rs 40 lakh a year or where the total contribution by p...
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US watchdog fines Ernst & Young $2 mln over audits
Posted Date : 09-Feb-2012 , 09:39:05 am | Posted By CASANSAAR
The Public Company Accounting Oversight Board said it also sanctioned four current and former Ernst & Young partners for violating PCAOB rules in the audits of Medicis, which sells prescription drugs for asthma and skin conditions.
Ernst & Young settled without admitting or denying the PC...
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Auditing |
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Satyam cautious on damages claim against former board, PWC
Posted Date : 11-Jan-2012 , 01:49:02 pm | Posted By CASANSAAR
Mahindra Satyam, formerly Satyam Computer Services, is exercising caution on damages claimed in a suit filed against its former board of directors, certain employees and audit firm PWC to avoid paying a higher non-refundable court fee initially, sources said.
According to sources, the company has...
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Auditing |
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Price Waterhouse files suit against Ramalinga Raju
Posted Date : 10-Jan-2012 , 03:44:48 pm | Posted By CASANSAAR
A day after Tech Mahindra-acquired Satyam filed a suit against its former Board of Directors, certain employees and Price Waterhouse seeking damages for perpetrating a fraud three years ago, PW officials revealed that they have already filed a similar suit in a Andhra Pradesh court against the sof...
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Auditing |
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PwC fined £1.4 million by regulators
Posted Date : 08-Jan-2012 , 07:50:01 am | Posted By CASANSAAR
Top auditor PricewaterhouseCoopers has been fined a record 1.4 million pounds ($2.2 million) in Britain for wrongly telling local regulators for seven years that JPMorgan Securities was keeping client money safe.
The case brought by the&nbs...
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Revised draft Bank Branch Auditors’ Panel for the year 2011-12
Posted Date : 07-Jan-2012 , 08:15:44 am | Posted By CASANSAAR
Revised draft Bank Branch Auditors’ Panel for the year 2011-12 has been hosted at www.meficai.org and will be available till 10th January, 2012.
MEF00001 to MEF10000
MEF10001 to MEF20000
MEF20001 to MEF30000
MEF30001 to MEF40000
MEF40001 onwards
&nb...
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Auditing |
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Auditor disowns Prithvi Information report; refuses to sign accounts
Posted Date : 30-Dec-2011 , 08:23:17 am | Posted By CASANSAAR
The auditor of the Hyderabad based software outsourcer Prithvi Information Solutions (PISL) have refused to sign the financial accounts of the company for 2010-11. According to a copy of the minutes of the annual general meeting (AGM) seen by ET and also filed by the company with BSE, VK Asthana ...
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Auditing |
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Companies bill bars non-audit operations of auditors
Posted Date : 21-Dec-2011 , 08:40:45 am | Posted By CASANSAAR
Audit firms may no longer be able to offer non-audit services like investment advisory and management services to companies as the government plans to prohibit such activities to checkany conflict of interest, leading to a potential fraud. The move, in line with rules proposed by th...
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Auditing |
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Audit firms involved in scams face heavy fines
Posted Date : 19-Dec-2011 , 08:41:17 am | Posted By CASANSAAR
Jail up to 10 years and fines up to three times the scam amount await chartered accountants and audit firms found guilty in corporate frauds. Audit firms, including the global Big 4 - Pricewaterhouse, KPMG, Deloitte and Ernst & Young - for the first time face punitive ac...
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Draft Bank Branch Auditors' Panel for the year 2011-12
Posted Date : 15-Dec-2011 , 03:12:21 pm | Posted By CASANSAAR
Click Below to Check Your Status
Draft Bank Branch Auditor's Pannel for the Year 2011-12...
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RBI, SEBI looking into Satyam auditors' lapses
Posted Date : 13-Dec-2011 , 07:49:43 am | Posted By CASANSAAR
The Government today said that accounting regulator ICAI has examined the alleged role of auditors in the Satyam scam and RBI and SEBI are looking into the issue. Minister for Corporate Affairs Veerappa Moily, referring to the multi-crore scam in Satyam Computer Services, said the Institute ...
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Auditing |
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Audit bodies go for quality check
Posted Date : 11-Dec-2011 , 09:11:29 am | Posted By CASANSAAR
Three professional institutions — Institute of Chartered Accountants of India (ICAI), Institute of Companies Secretaries of India (ICSI) and the Institute of Cost and Work Accountants of India (ICWAI) — are trying to make the best of their quality review boards (QRBs). Thanks to the gove...
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Auditing |
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CAG of India Takes Over as Chairman of UN Panel of External Auditors
Posted Date : 08-Dec-2011 , 08:48:09 pm | Posted By CASANSAAR
Comptroller & Auditor General of India (CAG), Shri Vinod Rai has been elected as the Chairman of the Panel of External Auditors of the United Nations, the Specialized Agencies and the International Atomic Energy Agency. He succeeds Mr.Norbert Hauser, Vice-President, Federal Court of Auditors, Ge...
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Outside party to audit MCD’s financial statement
Posted Date : 23-Nov-2011 , 03:06:23 pm | Posted By CASANSAAR
Embroiled in multiple allegations of graft, the Municipal Corporation of Delhi (MCD) has decided to hire professional consultant for the preparation of its annual financial statement. Also, court orders have made it mandatory for the civic body to have an outside party doing the audit so that ...
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PwC and KPMG criticised over audits
Posted Date : 22-Nov-2011 , 08:53:30 am | Posted By CASANSAAR
PwC and KPMG failed to adequately review how certain clients valued mortgage-related securities in 2010, an auditing watchdog has said.
The Public Company Accounting Oversight Board’s findings from an annual inspection revealed that y...
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Disclose audit reports of cooperative banks: CIC to RBI
Posted Date : 04-Nov-2011 , 09:02:19 am | Posted By CASANSAAR
The Central Information Commission has directed the Reserve Bank to make public audit reports of co-operative banks, rejecting the arguments of the Bank that such disclosure could "lead to loss of faith in some banks" and adversely affect economic interests of th...
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IIMs to face audit every three years
Posted Date : 03-Nov-2011 , 08:06:14 am | Posted By CASANSAAR
The IIMs will face an external social audit and peer review of their performance every three years, so that the government can “identify aberrations and take corrective measures”, HRD Minister Kapil Sibal said after a meeting of the heads of all 13 IIMs here on Wednesday.
This would m...
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UK anti-monopoly agency to investigate ‘Big 4’ auditors who dominate market
Posted Date : 22-Oct-2011 , 09:35:38 am | Posted By CASANSAAR
Britain’s Office of Fair Trading has ordered a full-scale competition review of the four big auditing companies which dominate the market.
PricewaterhouseCoopers, KPMG, Deloitte, and Ernst & Young last year collectively earned 99 percent of the audit fees paid by ...
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Moily urges CAs to act as conduit for India investments
Posted Date : 04-Oct-2011 , 08:01:45 am | Posted By CASANSAAR
Chartered accountants of India, who hold key positions in companies within the Gulf, should serve as a conduit for investments into their country, India’s Minister for Corporate Affairs Dr Veerappa Moily said on
Monday.
In his inaugural address at the 30th annivers...
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CAG appointed as external auditor of IAEA, WIPO
Posted Date : 30-Sep-2011 , 07:46:26 pm | Posted By CASANSAAR
The Comptroller and Auditor General of India (CAG) will soon be breathing down the necks of two major UN organisations — the International Atomic Energy Agency (IAEA), Vienna and World Intellectual Property Organisation (WIPO), Geneva.
The CAG, which won nationwide praise for its reports on...
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Private firms may rotate auditors
Posted Date : 30-Sep-2011 , 08:04:36 am | Posted By CASANSAAR
n a major move towards increasing the level of corporate governance and transparency in India, firms will be mandated to rotate their auditors after every four year under the new Companies Bill.At present, private firms are not required to rotate auditors. The system is followed only by government...
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Auditor to face disciplinary action after Oct 3 in Satyam scam
Posted Date : 09-Sep-2011 , 08:16:55 am | Posted By CASANSAAR
The clock is ticking for Talluri Srinivas, an auditor caught up in the multi-crore Satyam accounting fraud. The Institute of Chartered Accountants of India (ICAI), the apex body for accounting professionals in India, is all set to initiate disciplinary action against Srinivas, post October...
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Govt rules out allowing foreign firms in auditing operations in country
Posted Date : 07-Sep-2011 , 08:09:52 am | Posted By CASANSAAR
Government has ruled out allowing foreign firms in auditing operations in the country. The State Minister of Finance, Mr. Namo Narain Meena today told Rajya Sabha in a written reply that the foreign firms cannot carry out auditing functions in the country. They can however, operate in areas as consu...
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Delhi HC inquires whether CAG can audit discoms' accounts
Posted Date : 26-Aug-2011 , 08:10:57 am | Posted By CASANSAAR
The Delhi High Court today issued notices to the private discoms -- BSES Rajdhani, BSES Yamuna and North Delhi Power Limited (NDPL) and asked them to file their response on a petition seeking audit of their accounts by the Comptroller and Auditor General (CAG). Taking note of the petition filed...
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CAG not taking our response in finalising report: RIL
Posted Date : 23-Aug-2011 , 09:46:09 pm | Posted By CASANSAAR
Days before CAG presents its final audit report to Parliament, Reliance Industries fears that the official auditor was not taking into account the reply it submitted to CAG's draft findings on eastern offshore KG-D6 gas fields. RIL Senior Vice President (Commercial) B Ganguly in a August 11, ...
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Audit firms may also face action in Satyam-like cases
Posted Date : 25-Jul-2011 , 08:08:40 am | Posted By CASANSAAR
New Companies Bill to propose equal responsibility of auditors, firms. Unlike in the multi-crore Satyam fraud, audit firms will not be able to wash their hands of corporate scams perpetrated by companies in connivance with their partner auditors.
The Companies Bill, 2011, being finalised by...
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Got mechanisms to correct irregularity: PM on CAG report on gas
Posted Date : 29-Jun-2011 , 11:03:44 am | Posted By CASANSAAR
Amid the raging controversy that the Oil Ministry and its technical arm DGH favoured Reliance Industries (RIL), as pointed out by CAG, Prime Minister Manmohan Singh today said there were mechanisms to correct irregularities, if any.
Interacting with a group of editors here, Singh, however, ...
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CAG’s Online National Level Essay Competition Begins Today
Posted Date : 02-Jun-2011 , 12:12:47 pm | Posted By CASANSAAR
As part of the 150 years’ celebrations of the Institution of the CA&G of India, a national level on-line essay competition for the graduate and post graduate students in all the disciplines has been organized from today. The subject is “Role of CAG in Meeting Challenges of Good Gover...
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Satyam auditor wins rights
Posted Date : 01-Jun-2011 , 09:05:33 pm | Posted By CASANSAAR
The Securities Appellate Tribunal (SAT) today directed the capital market watchdog to allow audit firm Price Waterhouse to cross-examine certain individuals, including Satyam Computer Services founder B. Ramalinga Raju, who had given statements to Sebi during its inquiry into the country’s big...
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