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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Auditing |
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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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Auditing |
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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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Auditing |
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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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Auditing |
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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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Auditing |
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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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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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Auditing |
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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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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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PwC fined
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
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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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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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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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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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
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
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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