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
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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JPC questions CAG on presumptive loss
Posted Date : 31-May-2011 , 09:32:50 pm | Posted By CASANSAAR
The Joint Parliamentary Committee (JPC) probing the 2G scam on Monday questioned Comptroller and Auditor General of India (CAG) Vinod Rai on how the department estimated the presumptive loss at Rs 1.76 lakh crore, and also whether it had the mandate to look into a policy decision.
S...
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SEC asks Wipro to prove its auditor KPMG India's independence
Posted Date : 22-May-2011 , 08:52:08 pm | Posted By CASANSAAR
US market regulator SEC has asked IT major Wipro to prove independence of its auditor KPMG India, failing which the company may have to appoint new auditors or get its business books audited again. "We have received a voluntary document request from the SEC's Division of Enforcement. The document re...
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Govt for holding AGM through video conferencing
Posted Date : 20-May-2011 , 12:05:11 pm | Posted By CASANSAAR
The government today allowed companies to hold annual general meetings through video conferencing, with a view to provide larger participation and for curbing costs, borne by the shareholders to attend AGMs.Accordingly, a company would have to send a notice informing shareholders about "the availabi...
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Funding to parties may come under CAG scanner
Posted Date : 11-May-2011 , 09:03:33 pm | Posted By CASANSAAR
The commission, which wants all such transactions to be done through cheques and demand drafts and audited by those in the CAG list, will take up the matter with all the political parties soon, sources said.
“There should be complete transparency in political funding. Payment sh...
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PwC in $25.5 mn settlement over Satyam audit
Posted Date : 02-May-2011 , 09:36:53 pm | Posted By CASANSAAR
PricewaterhouseCoopers affiliates agreed to pay $25.5 million to former Satyam Computer Services Ltd investors to settle US litigation over the audit of the Indian outsourcing company.
The settlement came four weeks after PwC agreed to pay a record $7.5 million US penalty over its auditing work for...
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Auditing |
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SEBI modifies norms to appoint internal auditors
Posted Date : 24-Apr-2011 , 08:38:48 am | Posted By CASANSAAR
SEBI has modified the norms for appointment of its internal auditor, a move that enabled the capital market regulator to retain chartered accountants firm Chokshi & Chokshi for two more years.The decision to give a two-year extension to the firm was taken at the last Board meeting of the Securit...
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SC cancels bails of PwC partner Gopalakrishnan
Posted Date : 21-Apr-2011 , 11:02:30 am | Posted By CASANSAAR
The Supreme Court today cancelled the bails granted to Price Waterhouse partner Subramani Gopalakrishnan and Satyam's internal auditor V S Prabhakar Gupta, directing them to surrender by April 30.A bench comprising Justice P Sathasivam and Justice B S Chauhan cancelled their bail and directed them t...
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CAG itself needs an auditor: Shunglu panel
Posted Date : 12-Apr-2011 , 08:03:59 am | Posted By CASANSAAR
In a confidential report, the V K Shunglu committee on Commonwealth Games irregularities has recommended that the office of the Comptroller and Auditor General be itself audited by independent auditors appointed by a parliamentary panel.
In its report on "systemic changes" submitted to Prime Mini...
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SAT defers PwC-Sebi case to March 15
Posted Date : 14-Mar-2011 , 09:34:29 pm | Posted By CASANSAAR
The Securities Appellate Tribunal today adjourned the hearing in the PriceWaterhouseCoopers-Sebi case to March 15, a company official said.
The matter came before SAT yesterday.
The case relates to the multi-crore rupee Satyam a...
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CAG to submit audit report against 25 private schools
Posted Date : 14-Mar-2011 , 09:29:24 pm | Posted By CASANSAAR
The Delhi High Court Monday directed the Comptroller and Auditor General (CAG) to submit its audit report on 25 elite private schools that had complained of facing a financial burden because of having to pay teachers higher salaries recommended by the 6th Pay Commission.
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CAG for directorate of social audit in states for MGNREGA
Posted Date : 14-Mar-2011 , 09:25:49 pm | Posted By CASANSAAR
Entrusted with the task of improving the social audit process in MGNREGA following reports of malpractices and corruption, the Comptroller and Auditor General has recommended to the states to set up directorates to train auditors from civil society.
The audit w...
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CAG to conduct spectrum audit
Posted Date : 14-Mar-2011 , 12:19:02 pm | Posted By CASANSAAR
The comptroller & auditor general of India (CAG) will undertake a comprehensive audit of the country’s total available spectrum, as well as its strategic and commercial use. It will also determine whether the government has received fair value from the commercial use ...
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Naming of coop auditors gets transparent
Posted Date : 14-Mar-2011 , 08:45:25 am | Posted By CASANSAAR
The process of appointing auditors for cooperatives is expected to become more transparent. So far the chartered accountants taking up the audit of an urban cooperative bank or a cooperative society would directly get empanelled with the state's cooperation department.
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