BSR & Co resigns as auditor of two Reliance group companies
Posted Date : 12-Aug-2019 , 11:55:24 am | Posted By CASANSAAR
BSR and Co, an affiliate firm of KPMG India, has resigned as auditor of two Anil-Ambani led Reliance Group companies—Reliance Infrastructure and Reliance Power, the company told the stock exchanges on Friday.
Earlier in June, Price Waterhouse and Co (PwC) had resigned as statutory aud...
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NCLT allows Government to ban Deloitte, BSR for five years
Posted Date : 09-Aug-2019 , 08:40:56 pm | Posted By CASANSAAR
In a major setback to the auditors, the National Company Law Tribunal Friday rejected Deloitte's and BSR's applications challenging the tribunal's jurisdiction to ban them from business for five years for their omissions and commissions in the ILFS Group scam.
This is the second setba...
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Reliance Capital joint auditors reject PWC allegations
Posted Date : 09-Aug-2019 , 08:23:17 am | Posted By CASANSAAR
Reliance Capitalon Thursday said its joint auditors have confirmed that there are "no violations" as alleged by the firm's previous auditor Price Waterhouse & Co Chartered Accountants LLP (PWC).
The board of directors of Reliance Capital on August 8 held special meeting to...
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MCA names 4 domestic Auditors to restate IL&FS books
Posted Date : 09-Aug-2019 , 07:52:46 am | Posted By CASANSAAR
The corporate affairs ministry Thursday proposed to NCLT four auditing firms to restate the accounts of the crippled Infrastructure Leasing & Financial Services (IL&FS) and some of its subsidiaries to verify fraudulent transactions.
The move comes even as the ministry awaits the NCLT view...
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Govt wants to freeze accounts of IL&FS Auditors, 21 others
Posted Date : 06-Aug-2019 , 09:32:37 pm | Posted By CASANSAAR
In more troubles for the auditors of the crippled IL&FS--Deloitte and BSR, the corporate affairs ministry Tuesday moved the NCLT seeking to freeze their bank accounts along with those of 21 others who are impleaded in the main petition in the one of the largest fraud cases.
This comes even as...
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Deloitte quits as auditor of DHFL
Posted Date : 06-Aug-2019 , 07:51:19 am | Posted By CASANSAAR
Deloitte has quit as the auditor of cash-strapped DHFL, sources said on Sunday.
Communication regarding Deloitte quitting as DHFL's auditor has been sent to the Ministry of Corporate Affairs, one of the sources said.
Another source confirmed that Deloitte has quit, but without citing any r...
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Deloitte exits as auditor of two B.M. Khaitan group companies
Posted Date : 23-Jul-2019 , 08:56:37 am | Posted By CASANSAAR
The audit woes of the B. M. Khaitan Group companies continue with Deloitte Haskins & Sells LLP exiting two companies — Mcleod Russel India Ltd. (MRIL) and McNally Bharat Engineering Company Ltd.
About a month ago, PwC had exited group flagship Eveready Industries India Ltd. (EIIL). MRIL...
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Government wants CCI probe on Big 4 Auditors
Posted Date : 22-Jul-2019 , 05:30:30 pm | Posted By CASANSAAR
The Indian government wants the country's antitrust body to assess whether the so-called "Big Four" auditing firms and their affiliates are hurting competition in any manner, a senior government official told reporters.
The Competition Commission of India (CCI) needs to conduct a su...
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NCLT allows MCA to prosecute Deloitte Haskins, BSR Associates in IL&FS case
Posted Date : 19-Jul-2019 , 09:55:27 am | Posted By CASANSAAR
The National Company Law Tribunal (NCLT) has allowed the Ministry of Corporate Affairs (MCA) to prosecute the auditors of IL&FS Financial Services (IFIN) — Deloitte Haskins and BSR Associates — based on the investigation report filed by the Serious Fraud Investigation Office (SFIO).
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Internal Auditor of Unitech resigns
Posted Date : 18-Jul-2019 , 09:37:18 am | Posted By CASANSAAR
Crisis-hit realty firm Unitech Ltd said on Tuesday that its internal auditors S K P & Co. Chartered Accountants has resigned citing time constraints.
In a filing to the BSE, Unitech said that “Internal Auditors of the company S K P & Co. Chartered Accountants. has resigned with effe...
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BSR & Associates resigns as Auditor of IL&FS Engineering
Posted Date : 17-Jul-2019 , 08:41:35 am | Posted By CASANSAAR
BSR & Associates tendered its resignation as one of the joint statutory auditors to IL&FS Engineering and Construction Company ‘with immediate effect’ citing non-receipt of requested information and response to audit matters for audit of the previous fiscal year, among other reas...
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S R Batliboi & Co resigns as statutory auditor for IndusInd Bank
Posted Date : 15-Jul-2019 , 08:04:56 am | Posted By CASANSAAR
Chartered accountancy firm S R Batliboi & Co has resigned as statutory auditor of the private sector lender IndusInd Bank. IndusInd Bank has appointed Haribhakti & Co as statutory auditor for the financial year 2019-20, subject to approval from the Reserve Bank of India and shareholders.
...
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Auditors, bankers, directors involved in Bhushan Steel fraud - SFIO
Posted Date : 02-Jul-2019 , 07:41:33 am | Posted By CASANSAAR
The Serious Frauds Investigation Office (SFIO) on Monday alleged to have found “conniving role” of statutory auditors of Bhushan Steel Limited (BSL) and raised questions about the role of auditors and bank officials in perpetuating fraudulent activities in the Rs 20,000 crore scam.
In...
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Auditing |
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Govt flags concern over concentration, lack of competition in Auditing
Posted Date : 02-Jul-2019 , 07:39:59 am | Posted By CASANSAAR
Corporate Affairs Secretary Injeti Srinivas Monday flagged concerns over excessive concentration and lack of competition in auditing work as he mentioned about the dominance of Big 4.
Stressing on the importance of independence of chartered accountants, he said the biggest responsibility of an au...
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PwC resigns as an Auditor of Eveready Industries
Posted Date : 30-Jun-2019 , 04:10:53 pm | Posted By CASANSAAR
Price Waterhouse & Co Chartered Accountants LLP — the audit firm that is part of the PWC group — has resigned as the independent auditor of Eveready Industries after calling out as highly irregular certain financial transactions that involved loan assistance extended to firms within ...
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Govt to rework auditors framework amid crack down on auditing lapses
Posted Date : 27-Jun-2019 , 08:36:41 am | Posted By CASANSAAR
In a bid to have quality audit standards being practised in the country, the ministry of corporate affairs (MCA) is re-working the guiding framework for auditors.
According to the senior government official, the government is considering to further streamline and strengthen the provisions for aud...
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Independent Directors, Rating agencies, Auditors under SEBI lens in IL&FS case
Posted Date : 18-Jun-2019 , 07:10:39 am | Posted By CASANSAAR
A large number of individuals and entities, including independent directors, top management personnel, rating agencies and auditors formerly associated with crisis-hit IL&FS may soon face action by capital market regulator SEBI for their role in the alleged fraud at the group.
SEBI has been c...
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Govt alleges 22 audit violations by Deloitte, KPMG arm in IL&FS fraud case
Posted Date : 14-Jun-2019 , 09:00:04 am | Posted By CASANSAAR
India detected at least 22 violations of auditing standards by Deloitte Haskins & Sells and a KPMG affiliate while investigating a fraud at a financial company, leading it to seek a five-year ban on the auditors, according to government legal filings seen by Reuters.
The failures were detecte...
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Reliance Capital calls PWC's observations baseless, unjustified
Posted Date : 13-Jun-2019 , 12:11:42 pm | Posted By CASANSAAR
Anil Ambani-led Reliance Capital Thursday said its erstwhile statutory auditor Price Waterhouse & Co Chartered Accountants' observations about its accounts were "completely baseless and unjustified".
On Wednesday, Reliance Capital and Reliance Home Finance said that Price Waterh...
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Govt moves NCLT to seek 5-year ban on Deloitte, BSR
Posted Date : 11-Jun-2019 , 08:42:50 am | Posted By CASANSAAR
The central government on Monday took the unprecedented step of seeking a ban on auditors Deloitte Haskins & Sells and BSR & Co for their alleged role in helping hide bad loans at the bankrupt IL&FS Financial Services.
The government sought a five-year ban under Section 140 of t...
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HDFC Bank appoints new auditor after RBI's action against S.R. Batliboi & Co.
Posted Date : 10-Jun-2019 , 08:17:53 am | Posted By CASANSAAR
After the Reserve Bank of India (RBI) restricted audit firm S.R. Batliboi & Co. Llp, a member firm of EY, from auditing commercial banks for a year for "lapses" in a statutory audit, HDFC Bank today cancelled the appointment of the auditor.
In a regulatory filing, HDFC Bank said its...
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SFIO files first chargesheet in IL&FS Case
Posted Date : 31-May-2019 , 10:11:10 am | Posted By CASANSAAR
The Serious Fraud Investigation Office filed its first chargesheet in the IL&FS case against 30 individuals and entities, including businessman C Sivasankaran and nine former directors of unit IL&FS Financial Services (IFIN) on Thursday.
It accused auditors BSR & Co LLP and Delo...
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Auditors may be debarred from non-audit work
Posted Date : 30-May-2019 , 09:42:46 am | Posted By CASANSAAR
The Ministry of Corporate Affairs (MCA) is looking at tightening the rules for audit firms in the country. It is soon likely to bring an amendment to the Companies Act, 2013, to debar these firms from offering non-audit services to their clients.
Recently, the role of auditors came under scrutiny...
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Audit report finds 107 cases of shady lending at IL&FS
Posted Date : 16-May-2019 , 08:49:20 am | Posted By CASANSAAR
In a latest twist to the financial frauds at IL&FS, an audit report has found about 107 instances of loan evergreening, loans given without adequate collateral and management links with borrower companies.
The report submitted by Grant Thornton last week to the new IL&FS board headed by U...
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Government plans further curbs on Audit Firms
Posted Date : 13-May-2019 , 08:20:22 am | Posted By CASANSAAR
Audit firms may face more restrictions on the juicy non-audit assignments they could accept from statutory audit clients. This is part of a government initiative to tighten the rules to improve the quality of statutory audit.
The ministry of corporate affairs and the National Financial Reporting ...
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Cabinet clears additional post of Deputy CAG
Posted Date : 15-Apr-2019 , 09:11:55 pm | Posted By CASANSAAR
The government has decided to create an additional post of Deputy Comptroller and Auditor General, which will oversee coordination of audits of states as well as telecommunication.
The decision was taken at a Cabinet meeting chaired by Prime Minister Narendra Modi Monday.
"The Union Cabin...
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Audit of IL&FS reveals financial irregularities in deals worth Rs 13,000 crore
Posted Date : 05-Mar-2019 , 09:35:41 am | Posted By CASANSAAR
Grant Thornton in its report on debt ridden IL&FS Group has identified various financial irregularities in deals with financial implications of over Rs 13,000 crore during special audit conducted by the firm.
IL&FS Group, which operates at least 24 direct subsidiaries, 135 indirect subsid...
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NCLT banned Auditor for 5 years who knew nothing
Posted Date : 08-Feb-2019 , 03:08:47 pm | Posted By CASANSAAR
The Mumbai bench of the National Company Law Tribunal (NCLT) on February 6 barred Mukesh Choksi from being appointed as an auditor of any company for a period of five years, holding him guilty of signing off on a company’s books without inspection and colluding with its promoters in a fraudule...
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BSE to suspend 7 suspected shell firms for failing to cooperate with forensic auditors
Posted Date : 08-Feb-2019 , 09:26:06 am | Posted By CASANSAAR
The BSE has decided to suspend as many as seven suspected shell companies from Friday after they failed to provide the information sought by forensic auditors in a time-bound manner.
The firms facing suspension are Aadhaar Ventures India, Blue Circle Services, IKF Technologies, Prabhav Indu...
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IL&FS may hire Auditors to check 5 years’ accounts
Posted Date : 27-Jan-2019 , 08:29:03 pm | Posted By CASANSAAR
Troubled infrastructure developer and lender Infrastructure Leasing & Financial Services (IL&FS) is looking to appoint an auditor that will look into audited books of the group and its subsidiaries, said people with direct knowledge of the matter.
Role of EY, Deloitte and KPMG that ...
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