CBI suspects PNB hushed up Audit Reports
Posted Date : 03-Mar-2018 , 08:52:51 am | Posted By CASANSAAR
The CBI suspects that the annual audit reports of Punjab National Bank's internal auditors were either suppressed or ignored by the top brass, resulting in non-detection of the Rs 12,636-crore loan fraud by diamantaires Nirav Modi and Mehul Choksi.
CBI sources expressed surprise that the scam...
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Cabinet approves Establishment of National Financial Reporting Authority
Posted Date : 01-Mar-2018 , 10:55:14 pm | Posted By CASANSAAR
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the proposal for establishment of National Financial Reporting Authority (NFRA) and creation of one post of Chairperson, three posts of full-time Members and one post of Secretary for NFRA.
The decision aims at ...
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Auditing |
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PNB appoints a forensic auditor for Nirav Modi fraud case
Posted Date : 01-Mar-2018 , 09:45:47 am | Posted By CASANSAAR
Punjab National Bank (PNB) has appointed Belgium-based consultancy firm BDO as forensic auditor for five of Nirav Modi Group companies that lead to the biggest ever banking fraud of USD 2 billion in the country.
Besides, more than two dozen banks have decided to seek a forensic audit to establish...
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Auditing |
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CBI arrests PNB bank internal auditor in $2 billion fraud
Posted Date : 01-Mar-2018 , 09:39:45 am | Posted By CASANSAAR
The Central Bureau of Investigation (CBI) on Wednesday arrested an auditor of a Punjab National Bank branch at the centre of an alleged $2 billion fraud, a police spokesman said, bringing the number of bank employees held to seven as the investigation widens.
CBI, however, has yet to track ...
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Auditing |
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RBI skipped PNB Branch Audit for 9 years
Posted Date : 01-Mar-2018 , 09:36:17 am | Posted By CASANSAAR
While the blame game begins in the Rs 12,636 crore PNB fraud, so lax were auditing controls that the last audit done by the Reserve Bank of India was nine years ago on March 31, 2009. For a mid corporate bank, like PNB's Brady House branch, that deals with high networth individuals, the audit is...
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Auditing |
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Cabinet likely to discuss tighter norms for Auditors
Posted Date : 01-Mar-2018 , 09:26:06 am | Posted By CASANSAAR
Perturbed over the spate of banking frauds, the Union Cabinet is likely to consider measures to strengthen the regulatory regime for auditors to prevent such incidents in the future.
The Cabinet headed by Prime Minister Narendra Modi will be meeting again tomorrow and is reported to have only one...
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Auditing |
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SC asks Centre to curb illegal operations of multinational auditors
Posted Date : 23-Feb-2018 , 10:24:50 pm | Posted By CASANSAAR
The Supreme Court took serious note of alleged illegal operations of multi-national accounting firms (MAFs) in India in collaboration with Indian Chartered Accountancy firms (ICAFs) and asked the Centre on Friday to examine steps to rein them in.
"The Union of India may constitute a three-me...
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Auditing |
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Govt may review norms for statutory auditor appointment in PSBs
Posted Date : 20-Feb-2018 , 08:52:43 am | Posted By CASANSAAR
Hit hard by the country's biggest bank fraud at PNB, the government is looking at tightening the norms for appointment of statutory auditors at public sector banks (PSBs) to help detect any irregularities early and take corrective actions, according to a government official.
At present,...
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Auditing |
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ED seeks statutory audit reports of banks from RBI
Posted Date : 20-Feb-2018 , 08:47:43 am | Posted By CASANSAAR
The Enforcement Directorate (ED) has sought statutory audit reports of banks from the Reserve Bank of India (RBI) in connection with the Rs 11,400 crore bank fraud reported by Punjab National Bank last week, according to an ED official who spoke off the record.
The official said that at the momen...
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Auditing |
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Govt asks fraud-hit PNB to conduct Forensic Audits
Posted Date : 16-Feb-2018 , 09:55:00 am | Posted By CASANSAAR
The government has asked fraud-hit Punjab National Bank (PNB) to conduct a forensic audit and give a detailed report on why the loans given to jeweller Nirav Modi and his associates, based on fraudulent letters of undertaking (LoUs), were not unearthed from 2011 till now.
This comes after PNB Chi...
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Auditing |
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Price Waterhouse can audit clients till March 2019 - SAT
Posted Date : 16-Feb-2018 , 09:51:15 am | Posted By CASANSAAR
The Securities Appellate Tribunal (SAT) granted partial relief to Price Waterhouse (PW), allowing it to audit existing clients till March 31, 2019, or until a new bench is formed.
PW had been barred by the Securities and Exchange Board of India (Sebi) from auditing listed companies in India...
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Auditing |
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Govt amends FDI policy to promote local Audit firms
Posted Date : 11-Jan-2018 , 09:36:03 pm | Posted By CASANSAAR
The government has quietly slipped in a swadeshi move while liberalising the foreign direct investment (FDI) rules by mandating that overseas auditors will have to undertake joint audit if an international investor insists on audit by a global firm, or its Indian affiliate.
This marks a major shi...
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Auditing |
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Price Waterhouse set to lose Audit of 77 listed companies
Posted Date : 12-Jan-2018 , 08:57:05 am | Posted By CASANSAAR
The hit on Price Waterhouse (PW) has opened up new business opportunities worth over Rs 1 billion for other auditing firms in the country. The Securities and Exchange Board of India (Sebi) had on Wednesday banned PW from auditing listed companies for two years.
Pw was the statutory auditor for 85...
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Auditing |
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0 | Hits : 1400
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MCA asked to conduct forensic audit of IFCI
Posted Date : 07-Jan-2018 , 08:26:17 pm | Posted By CASANSAAR
The Ministry of Corporate Affairs (MCA) has been asked to institute a forensic audit into the operations of IFCI in connection with non-performing loans, Parliament was informed today.
"As part of its ordinary course of business, IFCI Ltd extends loans to corporate borrowers, some of which b...
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Auditing |
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Global regulators want to limit accountants' say on audit rules
Posted Date : 10-Nov-2017 , 08:28:58 am | Posted By CASANSAAR
Global regulators want to shake up how corporate audit rules are written to curb the influence of accountants and avoid any conflict of interest.
Audit rules are currently written under the umbrella of the International Federation of Accountants (IFAC), a global body that represents a profession ...
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Auditing |
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Need of independent regulator for Auditors - SEBI Panel
Posted Date : 27-Oct-2017 , 09:48:31 pm | Posted By CASANSAAR
The new norms proposed by the Securities and Exchange Board of India's (Sebi) corporate governance panel for auditors has strengthened the case for the establishment of an independent auditor as mooted by the government.
The Parliamentary Standing Committee on Finance had in 2012 specified th...
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Big 4 accounting firms on IBA's list of forensic auditors
Posted Date : 19-Sep-2017 , 08:47:51 am | Posted By CASANSAAR
he Big 4 auditors -- KPMG, EY, Deloitte and PricewaterhouseCoopers -- figure in the list of entities that have been empanelled by the Indian Banks' Association (IBA) to do forensic audit of frauds in banks.
The number of banking fraud cases involving Rs 1 lakh and above is on the rise, which ...
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Auditing |
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0 | Hits : 1375
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Auditors come under lens amid crackdown on shell companies
Posted Date : 14-Sep-2017 , 08:30:55 am | Posted By CASANSAAR
A multi-agency clampdown has begun on shell companies to tackle the black money menace wherein the role of auditors has come under the scanner for alleged connivance in facilitating illegal transactions.
The auditors' role is also being looked into for not raising the red flag as several case...
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Auditing |
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Global audit firms may face Scrutiny
Posted Date : 11-Sep-2017 , 12:50:33 am | Posted By CASANSAAR
Global auditing firms may come under greater scrutiny for any wrong-doing as regulators mull ways to make them more accountable, with the role of such auditors -- especially the Big Four -- coming under the lens in various corporate misdoings.
The move is expected to give a fillip to Indian audit...
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Auditing |
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SES accuses 10 listed firms of violating Auditor hiring norms
Posted Date : 18-Aug-2017 , 08:17:10 am | Posted By CASANSAAR
The auditor appointment rules specified by the Companies Act has led to different interpretations. At least 10 publicly traded companies have violated these norms by hiring auditors for terms of less than five years, proxy advisory firm Stakeholder Empowerment Services (SES) said in a report.
...
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Banks' Auditors under lens: RBI seeks explanation on differences in write-downs
Posted Date : 17-Aug-2017 , 08:44:40 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has questioned scores of auditors at 27 public sector banks on the process and logic they had used to compute and report write-downs at the lenders, two people close to the development told ET.
The RBI has sought written explanation on differences in the writ...
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NSE launches seamless filing system for info related to auditors
Posted Date : 17-Aug-2017 , 08:40:36 am | Posted By CASANSAAR
Top stock exchange NSE has decided to introduce seamless corporate announcement filing mechanism for information related to change in auditors, change in directors, declaration of audit reports with un-modified opinion, from tomorrow.
Besides, listed companies would be required to file corp...
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Auditing |
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BSE, NSE likely to begin audit of 100 suspected shell companies
Posted Date : 17-Aug-2017 , 08:38:16 am | Posted By CASANSAAR
Stock exchanges BSE and NSE are likely to initiate audit on 100 out of 331 suspected shell companies in the first batch in coordination with SEBI, sources told ET Now.
A panel of auditors will soon be appointed for first stage of audit of select 100 companies, sources said.
All exc...
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Auditing |
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Govt to amend cost audit rules under companies law
Posted Date : 13-Aug-2017 , 07:36:24 pm | Posted By CASANSAAR
The government will amend the cost audit rules under the companies law in order to ensure parity between financial and cost records.
The amendments have been mooted pursuant to implementation of the Indian Accounting Standards (Ind AS), which is converged with global accounting norms.
The corp...
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Auditing |
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RBI extends rest period for appointment of auditors to 6 years
Posted Date : 28-Jul-2017 , 10:07:36 pm | Posted By CASANSAAR
In order to put an end to private and foreign banks appointing the same set of auditors alternatively after mandatory rest of 2 years, the Reserve Bank of India has extended the mandatory rest period to 6 years, it said in a notification on Thursday.
The earlier rules required an auditor to be ap...
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Auditing |
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Govt loosens norms for auditor rotation for unlisted companies
Posted Date : 23-Jun-2017 , 07:07:55 am | Posted By CASANSAAR
The government has relaxed conditions for unlisted companies that do not have loans from banks, financial institutions or deposits from public of more than Rs 50 crore on rotation of auditors.
Currently, these companies can't appoint individual auditors for consecutive five years and auditor ...
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Auditing |
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0 | Hits : 1791
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SBI set to hire retired officials as concurrent auditors
Posted Date : 24-Feb-2017 , 08:30:25 am | Posted By CASANSAAR
Ahead of merger, State Bank of India (SBI) has called upon retired officers to become concurrent auditors with the bank to oversee compliance and risks under loans and operational activities.
Concurrent audits are real-time examination of transactions to ensure accuracy, bank compliance, a...
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Auditing |
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RBI wants banks to create common pool of forensic Audit firms
Posted Date : 15-Feb-2017 , 08:19:04 am | Posted By CASANSAAR
The Reserve Bank of India wants banks to create a common pool of forensic audit firms so that they can pick one of them quickly whenever a high-value fraud needs to be investigated.
This is aimed at ensuring that precious time is not lost in evaluating eligibility criteria of audit firms.
Th...
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Auditing |
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0 | Hits : 1296
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Supreme Court orders SEBI to expedite probe against PwC in Satyam Case
Posted Date : 13-Jan-2017 , 08:26:14 am | Posted By CASANSAAR
The Supreme Court on Tuesday asked market regulator Securities Exchange Board of India, or Sebi, to expedite enquiry against global auditing firm PricewaterhouseCoopers (PwC) in the corporate fraud case involving Satyam Computer Services Ltd.
“Conclude the case within six months from today,...
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Auditing |
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Audit finds NSE's system compromised for 18 months
Posted Date : 29-Dec-2016 , 08:39:35 am | Posted By CASANSAAR
The NSE's trading system was compromised for about one and half years, which allowed certain brokers to get preferential treatment over all others. Some of the bourse's employees helped these brokers gain such preferential access to the NSE's trading system, a Sebi-directed enquiry by co...
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Auditing |
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