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News - (Get Professional Updates on Whatsapp, Msg on 8285393786) Category : Auditing

Auditors Found Liable for Over $10 Million in Madoff Losses
Posted Date : 14-Nov-2015 , 07:45:05 am | Posted By CASANSAAR

A jury in King County Superior Court has found the firm of Ernst & Young negligent and liable for half of more than $20 million lost by a Washington state investment company in the wake of Bernie Madoff's multi-decade investment scam. Friday's verdict pins responsibility o...

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Category : Auditing | Comments : 1 | Hits : 889

Audit and consultancy firm PwC India roped in to beef up Aadhaar security
Posted Date : 03-Nov-2015 , 08:07:19 am | Posted By CASANSAAR

With concerns related to privacy and security threatening the very existence of the Aadhaar project, the Unique Identification Authority of India (UIDAI) has employed the services of an external agency to carry out periodic audits of Aadhaar's infrastructure as well as that of its partners for a...

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Category : Auditing | Comments : 0 | Hits : 497

BoB to appoint Accounting Firm to review compliance, says new MD
Posted Date : 14-Oct-2015 , 08:08:15 am | Posted By CASANSAAR

Bank of Baroda, which is in the spotlight for alleged illegal remittances of Rs 6,000 crore, has decided to appoint an external accounting firm for full review of its know your customer (KYC) compliance and its effectiveness across all branches. The bank said it is undertaking a “comprehens...

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Category : Auditing | Comments : 0 | Hits : 695

Why do Indian firms pay higher fees to Big Four auditors?
Posted Date : 12-Oct-2015 , 08:13:43 am | Posted By CASANSAAR

Statutory auditors play a key role in corporate governance by ensuring that financial statements reflect the true and fair view of companies. The uncovering of major corporate frauds in India and elsewhere has led to a greater scrutiny of auditors’ role as a watchdog that could prevent such fr...

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Category : Auditing | Comments : 0 | Hits : 1877

US SEC charges Grant Thornton India for auditor independence violation
Posted Date : 02-Oct-2015 , 10:13:09 am | Posted By CASANSAAR

US markets regulator Securities and Exchange Commission (SEC) on Thursday charged Grant Thornton India LLP and Australia-based group firm Grant Thornton Audit Pty Ltd with auditor independence violations that occurred when two partners served on the boards of Mauritius-based subsidiaries of their cl...

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Category : Auditing | Comments : 0 | Hits : 556

Satyam scam: Sebi asks Raju family, others to return Rs 1800 crore
Posted Date : 11-Sep-2015 , 08:42:41 am | Posted By CASANSAAR

 In a fresh order in the nearly seven-year old Satyam scam case, regulator Sebi today asked 10 entities linked to the main accused B Ramalinga Raju -- including his mother, brother and son -- to disgorge over Rs 1,800 crore worth of illegal gains made by them. Besides, they will also have to...

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Category : Auditing | Comments : 0 | Hits : 772

Auditors make 10 critical comments on Metropolitan Stock Exchange
Posted Date : 11-Sep-2015 , 08:37:42 am | Posted By CASANSAAR

The auditors of Metropolitan Stock Exchange (MSEI) have made 10 critical comments, including the practice of preparing the financial statements on ‘on going concern’ basis (an assumption that the entity will not be forced to halt operations and liquidate assets in the near term), even th...

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Category : Auditing | Comments : 0 | Hits : 890

Firms appoint new Auditors in shift to meet new standards
Posted Date : 21-Aug-2015 , 08:18:58 am | Posted By CASANSAAR

As Indian firms transition towards a new system of auditor rotation, which comes into effect in April 2017, companies have started to plan ahead to ensure a smooth transition. Companies will have to appoint a new statutory auditor if the current auditing firm has been associated with the compan...

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Category : Auditing | Comments : 0 | Hits : 1381

Bank of India reports RBI against its Auditors after making losses
Posted Date : 15-Jul-2015 , 08:27:30 am | Posted By CASANSAAR

Irked by the stringent auditing of its earnings for the quarter ended March this year, state-run Bank of India (BoI) has written to the Reserve Bank of India (RBI), saying its auditors didn’t allow the loan to Essar Steel to be treated as standard, while most other lenders were allowed to. ...

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Category : Auditing | Comments : 3 | Hits : 2555

Don't allow yourselves to be bullied: CAG to Auditors
Posted Date : 14-Jul-2015 , 08:32:20 am | Posted By CASANSAAR

CAG Shashi Kant Sharma today said auditors should neither allow themselves to be bullied by entities they are scrutinising nor take their non-cooperation lying down.  While inaugurating the UN Audit Training Programme here, the Comptroller and Auditor General (CAG) of India advised...

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Category : Auditing | Comments : 0 | Hits : 751

Govt orders special audit of mobile networks to check call drops
Posted Date : 08-Jul-2015 , 07:43:46 am | Posted By CASANSAAR

Expressing “serious concern” over the problem of frequent call drops, government today ordered a special audit of mobile networks and said regulator TRAI has been asked to formulate a system of “incentives and disincentives” for their service quality. Coming down heavily...

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Category : Auditing | Comments : 0 | Hits : 618

Barclays hires KPMG as its auditor after 120 years with PwC
Posted Date : 04-Jul-2015 , 09:44:58 am | Posted By CASANSAAR

Giant accounting firm KPMG will take over the lucrative audit of Barclays’ books from 2017, the bank announced today, bringing PwC’s long-term tenure to an end. Britain’s banks have been encouraged to put their audit contracts out to tender more frequently, to make ...

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Category : Auditing | Comments : 0 | Hits : 937

Railways to hire Big4 Audit Firms to rationalize staff strength
Posted Date : 18-Jun-2015 , 08:14:18 am | Posted By CASANSAAR

Railways to hire Big4 Audit Firms to rationalize staff strength. The railways has taken the first step in its bold decision to rationalize staff strength with the state-run transporter shortlisting four private audit companies to initiate the move.  One of the four private companies short...

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Category : Auditing | Comments : 0 | Hits : 847

MCA issues revised e-forms for Cost Audit
Posted Date : 13-Jun-2015 , 08:53:20 am | Posted By CASANSAAR

The government today issued revised forms for companies’ statutory filings on appointment of cost auditors and for the cost audit reports, while deadlines have also been extended for such submissions. The new e-forms — CRA-2 and CRA-4 — have been notified by the Corporate Affa...

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Category : Auditing | Comments : 0 | Hits : 571

Railway invites bid from Big 4 Audit firms
Posted Date : 05-May-2015 , 07:58:36 am | Posted By CASANSAAR

The world’s top four audit firms would soon be in a race to bag the mammoth assignment of suggesting the country’s largest employer, Indian Railways, ways to revamp its age-old policies on recruitment, appointments, management, and requirement of workforce. The idea of such an exercis...

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Category : Auditing | Comments : 1 | Hits : 1198

USL - Auditors community needs a greater fear of repercussions for conducting poor quality audits
Posted Date : 02-May-2015 , 08:23:07 am | Posted By CASANSAAR

The failure of Auditors to highlight the financial irregularities earlier is possibly the most egregious in this entire saga. Auditors are supposed to provide an independent oversight to financial statements. In this case, the issues were not raised until the financial statements for the year ended ...

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Category : Auditing | Comments : 0 | Hits : 845

Auditors Report on Consolidated Financial Statements under the Companies Act, 2013
Posted Date : 01-May-2015 , 07:52:59 pm | Posted By CASANSAAR

ANNOUNCEMENT AUDITOR’S REPORT ON CONSOLIDATED FINANCIAL STATEMENTS UNDER THE COMPANIES ACT, 2013  The Auditing and Assurance Standards Board, under the authority of the Council, has already issued the illustrative formats of the auditor’s report on standalone financial statem...

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Category : Auditing | Comments : 0 | Hits : 670

USL forensic report puts spotlight on statutory auditors
Posted Date : 29-Apr-2015 , 07:56:01 am | Posted By CASANSAAR

A PricewaterhouseCoopers forensic report, which pointed out that UB Group's Vijay Mallya had diverted cash from United Spirits and its subsidiaries to other group companies between 2010 and 2012, has put the spotlight on the role of statutory auditors.  United Spirits had three statutory...

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Category : Auditing | Comments : 0 | Hits : 928

Advisory firms call into question Auditors role in USL fallout
Posted Date : 28-Apr-2015 , 08:30:17 am | Posted By CASANSAAR

After the Satyam Computer Services accounting scandal, the spotlight has been turned on auditors again as at least three investor advisory services have called for an examination of the auditors’ role in the ongoing fight between United Spirits Ltd board and its chairman Vijay Mallya...

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Category : Auditing | Comments : 0 | Hits : 611

PwC Partners connived with company’s founders: CBI Court
Posted Date : 13-Apr-2015 , 08:57:34 am | Posted By CASANSAAR

The trial court of Central Bureau of Investigation (CBI) in India's largest accounting fraud at Satyam Computer has construed that the two former partners of audit firm PriceWaterhouse had 'connived' with the software outsourcer's founders in fudging accounts, a claim the audit firm ...

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Category : Auditing | Comments : 0 | Hits : 848

To Check Frauds, Government Tightens Reporting Norms for Auditors
Posted Date : 11-Apr-2015 , 07:41:37 am | Posted By CASANSAAR

To check corporate wrongdoings, the government today made it mandatory for auditors to flag off any lapses found on the company's part, including those related to frauds, inventory and asset management, outstanding dues and compliance to statutory regulations. The order comes against the ba...

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Category : Auditing | Comments : 0 | Hits : 851

Audit firms need to be put under lens
Posted Date : 10-Apr-2015 , 08:22:24 am | Posted By CASANSAAR

As a special court sentenced B Ramalinga Raju, chairman of erstwhile SatyamComputers, to 7 years in jail along with a Rs 5 crore penalty and holding two former partners of its auditing firm Price Waterhouse accountable in the fraud case, regulatory officials, who were involved wi...

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Category : Auditing | Comments : 0 | Hits : 746

Govt moves to tighten audit norms in rural job scheme
Posted Date : 16-Mar-2015 , 07:43:27 am | Posted By CASANSAAR

The Narendra Modi government has moved to plug leakages in the rural job scheme, tightening norms for social audit of the programme to ensure speedy follow-up on their findings.  The move comes a fortnight after the prime minister called the scheme “a living reminder” of fai...

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Category : Auditing | Comments : 0 | Hits : 378

Audit of social sector schemes a must: CAG
Posted Date : 11-Mar-2015 , 08:07:35 am | Posted By CASANSAAR

Comptroller and Auditor General Shashi Kant Sharma on Tuesday emphasized on the need for mandatory social audit of social sector schemes as they lacked transparency and accountability.  Speaking at a conference on social audit here,the CAG said expenditure of central and state governments th...

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Category : Auditing | Comments : 1 | Hits : 483

Guidance Note on Reporting on Fraud under Section 143(12) of the Companies Act, 2013 released by ICAI
Posted Date : 05-Mar-2015 , 08:50:53 am | Posted By CASANSAAR

Auditing and Assurance Standards Board Guidance Note on Reporting on Fraud under Section 143(12) of the Companies Act, 2013   The Auditing and Assurance Standards Board of the Institute of Chartered Accountants of India has today issued the Guidance Note on Reporting on Fraud under Section 1...

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Category : Auditing | Comments : 0 | Hits : 721

Guidance Note on Audit of Banks 2015 released by ICAI
Posted Date : 23-Feb-2015 , 12:22:56 pm | Posted By CASANSAAR

The Auditing and Assurance Standards Board of the Institute of Chartered Accountants of India has today issued the Guidance Note on Audit of Banks 2015 edition. For the benefit of members, complete text of the Guidance Note and the contents of accompanying CD can be downloaded at: Guidance Note o...

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Category : Auditing | Comments : 0 | Hits : 775

CAT allows visually impaired to participate in Auditor's exam
Posted Date : 18-Feb-2015 , 08:16:19 am | Posted By CASANSAAR

The Central Administrative Tribunal (CAT) has asked the government to allow a visually- impaired staffer to appear in an examination for promotion to the post of auditor, which was denied on the ground that the post was not suitable for the blind. A bench of CAT's judicial officer V Ajay Kumar ...

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Category : Auditing | Comments : 0 | Hits : 622

Auditors raise red flag over Jet Airways’ going concern status
Posted Date : 07-Feb-2015 , 08:54:41 pm | Posted By CASANSAAR

Auditors of Jet Airways have raised red flag over the carrier’s ‘going concern’ status, saying the assumption is dependent on various factors including its synergy with Etihad and ability to raise funds.   A company is termed as a ‘going concern’ if it has suffic...

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Category : Auditing | Comments : 0 | Hits : 416

Listed companies spent Rs 1600 cr on Audit Fees during 2013-14
Posted Date : 06-Feb-2015 , 08:45:49 am | Posted By CASANSAAR

Listed firms doled out nearly Rs 1,600 crore in terms of audit fee during 2013-14 financial year and about one-fourth of this amount was pocketed by 'big four' accounting firms.  According to a report by Prime Database, as many as 1,404 listed companies paid a total audit fee of 1,598 crore in...

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Category : Auditing | Comments : 0 | Hits : 1355

Auditors could face up to 10 years of Jail for falling to report Frauds
Posted Date : 06-Feb-2015 , 08:28:11 am | Posted By CASANSAAR

Auditors are prodding the companies they audit to set their house in order before April next year, from when issues like fraud in a firm they examine could land them in jail. Under the new Companies Act, the board of directors and the auditors will be held responsible for fraud or discrepancies in c...

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Category : Auditing | Comments : 0 | Hits : 1898

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