Mrs. Aruna Sethi (ICoAS 1985) appointed as head of Indian Cost Accounting Service
Posted Date : 03-Feb-2016 , 07:50:53 pm | Posted By CASANSAAR
Mrs. Aruna Sethi (ICoAS 1985), Principal Adviser (Cost), took over the charge of Indian Cost Accounts Service (ICoAS) as head on 1st February, 2016. She is the first lady ICoAS officer who has achieved this laurel. She has earlier held important portfolios in Government of India including Ministry o...
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Auditing |
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RBI shortlists 5 companies for audit and risk monitoring mechanism
Posted Date : 28-Jan-2016 , 07:59:20 am | Posted By CASANSAAR
The Reserve Bank plans to procure an Audit Management and Risk Monitoring System (AMRMS) for the central bank from five "potential shortlisted" solution providers, including PwC and Quadrant 4 Software Solutions.
The RBI said it has decided to implement AMRMS to carry out various au...
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Auditing |
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0 | Hits : 1433
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Big Four earn bulk of audit fee from NSE listed Companies
Posted Date : 22-Jan-2016 , 08:02:36 am | Posted By CASANSAAR
The ‘Big Four’ accounting firms and their associates handled a high of 378 audit assignments or 26 per cent of the 1,451 companies listed on the NSE, during 2014-15.
An analysis based on annual reports of companies for that financial year showed these large groups — Deloit...
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Auditing |
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Deloitte, KPMG, PWC empanelled for RBI's information systems audit
Posted Date : 27-Dec-2015 , 07:30:54 pm | Posted By CASANSAAR
Deloitte, KPMG, PWC and four others have been empanelled by the Reserve Bank of India (RBI) for conducting audit of information systems of the central bank.
The other agencies are, AAA Technologies, Auditime, Digital Age Strategies and Mahindra SSG.
"With reference to ...
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Auditing |
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Govt sets threshold for fraud reporting by auditors at Rs 1 Cr
Posted Date : 22-Dec-2015 , 05:41:31 am | Posted By CASANSAAR
Auditors are now required to report any suspected corporate fraud amounting Rs 1 crore or more to the central government, as stringent measures are being put in place to curb misdoings.
Under the Companies Act, 2013, auditors are required to report to the government when they come across instan...
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Auditing |
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FinMin orders forensic probe into Rs 6k-cr BoB forex scam
Posted Date : 03-Dec-2015 , 07:02:43 am | Posted By CASANSAAR
A forensic probe has been ordered into the alleged irregularities in outward foreign remittances to the tune of about Rs 6,000 crore from a Bank of Baroda branch, Parliament was informed.
In a written reply in Rajya Sabha yesterday, Finance Minister Arun Jaitley said CBI and Enforcement Directora...
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Auditing |
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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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Auditing |
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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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Auditing |
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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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Auditing |
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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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Auditing |
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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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Auditing |
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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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Auditing |
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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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Auditing |
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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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Auditing |
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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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Auditing |
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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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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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Auditing |
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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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Auditing |
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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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Auditing |
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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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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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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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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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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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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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Auditing |
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PwC Partners connived with company
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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Auditing |
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0 | Hits : 1425
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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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Auditing |
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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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Auditing |
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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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Auditing |
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0 | Hits : 888
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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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1 | Hits : 1015
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