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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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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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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Auditors raise red flag over Jet Airways
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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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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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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Seven regional commexes' recognition lapsed, Audit pending: FMC
Posted Date : 28-Dec-2014 , 09:13:06 pm | Posted By CASANSAAR
Of the total 16 regional commodity exchanges, recognition of seven bourses has lapsed, according to a report by sector regulator Forward Markets Commission.
Moreover, the audit of these seven commodity exchanges is still pending, the report said.
According to the report, recognition of I...
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Ministry tweaks norms for fraud reporting by Auditors
Posted Date : 13-Dec-2014 , 07:21:19 am | Posted By CASANSAAR
The Government will not fritter away its energies on small corporate frauds, but will concentrate on those which are material or serious in nature. The Companies (amendment) Bill introduced by Arun Jaitley, Minister for Finance, Corporate Affairs, and Information & Broadcasting, in the Lok Sabha...
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Satyam case: Court sentences Raju Brothers, PwC Auditors & 8 others to 6-month Jail
Posted Date : 08-Dec-2014 , 06:57:06 pm | Posted By CASANSAAR
The Special Economic Offences Wing court of Nampally in Hyderabad convicted former Chairman of Satyam, Ramalinga Raju in Hyderabad on Monday.
Ramalinga Raju, along with brother Rama Raju and eight others have been slapped a fine of Rs 5 lakh and 6 months of imprisonment for fraud.
&...
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Public Sector Banks get autonomy to appoint Auditors
Posted Date : 29-Nov-2014 , 08:45:03 am | Posted By CASANSAAR
The government said public sector banks (PSBs) will get autonomy in selection and appointment of their Statutory Central Auditors (SCAs).
"The work of selection and appointment of SCAs henceforth, has been delegated to individual PSBs for the year 2014-15 onwards," the f...
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India has potential to export services of internal auditing: IIA
Posted Date : 25-Nov-2014 , 08:19:56 am | Posted By CASANSAAR
India has the potential to become the international back office ofinternal audit services by meeting the demands of multinational companies, saidHal Garyn, vice-president, professional practices at the Institute of Internal Auditors(IIA), a global professional grouping. The inter...
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Memorandum to ICAI regarding Concern & Suggestion of Members on Statutory Bank Audits by SAVE CERTIFICATION RIGHT / TAR GROUP
Posted Date : 18-Nov-2014 , 08:29:27 am | Posted By CASANSAAR
A delegation representing TAR/Save Certification rights group, comprising CA. Amresh Vashist (Meerut), CA. Deep Jain(Faridabad), CA. Vivek Khurana Founder - CASANSAAR (New Delhi) and CA. M.K.Arora(Noida), met with the worthy President of ICAI, at New Delhi.
This delegation handed over to th...
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Join Us for transparency in Allotment of Bank Audit & Other Reforms...
Posted Date : 14-Nov-2014 , 09:07:12 pm | Posted By CASANSAAR
For improvement in "Bank Audit allotment system, We a group of CAs called " SAVE CERTIFICATION RIGHT" has prepared a memorandum & file a petition at www.change.org. We appeal all CAs to sign it.
CA Vivek Khurana,
http://www.casansaar.com
https://www.change.org/p/rajan-kumar-nic...
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Memorandum for Suggesting Changes in the Process of Allotment Of Statutory Bank Branch Audits to Chartered Accountants
Posted Date : 14-Nov-2014 , 08:48:00 pm | Posted By CASANSAAR
We are Chartered Accountants located in different parts of India. We have noted with concern the various issues that have arisen over the past few years in the matter of appointment of auditors of Bank Branches. This has not only adversely affected the NPAs of various bank branches (which in turn af...
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Banks to have a say in selecting auditors from next year
Posted Date : 02-Nov-2014 , 09:07:44 pm | Posted By CASANSAAR
In order to give greater autonomy to public sector banks, the Finance Ministry is working on a framework which will give lenders the authority to select statutory auditors, a pattern that would come into effect from next fiscal. "We are now thinking of a framework were banks could be involved. ...
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Audit on Goa mining firms: CM says cooperate or face action
Posted Date : 29-Oct-2014 , 08:52:55 am | Posted By CASANSAAR
The Goa government has said it will launch a criminal investigation against those mining firms that are not cooperating with a state-appointed panel of chartered accountants looking into the financial transactions related to iron ore extraction and export between 2005-2012. The findings of th...
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Audit institutions play an enabling role in ushering in good governance: President
Posted Date : 28-Oct-2014 , 08:28:06 am | Posted By CASANSAAR
President Pranab Mukherjee, who inaugurated the 27th conference of Accountants General here on Monday, said audit institutions play an enabling role in ushering in good governance in democratic functioning.
"Good governance is the exercise of power, within the framework of the Constitu...
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Audit institutions play an enabling role in ushering in good governance: President
Posted Date : 28-Oct-2014 , 08:26:24 am | Posted By CASANSAAR
President Pranab Mukherjee, who inaugurated the 27th conference of Accountants General here on Monday, said audit institutions play an enabling role in ushering in good governance in democratic functioning.
"Good governance is the exercise of power, within the framework of the Constitu...
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President of India to Inaugurate Three Day Accountants
Posted Date : 25-Oct-2014 , 06:55:30 pm | Posted By CASANSAAR
Shri Pranab Mukherjee, President of India will inaugurate the Accountants General Conference here on Monday, 27th October, 2014. The three (3) day Conference is being organized by the Comptroller and Auditor General of India (CAG) on the theme of ‘Promoting Good Governance and Accountability t...
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Many listed firms had same auditors for over 10 yrs: IIAS
Posted Date : 24-Oct-2014 , 08:05:53 pm | Posted By CASANSAAR
Proxy advisory body Institutional Investor Advisory Services India (IIAS) has called for periodic rotation of auditors and capping their tenure at 10 years.
"IIAS expects the tenure of the audit firm to be capped at 10 years. It would recommend voting against the reappointm...
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Auditors to give info on Companies' internal financial controls
Posted Date : 15-Oct-2014 , 09:00:04 am | Posted By CASANSAAR
To ensure more transparency, auditors will now be required to provide information about a company's internal financial controls and their operating effectiveness in the annual statements.
The new provision would be mandatory for auditors from next financial year starting from Ap...
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Despite RBI norm, forensic audits of only 12 banks filed
Posted Date : 07-Oct-2014 , 08:11:03 am | Posted By CASANSAAR
More than a year after RBI has made forensic audit compulsory for major bank loans that run into trouble, only 12 such reports have been filed by the auditors.
Even among those there are few actionable points for the banks to file cases like classifying the borrowers as wilful defaulters. T...
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Deloitte may sign up 1.4 million sq ft of office space in Hyderabad
Posted Date : 18-Sep-2014 , 07:46:46 am | Posted By CASANSAAR
India's commercial real estate market is seeing big deals being struck once again in the top cities. In one of the largest leasing deals in the country, Deloitte is close to signing up 1.4 million sq ft of office space in Hyderabad for its BPO business. This isn't the only 1 million sq ft plus leasi...
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KPMG to do Forensic Audit of UCX; submit report in 6 weeks: FMC
Posted Date : 17-Sep-2014 , 08:04:36 am | Posted By CASANSAAR
Commodity markets regulator FMC on Tuesday said auditing firm KPMG has been appointed to conduct a forensic audit of the Universal Commodity Exchange after it found that its promoter allegedly siphoned off funds from the exchange.
The auditing firm will submit a detailed report in 4-6 weeks. Meanwh...
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Govt provides clarity on CAG Audit provision in new Companies Act
Posted Date : 07-Sep-2014 , 09:21:48 pm | Posted By CASANSAAR
To remove difficulties faced by stakeholders, the Corporate Affairs Ministry has made changes to provisions regarding appointment of auditors by CAG for 'deemed government companies' under the new companies law.The Ministry is implementing the Companies Act, 2013, whose many provisions have come int...
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Panel set up to conduct forensic Audit of NSEL
Posted Date : 03-Sep-2014 , 08:01:17 am | Posted By CASANSAAR
On a plea made by investors, the Bombay High Court, on Tuesday, formed a committee headed by a retired high court judge to conduct a forensic audit of the troubled NSEL and liquidate the assets of its defaulting borrowers in the over Rs.5,500 crore payments scam.
The three-member committee, headed ...
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FMC turns the heat on UCX, orders a Forensic Audit now
Posted Date : 29-Aug-2014 , 07:41:39 am | Posted By CASANSAAR
Commodity futures market regulator Forward Markets Commission (FMC) has directed the board of Universal Commodity Exchange (UCX) to appoint audit firm KPMG for conducting a forensic audit of the bourse, after having found last month that its promoter allegedly siphoned off funds from the exchange, a...
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FinMin orders forensic audit of Dena Bank, OBC after reports of scam
Posted Date : 21-Aug-2014 , 08:44:06 am | Posted By CASANSAAR
The Finance Ministry has ordered a forensic audit after reports of misappropriation of funds worth Rs. 436 crore at the branches of Dena Bank and Oriental Bank of Commerce.
Dena Bank was trading down 4 per cent at Rs. 60.70 on the BSE at 2.20 pm. Similarly...
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How this new CBDT rule will create problems for your Tax Audit
Posted Date : 20-Aug-2014 , 08:33:53 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) issued a notification (33/2014) on 25 July 2014 for amending forms 3CA, 3CB and 3CD. For chartered accountants (CAs), who have already finalised their audits and filed report online and had the same confirmed online by the auditee before 25 July 2014, there...
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Auditors under increased scrutiny as PwC fined US$25M for
Posted Date : 19-Aug-2014 , 08:41:25 am | Posted By CASANSAAR
Auditors have once again been thrust into the spotlight, with fresh penalties meted out Monday against one firm as such “gatekeepers” come under increased scrutiny in the United States and Canada.
New York’s Department of Financial Services took aim at PriceWaterhouseCoope...
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