Bhushan Steel lenders to conduct Forensic as well as a Concurrent Audit to protect their interests
Posted Date : 18-Aug-2014 , 04:48:54 pm | Posted By CASANSAAR
Lenders to Bhushan Steel Ltd have decided to conduct a forensic as well as a concurrent audit to monitor the company’s cash flows as they move to protect their interests in the company.
The bankers have also decided to appoint three nominee directors on the board of Bhushan Steel to represent...
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Not just Judges: It
Posted Date : 17-Aug-2014 , 08:25:04 pm | Posted By CASANSAAR
Ever since the Supreme Court gave itself the absolute power to appoint judges by making what was arguably a colourable interpretation of the constitutional mandate in this regard, there has been a clamour for defanging the judiciary, as it were. The result - the Constitution Amendment Bill moved in ...
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Auditing |
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Airlines Run into Audit Red-flags Over 'Going Concern' Status
Posted Date : 17-Aug-2014 , 07:49:49 pm | Posted By CASANSAAR
Amid continuing difficulties in airline space to generate profits and raise funds, independent auditors of at least two Indian carriers have raised red-flags over their 'going concern' status claims.
Typically, a company is known as a 'going concern' if it has sufficient resources to contin...
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Auditing |
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Auditors red-flag SAIL accounting procedure for Rourkela plant
Posted Date : 14-Aug-2014 , 08:21:27 am | Posted By CASANSAAR
Auditors have red flagged SAIL's accounting procedure relating to its Rourkela plant, alleging that this has led to the state-run steel maker overstating profits by Rs 133.66 crore last fiscal, a charge strongly refuted by the firm.
In a note with first quarter results, SAIL said auditors i...
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2 Auditors under pressure to change MoC of Rs 400 cr NPA
Posted Date : 09-Aug-2014 , 09:35:07 pm | Posted By CASANSAAR
Two well known Auditors of the Jammu and Kashmir Bank under considerable influence and pressure to change the Memorandum of Change (MoC) of a Mumbai based real estate company who have defaulted on payments worth Rs 400 crores to J&K Bank.
Sources told Kashmir Monitor that these two auditors dur...
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CAG wants all accounts of PPP projects Audited
Posted Date : 05-Aug-2014 , 08:57:43 am | Posted By CASANSAAR
Observing that there were risks in estimation of revenue streams of projects under public-private partnership mode which might significantly impact the exchequer or consumers, the Comptroller and Auditor General (CAG) on Monday asked the government to ensure all PPP agreements we...
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Auditing |
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ICSI wants Secretarial Audit for Private Companies too
Posted Date : 03-Aug-2014 , 09:36:01 am | Posted By CASANSAAR
The Institute of Company Secretaries of India (ICSI) has made a representation to the Union ministry of corporate affairs to bring private limited companies under the ambit of secretarial audit under the Companies Act 2013. This was disclosed by ICSI president R Sridharan here on Saturday.
Sridhara...
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GMR Infrastructure's Auditors flag up the dangers in Accounting Standards
Posted Date : 29-Jul-2014 , 08:31:35 am | Posted By CASANSAAR
The auditors - S R Batliboi & Associates - to publicly-held GMRInfrastructure, have raised red flags over accounting norms followed by the infrastructure developer with respect to certain of its power, airports and highway projects.
One of GMR's power projects which has been hit ...
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Government looking at criteria for fraud reporting by Auditors
Posted Date : 23-Jul-2014 , 09:26:43 am | Posted By CASANSAAR
The Corporate Affairs Ministry is looking at the possibility of having thresholds of the quantum of frauds at companies that need to be mandatorily reported by concerned auditors to the government. In this regard, the government has sought suggestions from ICAI, the apex body for chartered acco...
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Over Rs 1 Lakh Crore Locked in Excise, Service Tax Litigation : CAG
Posted Date : 21-Jul-2014 , 08:12:15 am | Posted By CASANSAAR
Over Rs. 1 lakh crore of taxes were locked up in various stages of litigation in service tax and central excise at the end of March 2013, the Comptroller and Auditor General of India (CAG) has said.
"As no action can be initiated for recovery of revenue till the appeal is pending,...
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NSEL to bring Defaulters' Auditors under Scanner
Posted Date : 11-Jul-2014 , 09:49:00 am | Posted By CASANSAAR
The crisis-hit National Spot Exchange has decided to bring to book the statutory auditors of its defaulter borrowers.
According to the Financial Technologies-promoted spot exchange, borrowers raised money through the exchange’s platform using non-existent commodities as a pledge and...
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Auditing |
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New Audit rules limit scope, Cost Accountants threaten Action
Posted Date : 03-Jul-2014 , 08:14:14 am | Posted By CASANSAAR
The latest government notification on cost audit rules has dealt a body blow to the cost and management accountants' profession by severely restricting its scope, something the professionals were trying hard to avoid for the past one year. What's worse is the fear that this will leave many professio...
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Auditing |
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Corporate Affairs Ministry Tweaks Cost Audit Norms
Posted Date : 01-Jul-2014 , 08:20:08 am | Posted By CASANSAAR
The government on Monday said only a certain class of companies, including those producing defence equipment, would be subject to cost audit.
Companies engaged in activities that involve public interest and those into making certain kinds of medical devices would also be covered u...
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Auditing |
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MCX replaces Auditor, two board members quit
Posted Date : 27-Jun-2014 , 10:16:20 am | Posted By CASANSAAR
Multi Commodity Exchange (MCX) is inching towards ensuring its erstwhile promoter and anchor investor, Financial Technologies, divests its 26 per cent stake.
It board of directors ratified on Thursday the postal ballot result giving it power to transfer the stake of FTIL into an escrow account...
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FTIL appoints Sharp and Tannan Associates as Auditors
Posted Date : 27-Jun-2014 , 08:36:26 am | Posted By CASANSAAR
Following the exit of Deloitte as auditors in the aftermath of the National Spot Exchange crisis, Financial Technologies India Ltd (FTIL) on Wednesday said it has appointed Sharp & Tannan Associates as its auditors with immediate effect.
The company's board has also appointed V P Mehta & Co...
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Govt says no to CAs on both Audit, Management panels of Banks
Posted Date : 23-Jun-2014 , 08:53:00 am | Posted By CASANSAAR
In a bid to strengthen corporate governance in banks, the government has decided that chartered accountants who are a part of the management committee of banks will not sit on the bank’s audit committee.
The June 10 order, received mixed reactions from the CA community. While some hav...
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Announcement on Applicability of the Provisions of Section 143(12) of the Companies Act 2013 and the Related Rules to Periods beginning on or before 31st March 2014. - ICAI
Posted Date : 20-Jun-2014 , 04:40:02 pm | Posted By CASANSAAR
ANNOUNCEMENT1APPLICABILITY OF THE PROVISIONS OF SECTION 143(12) OF THE COMPANIES ACT 2013AND THE RELATED RULES TO PERIODS BEGINNING ON OR BEFORE 31ST MARCH 2014
Section 143(12) of the Companies Act 2013 requires the auditors of the companies to report to the Central Government on ...
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Announcement on Applicability of Section 143(12) to Financial Years beginning on or after 1st April 2014. - ICAI
Posted Date : 20-Jun-2014 , 04:39:11 pm | Posted By CASANSAAR
ANNOUNCEMENT1APPLICABILITY OF SECTION 143(12) TO FINANCIAL YEARS BEGINNING ON OR AFTER 1ST APRIL 2014
The Council of the Institute of Chartered Accountants of India, at its adjourned 333rd meeting held on 18th June 2014, considered the issue of applicability of the provisions of s...
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Announcement on Applicability of the Provisions of Section 143(3)(i) of the Companies Act 2013 and the Related Rules. - ICAI
Posted Date : 20-Jun-2014 , 04:38:29 pm | Posted By CASANSAAR
NNOUNCEMENT1APPLICABILITY OF THE PROVISIONS OF SECTION 143(3)(i) OF THE COMPANIES ACT 2013 AND THE RELATED RULES
Section 143(3)(i) of the Companies Act 2013 requires the auditors of the companies to report as whether the company has adequate internal financial controls system...
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Bain Capital Sues Ernst & Young (EY) Over Alleged $60m Loss in Lilliput Kidswear
Posted Date : 16-Jun-2014 , 08:33:03 am | Posted By CASANSAAR
Bain Capital Partners, along with 10 other subsidiaries, is suing EY, known as Ernst and Young until 2013, in the U.S. for recommending that the Boston-based company invest in an Indian kids-wear company, Reuters reported Friday.
Boston-based Bain claims that it invested nearly $60 million ...
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Government gives more time for companies to set up Audit Committee
Posted Date : 13-Jun-2014 , 08:10:01 am | Posted By CASANSAAR
Making another relaxation, the government has provided more time till March 2015 for corporates to set up audit, nomination and remuneration committees as mandated under the new companies law.The Corporate Affairs Ministry has given additional time for compliance following suggestions from various s...
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EY to audit BJP's ad campaign expenses; party to submit report to EC
Posted Date : 03-Jun-2014 , 08:26:29 am | Posted By CASANSAAR
Bharatiya Janata Party (BJP) has appointed Ernst & Young (EY) to audit spending by advertising, media planning and buying and other communication agencies that crafted and rolled out its advertising and marketing campaign for the 2014 Lok Sabha elections. Further, EY has also been tasked to...
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Auditors
Posted Date : 01-Jun-2014 , 11:07:49 am | Posted By CASANSAAR
Auditors are now more than watchdogs and have a role of being conscience-keepers, according to experts at the sixth international conference of the Muscat chapter of the Institute of Chartered Accountants of India that concluded on Saturday.
The role was increasingly challenging in the ...
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J&K Bank shares tank on news report on window dressing of accounts
Posted Date : 30-May-2014 , 02:10:55 pm | Posted By CASANSAAR
Shares of Jammu Kashmir Bank hit 20 per cent lower circuit in trade after a media report alleged that some of the directors and officers at the bank were not declaring all the non-performing and stressed assets in its loan book. According to the report, the bank has not classified the loan amou...
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FMC asks MCX to check the Audit done by Deloitte
Posted Date : 22-May-2014 , 08:59:46 pm | Posted By CASANSAAR
The statutory auditor for Multi Commodity Exchange,Deloitte is likely to face heat for the audit conducted for the Exchange for past years as Forward Markets Commission has directed MCX to review the audit done by Deloitte, said the source.
MCX has been asked to ascertain by the regu...
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Action against the Auditor of the Saradha Group.
Posted Date : 21-May-2014 , 07:52:05 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) is waiting for the report of the Serious Fraud Investigation Office (SFIO) of the Union corporate affairs ministry for taking action against the auditor of the tainted Saradha Group. A top official of ICAI told TOI that it has already written to...
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China's ban on overseas Auditors raises concern over transparency
Posted Date : 20-May-2014 , 08:09:48 am | Posted By CASANSAAR
Beijing has imposed a surprise roadblock to financial reform by foreshadowing severe restrictions on international accountants, including those from Hong Kong, when auditing mainland companies listing overseas, increasing investor concern over whether their books are clean.
The proposals co...
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FMC directs MCX to drop Deloitte as Auditor
Posted Date : 09-May-2014 , 07:58:17 am | Posted By CASANSAAR
The Forward Markets Commission (FMC) isn’t taking PricewaterhouseCoopers (PwC)’s forensic audit report of Multi Commodity Exchange (MCX) lightly. In the wake of the damning observations by the auditor, FMC has directed MCX to drop Deloitte as statutory auditor.
“We ...
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Deloitte defends Audit work on MCX
Posted Date : 08-May-2014 , 08:22:47 am | Posted By CASANSAAR
The forensic audit report from PricewaterhouseCoopers (PwC) on the Multi Commodity Exchange (MCX) has raised many questions over the quality of scrutiny by its statutory auditors. However, Deloitte, the latter entity, says regulations don’t mandate it to go beyond a basic examination of t...
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Deloitte may not challenge PwC
Posted Date : 05-May-2014 , 07:15:29 am | Posted By CASANSAAR
Deloitte, the statutory auditor for MCX, said it's not perturbed by critical observations about the exchange in a forensic audit by PwC because the two auditing exercises are by definition fundamentally different. "Clearly, what PwC did was as a forensic auditor. They are doing their job and we...
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