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

EOW arrests two Auditors in connection with PMC Bank scam
Posted Date : 13-Nov-2019 , 08:31:18 am | Posted By CASANSAAR

The Economic Offences Wing (EOW) on Monday arrested two auditors in connection with PMC Bank scam and will produce them in Court today seeking their police remand. Earlier five accused have been arrested in the case. During the course of investigation their association with HDIL came into light a...

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Category : Auditing | Comments : 0 | Hits : 26

Cabinet approves MoU between India and Kuwait in the field of accounting, finance and audit
Posted Date : 24-Oct-2019 , 10:07:49 am | Posted By CASANSAAR

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the Memorandum of Understanding (MoU) for capacity building and strengthening the accounting, financial and audit knowledge base in Kuwait. Institute of Chartered Accountants of India (ICAI) and Kuwait Accountants and...

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Category : Auditing | Comments : 0 | Hits : 517

Key Audit Matters - KAM under Auditor's Report
Posted Date : 07-Oct-2019 , 08:41:10 am | Posted By CASANSAAR

Key Audit Matters - KAM as explained by CA.Amarjit Chopra Ji    https://youtu.be/4A33HkVS-Yw   Don't Forget to  *SUBSCRIBE*  CA Sansaar YouTube Chanel. Click on the link and Subscribe.    htt...

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Category : Auditing | Comments : 0 | Hits : 2626

Two partners at NSEL Audit firm arrested by EoW
Posted Date : 05-Oct-2019 , 10:30:11 am | Posted By CASANSAAR

The Economic Offences Wing (EOW) of Mumbai Police on Friday arrested Shrawan Jalan and Amit Kabra, audit partners of SV Ghatalia & Co, the statutory auditors of National Spot Exchange Ltd (NSEL), for allegedly failing to flag lack of internal control mechanism in the exchange and “conspiri...

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Category : Auditing | Comments : 0 | Hits : 1106

Thomas Cook's Auditors investigated by Accounting Watchdog
Posted Date : 02-Oct-2019 , 09:29:03 am | Posted By CASANSAAR

Britain’s accounting watchdog has begun an investigation into EY’s audit of Thomas Cook’s accounts, just over a week after the world’s oldest travel firm collapsed. The Financial Reporting Council said its enforcement division was investigating EY’s audit of the fina...

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Category : Auditing | Comments : 0 | Hits : 663

PMC Bank case raises question on role of RBI, Auditors
Posted Date : 01-Oct-2019 , 09:17:09 am | Posted By CASANSAAR

The loan irregularities at the Punjab and Maharashtra Co-operative (PMC) Bank raises questions on the roles of regulator (RBI), auditor, independent directors and bank directors, Minister of State for Finance Anurag Thakur said on Monday and added that the government will look into all the areas bec...

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Category : Auditing | Comments : 0 | Hits : 813

Communication or NOC from Previous Auditor
Posted Date : 10-Sep-2019 , 11:14:04 am | Posted By CASANSAAR

Communication or NOC from Previous Auditor explained by CA Sanjay Agarwal.    https://youtu.be/Dqon2gmDOeI   Don't forget to Like and share with friends. *SUBSCRIBE*  CASANSAAR YouTube Chanel.    https://www.youtube.com/channel...

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Category : Auditing | Comments : 0 | Hits : 1099

Former Auditors of IL&FS move Bombay HC against govt plea for 5-year ban
Posted Date : 23-Aug-2019 , 09:23:25 am | Posted By CASANSAAR

former auditor of IL&FS group, BSR & Associates, has approached Bombay high court to challenge the constitutional validity of provisions of the Companies Act being invoked by the ministry of corporate affairs (MCA) in its attempt to ban it for five years. In June MCA had petitioned Nation...

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Category : Auditing | Comments : 0 | Hits : 263

Reliance Capital to file Rs 10,000 cr defamation suit against its former auditor PwC
Posted Date : 14-Aug-2019 , 10:42:15 am | Posted By CASANSAAR

First, the statutory auditors resign claiming the company did not provide satisfactory answers to their queries. Then the company’s shares nosedive. Now the company is suing the auditors for false claims and damaging the company’s reputation. This is the story between Price Waterhouse &a...

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Category : Auditing | Comments : 0 | Hits : 498

BSR & Co resigns as auditor of two Reliance group companies
Posted Date : 12-Aug-2019 , 11:55:24 am | Posted By CASANSAAR

BSR and Co, an affiliate firm of KPMG India, has resigned as auditor of two Anil-Ambani led Reliance Group companies—Reliance Infrastructure and Reliance Power, the company told the stock exchanges on Friday.  Earlier in June, Price Waterhouse and Co (PwC) had resigned as statutory aud...

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Category : Auditing | Comments : 0 | Hits : 430

NCLT allows Government to ban Deloitte, BSR for five years
Posted Date : 09-Aug-2019 , 08:40:56 pm | Posted By CASANSAAR

In a major setback to the auditors, the National Company Law Tribunal Friday rejected Deloitte's and BSR's applications challenging the tribunal's jurisdiction to ban them from business for five years for their omissions and commissions in the ILFS Group scam. This is the second setba...

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Category : Auditing | Comments : 0 | Hits : 1077

Reliance Capital joint auditors reject PWC allegations
Posted Date : 09-Aug-2019 , 08:23:17 am | Posted By CASANSAAR

Reliance Capitalon Thursday said its joint auditors have confirmed that there are "no violations" as alleged by the firm's previous auditor Price Waterhouse & Co Chartered Accountants LLP (PWC).  The board of directors of Reliance Capital on August 8 held special meeting to...

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Category : Auditing | Comments : 0 | Hits : 325

MCA names 4 domestic Auditors to restate IL&FS books
Posted Date : 09-Aug-2019 , 07:52:46 am | Posted By CASANSAAR

The corporate affairs ministry Thursday proposed to NCLT four auditing firms to restate the accounts of the crippled Infrastructure Leasing & Financial Services (IL&FS) and some of its subsidiaries to verify fraudulent transactions. The move comes even as the ministry awaits the NCLT view...

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Category : Auditing | Comments : 0 | Hits : 1326

Govt wants to freeze accounts of IL&FS Auditors, 21 others
Posted Date : 06-Aug-2019 , 09:32:37 pm | Posted By CASANSAAR

In more troubles for the auditors of the crippled IL&FS--Deloitte and BSR, the corporate affairs ministry Tuesday moved the NCLT seeking to freeze their bank accounts along with those of 21 others who are impleaded in the main petition in the one of the largest fraud cases. This comes even as...

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Category : Auditing | Comments : 0 | Hits : 869

Deloitte quits as auditor of DHFL
Posted Date : 06-Aug-2019 , 07:51:19 am | Posted By CASANSAAR

Deloitte has quit as the auditor of cash-strapped DHFL, sources said on Sunday. Communication regarding Deloitte quitting as DHFL's auditor has been sent to the Ministry of Corporate Affairs, one of the sources said. Another source confirmed that Deloitte has quit, but without citing any r...

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Category : Auditing | Comments : 0 | Hits : 412

Deloitte exits as auditor of two B.M. Khaitan group companies
Posted Date : 23-Jul-2019 , 08:56:37 am | Posted By CASANSAAR

The audit woes of the B. M. Khaitan Group companies continue with Deloitte Haskins & Sells LLP exiting two companies — Mcleod Russel India Ltd. (MRIL) and McNally Bharat Engineering Company Ltd. About a month ago, PwC had exited group flagship Eveready Industries India Ltd. (EIIL). MRIL...

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Category : Auditing | Comments : 0 | Hits : 534

Government wants CCI probe on Big 4 Auditors
Posted Date : 22-Jul-2019 , 05:30:30 pm | Posted By CASANSAAR

The Indian government wants the country's antitrust body to assess whether the so-called "Big Four" auditing firms and their affiliates are hurting competition in any manner, a senior government official told reporters. The Competition Commission of India (CCI) needs to conduct a su...

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Category : Auditing | Comments : 0 | Hits : 545

NCLT allows MCA to prosecute Deloitte Haskins, BSR Associates in IL&FS case
Posted Date : 19-Jul-2019 , 09:55:27 am | Posted By CASANSAAR

The National Company Law Tribunal (NCLT) has allowed the Ministry of Corporate Affairs (MCA) to prosecute the auditors of IL&FS Financial Services (IFIN) — Deloitte Haskins and BSR Associates — based on the investigation report filed by the Serious Fraud Investigation Office (SFIO). ...

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Category : Auditing | Comments : 0 | Hits : 336

Internal Auditor of Unitech resigns
Posted Date : 18-Jul-2019 , 09:37:18 am | Posted By CASANSAAR

Crisis-hit realty firm Unitech Ltd said on Tuesday that its internal auditors S K P & Co. Chartered Accountants has resigned citing time constraints. In a filing to the BSE, Unitech said that “Internal Auditors of the company S K P & Co. Chartered Accountants. has resigned with effe...

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Category : Auditing | Comments : 0 | Hits : 390

BSR & Associates resigns as Auditor of IL&FS Engineering
Posted Date : 17-Jul-2019 , 08:41:35 am | Posted By CASANSAAR

BSR & Associates tendered its resignation as one of the joint statutory auditors to IL&FS Engineering and Construction Company ‘with immediate effect’ citing non-receipt of requested information and response to audit matters for audit of the previous fiscal year, among other reas...

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Category : Auditing | Comments : 0 | Hits : 295

S R Batliboi & Co resigns as statutory auditor for IndusInd Bank
Posted Date : 15-Jul-2019 , 08:04:56 am | Posted By CASANSAAR

Chartered accountancy firm S R Batliboi & Co has resigned as statutory auditor of the private sector lender IndusInd Bank. IndusInd Bank has appointed Haribhakti & Co as statutory auditor for the financial year 2019-20, subject to approval from the Reserve Bank of India and shareholders. ...

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Category : Auditing | Comments : 0 | Hits : 1660

Auditors, bankers, directors involved in Bhushan Steel fraud - SFIO
Posted Date : 02-Jul-2019 , 07:41:33 am | Posted By CASANSAAR

The Serious Frauds Investigation Office (SFIO) on Monday alleged to have found “conniving role” of statutory auditors of Bhushan Steel Limited (BSL) and raised questions about the role of auditors and bank officials in perpetuating fraudulent activities in the Rs 20,000 crore scam. In...

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Category : Auditing | Comments : 0 | Hits : 965

Govt flags concern over concentration, lack of competition in Auditing
Posted Date : 02-Jul-2019 , 07:39:59 am | Posted By CASANSAAR

Corporate Affairs Secretary Injeti Srinivas Monday flagged concerns over excessive concentration and lack of competition in auditing work as he mentioned about the dominance of Big 4. Stressing on the importance of independence of chartered accountants, he said the biggest responsibility of an au...

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Category : Auditing | Comments : 0 | Hits : 424

PwC resigns as an Auditor of Eveready Industries
Posted Date : 30-Jun-2019 , 04:10:53 pm | Posted By CASANSAAR

Price Waterhouse & Co Chartered Accountants LLP — the audit firm that is part of the PWC group — has resigned as the independent auditor of Eveready Industries after calling out as highly irregular certain financial transactions that involved loan assistance extended to firms within ...

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Category : Auditing | Comments : 0 | Hits : 262

Govt to rework auditors framework amid crack down on auditing lapses
Posted Date : 27-Jun-2019 , 08:36:41 am | Posted By CASANSAAR

In a bid to have quality audit standards being practised in the country, the ministry of corporate affairs (MCA) is re-working the guiding framework for auditors. According to the senior government official, the government is considering to further streamline and strengthen the provisions for aud...

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Category : Auditing | Comments : 0 | Hits : 500

Independent Directors, Rating agencies, Auditors under SEBI lens in IL&FS case
Posted Date : 18-Jun-2019 , 07:10:39 am | Posted By CASANSAAR

A large number of individuals and entities, including independent directors, top management personnel, rating agencies and auditors formerly associated with crisis-hit IL&FS may soon face action by capital market regulator SEBI for their role in the alleged fraud at the group. SEBI has been c...

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Category : Auditing | Comments : 0 | Hits : 241

Govt alleges 22 audit violations by Deloitte, KPMG arm in IL&FS fraud case
Posted Date : 14-Jun-2019 , 09:00:04 am | Posted By CASANSAAR

India detected at least 22 violations of auditing standards by Deloitte Haskins & Sells and a KPMG affiliate while investigating a fraud at a financial company, leading it to seek a five-year ban on the auditors, according to government legal filings seen by Reuters. The failures were detecte...

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Category : Auditing | Comments : 0 | Hits : 1425

Reliance Capital calls PWC's observations baseless, unjustified
Posted Date : 13-Jun-2019 , 12:11:42 pm | Posted By CASANSAAR

Anil Ambani-led Reliance Capital Thursday said its erstwhile statutory auditor Price Waterhouse & Co Chartered Accountants' observations about its accounts were "completely baseless and unjustified". On Wednesday, Reliance Capital and Reliance Home Finance said that Price Waterh...

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Category : Auditing | Comments : 0 | Hits : 373

Govt moves NCLT to seek 5-year ban on Deloitte, BSR
Posted Date : 11-Jun-2019 , 08:42:50 am | Posted By CASANSAAR

The central government on Monday took the unprecedented step of seeking a ban on auditors Deloitte Haskins & Sells and BSR & Co for their alleged role in helping hide bad loans at the bankrupt IL&FS Financial Services.  The government sought a five-year ban under Section 140 of t...

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Category : Auditing | Comments : 0 | Hits : 443

HDFC Bank appoints new auditor after RBI's action against S.R. Batliboi & Co.
Posted Date : 10-Jun-2019 , 08:17:53 am | Posted By CASANSAAR

After the Reserve Bank of India (RBI) restricted audit firm S.R. Batliboi & Co. Llp, a member firm of EY, from auditing commercial banks for a year for "lapses" in a statutory audit, HDFC Bank today cancelled the appointment of the auditor. In a regulatory filing, HDFC Bank said its...

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Category : Auditing | Comments : 0 | Hits : 532

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