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

Ernst & Young, Auditors to pay over $10 M to settle SEC charges
Posted Date : 03-Aug-2021 , 09:55:47 am | Posted By CASANSAAR

Accounting firm Ernst & Young LLP, a partner and two former employees agreed to pay more than $10 million to settle U.S. Securities and Exchange Commission charges they violated auditor independence rules, the agency said on Monday. Ernst & Young, partner James Herring and former partners...

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Category : Auditing | Comments : 0 | Hits : 11448

DHFL Auditor finds another Fraud of Rs.1424 Cr
Posted Date : 06-Mar-2021 , 09:07:39 am | Posted By CASANSAAR

DHFL on Friday said its administrator has filed additional affidavits in the NCLT Mumbai in connection with fraud amounting to over Rs 1,424 crore. The company, which is undergoing a corporate debt resolution process in the National Company Law Tribunal (NCLT), is being run by an administrator in th...

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Category : Auditing | Comments : 0 | Hits : 2369

DHFL transaction auditor unearths another fraudulent transaction worth Rs 6,182 Cr
Posted Date : 23-Feb-2021 , 07:47:15 am | Posted By CASANSAAR

Dewan Housing Finance Corporation (DHFL) on Monday said its transaction auditor, Grant Thornton, has reported another fraudulent transaction of Rs 6,182 crore in the company. The administrator of the company received an initial report from the professional agency appointed as the transaction audi...

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Category : Auditing | Comments : 0 | Hits : 742

57% investors say Big-4 Auditors have no credibility - IiAS survey
Posted Date : 21-May-2020 , 10:14:42 am | Posted By CASANSAAR

In more troubles for the auditing fraternity, an investor survey has found that 57 percent large investors and sell-side analysts do not have any faith in the Big-4 audit firms as they have lost credibility. According to a survey by Institutional Investor Advisory Services of 63 large investors a...

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Category : Auditing | Comments : 0 | Hits : 1643

Whether an Auditor can file Tax Returns of the Company in which he is Auditor?
Posted Date : 07-Apr-2020 , 09:48:41 am | Posted By CASANSAAR

Whether an Auditor can file Tax Returns of the Company in which he is Auditor discussed by CA. Vivek Khurana. https://youtu.be/AkqG63lkRss   Dont forget to Like the Video and Subscribe CA Sansaar YouTube Channel   Stay Home, Stay Safe, Stay Updated. (We Care for You)  ...

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Category : Auditing | Comments : 0 | Hits : 2521

Govt set to overhaul Audit regime to check lapses in governance
Posted Date : 18-Mar-2020 , 09:17:29 am | Posted By CASANSAAR

The Ministry of Corporate Affairs is set to make major changes to the framework of statutory audits to ensure that managements cannot arm-twist or tempt auditors into overlooking governance lapses. The proposed changes will mostly be through rules under the Companies Act as well as through change...

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Category : Auditing | Comments : 0 | Hits : 1128

CARO 2020 | Companies (Auditor's Report) Order, 2020
Posted Date : 03-Mar-2020 , 10:28:16 am | Posted By CASANSAAR

CARO 2020 - Clause by Clause discussion on CARO 2020, Companies (Auditor's Report) Order, 2020 by CA. Anmol Rana. Watch This Video,,,, https://youtu.be/vxtH9_A95nA ...

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Category : Auditing | Comments : 0 | Hits : 677

Audit committees need to play more active role - CEPR
Posted Date : 02-Mar-2020 , 08:33:20 am | Posted By CASANSAAR

Audit committees of boards of companies need to play a more active role for stronger checks against all financial and governance related wrongdoings, right-leaning think tank Centre for Economic Policy Research (CEPR) has said. There is a need to clearly define the responsibility and accountabili...

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Category : Auditing | Comments : 0 | Hits : 425

Ceiling on the No.of Audits can be done by Chartered Accountant | Statutory Audits | Tax Audits
Posted Date : 27-Feb-2020 , 09:54:37 am | Posted By CASANSAAR

How many Audits a Chartered Accountant in Practice can do? - Statutory Audit under Companies Act. - Tax Audit under Income Tax Act. Ceiling on No.of Audits can be done by Chartered Accountant in Practice discussed by CA. Vivek Khurana. Watch this Video,,,, https://youtu.be/R8SCay2DuXQ ...

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Category : Auditing | Comments : 0 | Hits : 2085

Companies (Auditor's Report ) Order to enhance disclosures on part of Auditors
Posted Date : 27-Feb-2020 , 09:39:34 am | Posted By CASANSAAR

In a bid to bring greater financial discipline in audits, the government has asked auditors to provide details like loans given by a company for reporting whistleblower complaints and assessing internal audit mechanisms of firms. In a press statement issued on Wednesday, the corporate affairs min...

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Category : Auditing | Comments : 0 | Hits : 238

CAG holds meeting with Ministries to seek suggestions on Auditing
Posted Date : 25-Feb-2020 , 08:40:21 am | Posted By CASANSAAR

The Comptroller and Auditor General (CAG) on Monday held a meeting with representatives of several Ministries seeking suggestions on areas that could be selected for audit. With a view to involve the executive side in the audit planning process by seeking their suggestions, the CAG interacted wit...

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Category : Auditing | Comments : 0 | Hits : 813

Deloitte also stops Non-Audit services to clients in India
Posted Date : 17-Feb-2020 , 08:52:09 am | Posted By CASANSAAR

The Indian affiliate of Deloitte Haskins and Sells on Sunday said the auditor and its network firms in the country will no longer offer non-audit services to “public interest entities" they audit in India, three days after Price Waterhouse India made a similar announcement. “We b...

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Category : Auditing | Comments : 0 | Hits : 527

PW India becomes first of top 4 audit firms to not provide non-audit services
Posted Date : 13-Feb-2020 , 09:34:37 pm | Posted By CASANSAAR

Price Waterhouse Network of Firms in India (PW India) on Thursday announced their decision to no longer provide non-audit related services to their audit clients in India which are governed by National Financial Reporting Authority (NFRA). This comes after a ministry of corporate affairs (MCA) discu...

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Category : Auditing | Comments : 0 | Hits : 203

MCA may soon tighten reporting norms for Auditors
Posted Date : 29-Jan-2020 , 09:41:08 am | Posted By CASANSAAR

The government is planning to tighten reporting norms for auditors to ensure they perform their duties responsibly, BusinessLine reported. The Ministry of Corporate Affairs (MCA) might tweak the Companies Auditors Report Order (CARO) and the audit reporting standards as mandated under the Compani...

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Category : Auditing | Comments : 0 | Hits : 1252

High Court Decision on Communication or NOC from Previous Auditor
Posted Date : 15-Jan-2020 , 09:12:59 am | Posted By CASANSAAR

Delhi High Court Decision on Communication or NOC from Previous Auditor explained by CA.(Adv) S.S.Sharma. Watch this Video. https://youtu.be/p5msbZ_RZuI Dont Forget to Like the video and SUBSCRIBE CA Sansaar YouTube Channel ...

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Category : Auditing | Comments : 0 | Hits : 2843

NBFC supervision to cover auditors, banks, rating companies
Posted Date : 25-Dec-2019 , 08:38:15 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has extended supervision to auditors, banks and rating companies to prevent defaults and ensure broader financial stability. “Apart from strengthening the existing four pillars of supervision — on-site examination, off-site surveillance, market intellig...

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Category : Auditing | Comments : 0 | Hits : 666

NFRA indicts Deloitte over lapses in IFIN Audit
Posted Date : 13-Dec-2019 , 07:21:22 am | Posted By CASANSAAR

The National Financial Reporting Authority (NFRA) has indicted Deloitte Haskins and Sells LLP for what it called significant failures in the statutory audit of IL&FS Financial Services Ltd (IFIN) for 2017-18 and is examining whether disciplinary proceedings against the auditor need to be initiat...

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Category : Auditing | Comments : 0 | Hits : 827

Concurrent Auditor arrested in PMC Bank scam
Posted Date : 14-Nov-2019 , 08:49:00 am | Posted By CASANSAAR

The Economic Offences Wing (EOW) of Mumbai Police has arrested an concurrent auditor in connection with the alleged Rs 4,355 crore scam at the Punjab & Maharashtra Cooperative (PMC) Bank, an official said on Wednesday. This is the eighth arrest in the case. XXXXXXXXX (35), a 'Concorren...

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Category : Auditing | Comments : 0 | Hits : 2146

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 : 661

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 : 633

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 : 2767

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 : 1192

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 : 717

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 : 879

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 : 2114

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 : 325

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 : 542

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 : 487

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 : 1177

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 : 369

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