SEBI picks 9 Audit Firms to probe Corporate Fraud
Posted Date : 25-Apr-2025 , 08:50:11 am | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi) has produced a list of nine firms, down from the previously empanelled 20, for conducting forensic audits in corporate fraud cases.
The previous panel was selected in 2021. The new list is applicable for three years before the regulator empanels f...
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PwC exits more than a dozen countries to avoid scandals
Posted Date : 17-Apr-2025 , 07:50:15 am | Posted By CASANSAAR
PwC has shut down operations in more than a dozen countries that are deemed too small, risky or unprofitable, as the Big Four accounting firm aims to prevent repeats of scandals that have affected it, the Financial Times reported on Wednesday.
The decision was taken due to mounting differences wi...
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Auditing |
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EY on Corporate Affairs Ministrys (MCA) radar in Byju
Posted Date : 11-Mar-2025 , 08:35:23 am | Posted By CASANSAAR
The Ministry of Corporate Affairs may look into a whistleblower’s allegation against accounting firm EY in a case related to education tech startup Byju’s insolvency process. The whistleblower has come forward with allegations, claiming that the insolvency process of Byju’s was man...
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Auditing |
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EOW Summons Six Audit Firms In Fraud Probe of New India Case
Posted Date : 26-Feb-2025 , 11:28:22 am | Posted By CASANSAAR
The Economic Offences Wing (EOW) has issued summons to six audit firms in connection with the Rs.122 crore fraud at New India Co-operative Bank. Investigators have discovered discrepancies in the bank's records, particularly regarding cash-in-hand figures.
According to sources, the vault capa...
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Auditing |
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Brightcom Group Auditors Resign citing lack of information and cooperation
Posted Date : 09-Aug-2024 , 12:54:39 am | Posted By CASANSAAR
The resignation letter said that the action was prompted by several significant issues and listed lack of required information, inadequate cooperation in providing essential information, absence of shareholder approval for appointment of auditors, and delay in quarterly reviews.
The auditor's...
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NCLT bars CA from being appointed as statutory auditor for colluding with company
Posted Date : 09-Jul-2024 , 01:00:31 am | Posted By CASANSAAR
The National Company Law Tribunal (NCLT), Bengaluru Bench, has prohibited a city-based chartered accountant (CA) from being appointed as a statutory auditor of any company for a period of five years for “committing fraud along with the company by not reporting the discrepancies and fraudu...
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SEBI wants Auditors to certify utilisation of funds raised pre-IPO
Posted Date : 11-Jun-2024 , 12:16:12 pm | Posted By CASANSAAR
The Securities and Exchange Board of India (SEBI) has asked for auditor-certified disclosures about utilisation of pre-IPO proceeds towards objects of the issue. If this is not done, the proceeds will have to be attributed or adjusted towards the portion reserved for general corporate purposes (GCP)...
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Auditing |
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Auditor of Zomato Hyperpure, Blink Commerce resigns with immediate effect
Posted Date : 12-May-2024 , 07:18:56 pm | Posted By CASANSAAR
Zomato on Sunday said the auditor of its subsidiaries Zomato Hyperpure and Blink Commerce has resigned with immediate effect, paving the way for the food tech platform's auditor Deloitte Haskins & Sells to be appointed in its place to make the audit process more efficient.
Batliboi & ...
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PwC and EY hit with multimillion-pound fines over LCF audit failures
Posted Date : 09-May-2024 , 07:04:29 am | Posted By CASANSAAR
The UK accounting watchdog has imposed multimillion-pound fines on PwC and EY for failures in their audits of London Capital & Finance, the defunct investment group at the centre of one of the biggest retail savings scandals in recent years.
The Financial Reporting Council said on Tuesday tha...
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Auditing |
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Supreme Court upholds NCLAT order against Errant Auditors
Posted Date : 12-Apr-2024 , 12:01:28 pm | Posted By CASANSAAR
In a boost to the National Financial Reporting Authority (NFRA), the regulator for auditors and audit firms dealing with large and listed companies, the Supreme Court has upheld an order by the National Company Law Appellate Tribunal (NCLAT) related to disciplinary action against errant auditors.
...
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HUL's Cost Auditor Steps Down Due To Conflict Of Interest
Posted Date : 29-Mar-2024 , 08:24:18 am | Posted By CASANSAAR
Hindustan Unilever Ltd. has announced that its cost auditor has been disqualified from continuing amid a conflict of interest.
The decision was made after it was discovered that Rasesh Vipin Chokshi, who is a partner at the firm R.A. & Co., was holding shares in the company.
Ac...
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Auditing |
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High Court grants bail to Concurrent Auditor in bank loan fraud case
Posted Date : 22-Mar-2024 , 07:29:56 am | Posted By CASANSAAR
The Bombay High Court has granted bail to Anita Kirdat, a former concurrent auditor of the Punjab and Maharashtra Cooperative (PMC) Bank, in connection with a multi-crore loan fraud case.
Kirdat, 48, a chartered accountant (CA) from Bhandup, who runs a firm, Anita Kirdat and Company, was arrested...
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Audit Profession under Great Pressure - Uday Kotak
Posted Date : 07-Mar-2024 , 08:40:57 am | Posted By CASANSAAR
Tighter regulations and lower fees are making the auditing profession challenging, said panelists at an international conference held by the National Financial Reporting Authority (NFRA) here on Tuesday. “The business model of pure audit is under significant pressure. It’s getting tighte...
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Auditing |
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CAG announces setting up of Supreme Audit Institution iCAL in Rajkot
Posted Date : 02-Mar-2024 , 07:32:28 am | Posted By CASANSAAR
The Comptroller and Auditor General of India (CAG), Girish Chandra Murmu, on Friday announced the setting up of the Supreme Audit Institution India’s International Centre for Audit of Local Governance (iCAL) in Rajkot, Gujarat.
At the conclusion of the three-day international conference on ...
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Paytm Payments Bank Seeks To Hire External Firm To Audit Compliance, KYC
Posted Date : 10-Feb-2024 , 09:58:26 am | Posted By CASANSAAR
Paytm Payments Bank Ltd. has floated a request for a proposal to external auditors, according to four people with knowledge of the matter.
The bank has floated this RFP on a restricted basis to external auditors and hence, it is not available in the public domain, as the people quoted above...
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HC orders CAG Audit in Accounts of Delhi Jal Board from 2018 to 2021
Posted Date : 08-Feb-2024 , 07:39:06 am | Posted By CASANSAAR
The Delhi high court on Tuesday ordered the Comptroller and Auditor General of India (CAG) to expeditiously audit the annual accounts of Delhi Jal Board (DJB) for the period between 2018-19 and 2020-21.
The court’s direction comes months after chief minister Arvind Kejriwal in December 2023...
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Punjab Govt orders Audit of 19,000 Co-op Societies across State
Posted Date : 06-Dec-2023 , 08:36:48 am | Posted By CASANSAAR
The government has asked the Registrar, Cooperative Societies, to get an audit of all finances and assets of 19,000 cooperative societies in the state.
The order has been issued by the Special Chief Secretary, Cooperatives, asking for immediate compliance from the department.
Following this, R...
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Auditing |
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J&K Bank's Central Statutory Auditors Removed Prematurely
Posted Date : 01-Nov-2023 , 08:08:38 am | Posted By CASANSAAR
The removal came in the backdrop of the auditors issuing a qualified opinion on the bank’s FY23 accounts with respect to funds raised via the employee stock purchase scheme 2023 (ESPS).
The central statutory auditors of Jammu and Kashmir Bank have been removed prematurely.
The Comp...
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Auditing |
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Adani Auditor EY Faces Inquiry by Accounting Regulator NFRA
Posted Date : 26-Oct-2023 , 07:32:12 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA), the country's accounting regulator, has initiated an inquiry against one of the member firms of Adani Group's longtime auditors EY, Bloomberg reported on October 25, citing sources privy to the development.
The inquiry was started in rece...
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Adani Group appoints new Auditor for UK subsidiaries
Posted Date : 29-Sep-2023 , 07:46:41 am | Posted By CASANSAAR
India's Adani group has switched the auditor of its main UK subsidiaries to the smaller London-based firm Ferguson Maidment & Co after previous auditor Crowe UK resigned in March, FT reported.
Ferguson Maidment & Co audited the annual accounts that Adani Energy Holdings and its subsid...
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AI Can Replace Work Being Done by Auditors and Accountants - Union Finance Secretary
Posted Date : 25-Sep-2023 , 07:40:13 am | Posted By CASANSAAR
Union Finance Secretary and senior IAS officer T.V. Somanathan on Saturday said Artificial Intelligence (AI) can replace the work being done by auditors and accountants.
He was delivering the CA S. Hariharan memorial lecture here.
Somanathan said that AI has specific implication for the econom...
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Auditing |
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Govt to reassess mandatory joint audit plan for big companies
Posted Date : 07-Sep-2023 , 08:48:25 am | Posted By CASANSAAR
The government is having a rethink on a proposal to mandate joint audits of large firms by amending the Companies Act, as it weighs larger deliberations on the issue of fixing audit accountability when things go wrong, said a person aware of the details.
In a joint audit, two or more audit firms ...
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PwC resigns as auditor of Paytm Payments Services
Posted Date : 09-Aug-2023 , 09:30:45 pm | Posted By CASANSAAR
Price Waterhouse Chartered Accountants LLP (PwC) on Monday resigned as the statutory auditor of Paytm Payments Services Ltd (PPSL).
One 97 Communications, the parent company of Paytm, said PwC has not raised any concern or issue.
PwC was appointed as statutory auditor of PPSL for five years fr...
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Deloitte Resigns as statutory auditor of Byju's and Aakash Educational
Posted Date : 23-Jun-2023 , 09:35:51 am | Posted By CASANSAAR
Deloitte, one of the biggest audit firms in the world, has tendered its resignation as the statutory auditor of Byju's, adding to a long list of troubles for India's most valued startup.
"The financial statements of the Company for the year ended March 31, 2022 are long delayed. We h...
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Big 5 Auditors handle nearly every 2 out of 3 Nifty500 Companies
Posted Date : 09-Jun-2023 , 09:52:52 am | Posted By CASANSAAR
India's five largest audit firms managed as many as 310 assignments of Nifty500 companies in FY23, or almost two out of every 3 audits, shows an analysis by PRIME Database Group.
Out of the Nifty500 companies, auditor details were not available for 2 companies.
In terms of all companies wh...
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J&K Bank Auditors Raise Red Flags in FY 2022-23 Accounts
Posted Date : 12-May-2023 , 06:10:05 pm | Posted By CASANSAAR
Statutory auditors of Jammu and Kashmir Bank have issued a qualified opinion on the lender’s accounts for the financial year 2022-23, raising red flags in the employee stock purchase scheme (ESPS). In accounting parlance, a qualified opinion means that financials are fairly represented but wit...
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ED Searches 2 former IL&FS Auditor Firms in connection with Money-Laundering Case
Posted Date : 12-May-2023 , 06:09:38 pm | Posted By CASANSAAR
ED carried out searches against two former auditor firms of IL&FS -- BSR and Associates and Deloitte Haskins and Sells in connection with its money-laundering probe into alleged financial irregularities at the infrastructure development and finance company, official sources said.
The pr...
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Auditing |
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Govt Mulls Size Threshold for Auditors of Large Companies
Posted Date : 07-May-2023 , 09:58:55 am | Posted By CASANSAAR
The Govt is examining whether to reserve auditing of large companies and public interest entities to audit firms of certain size, repute and technological prowess. Discussions in this regard, though at an early stage, are revolving around a graded approach to addressing the issue of inadequate audit...
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Auditor named in Hindenburg Report Resigns from Adani Group
Posted Date : 06-May-2023 , 10:57:04 pm | Posted By CASANSAAR
A small Ahmedabad-based chartered accountancy firm, whose appointment was questioned by a US short seller in its scathing report against the conglomerate run by billionaire Gautam Adani, has resigned due to "pre-occupation", Adani Total Gas Ltd said.
Hindenburg Research in its January 2...
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SC sets aside Bombay HC order, paves way for prosecution of 2 former IL&FS Audit Firms
Posted Date : 04-May-2023 , 07:46:05 am | Posted By CASANSAAR
The Supreme Court on Wednesday set aside the Bombay High Court verdict which had quashed the SFIO probe against Audit Firms BSR and Associates and Deloitte Haskins and Sells, both former auditors of IL&FS Financial Services, over alleged financial irregularities.
Allowing the appeal of the ...
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