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

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 : 252

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 : 326

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 : 238

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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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 : 842

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 : 405

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 : 250

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 : 484

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 : 231

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 : 1341

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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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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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 : 496

SFIO files first chargesheet in IL&FS Case
Posted Date : 31-May-2019 , 10:11:10 am | Posted By CASANSAAR

The Serious Fraud Investigation Office filed its first chargesheet in the IL&FS case against 30 individuals and entities, including businessman C Sivasankaran and nine former directors of unit IL&FS Financial Services (IFIN) on Thursday.  It accused auditors BSR & Co LLP and Delo...

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Category : Auditing | Comments : 0 | Hits : 297

Auditors may be debarred from non-audit work
Posted Date : 30-May-2019 , 09:42:46 am | Posted By CASANSAAR

The Ministry of Corporate Affairs (MCA) is looking at tightening the rules for audit firms in the country. It is soon likely to bring an amendment to the Companies Act, 2013, to debar these firms from offering non-audit services to their clients. Recently, the role of auditors came under scrutiny...

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Category : Auditing | Comments : 0 | Hits : 2383

Audit report finds 107 cases of shady lending at IL&FS
Posted Date : 16-May-2019 , 08:49:20 am | Posted By CASANSAAR

In a latest twist to the financial frauds at IL&FS, an audit report has found about 107 instances of loan evergreening, loans given without adequate collateral and management links with borrower companies. The report submitted by Grant Thornton last week to the new IL&FS board headed by U...

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Government plans further curbs on Audit Firms
Posted Date : 13-May-2019 , 08:20:22 am | Posted By CASANSAAR

Audit firms may face more restrictions on the juicy non-audit assignments they could accept from statutory audit clients. This is part of a government initiative to tighten the rules to improve the quality of statutory audit. The ministry of corporate affairs and the National Financial Reporting ...

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Category : Auditing | Comments : 0 | Hits : 2301

Cabinet clears additional post of Deputy CAG
Posted Date : 15-Apr-2019 , 09:11:55 pm | Posted By CASANSAAR

The government has decided to create an additional post of Deputy Comptroller and Auditor General, which will oversee coordination of audits of states as well as telecommunication. The decision was taken at a Cabinet meeting chaired by Prime Minister Narendra Modi Monday. "The Union Cabin...

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Category : Auditing | Comments : 0 | Hits : 142

Audit of IL&FS reveals financial irregularities in deals worth Rs 13,000 crore
Posted Date : 05-Mar-2019 , 09:35:41 am | Posted By CASANSAAR

Grant Thornton in its report on debt ridden IL&FS Group has identified various financial irregularities in deals with financial implications of over Rs 13,000 crore during special audit conducted by the firm. IL&FS Group, which operates at least 24 direct subsidiaries, 135 indirect subsid...

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Category : Auditing | Comments : 0 | Hits : 497

NCLT banned Auditor for 5 years who knew nothing
Posted Date : 08-Feb-2019 , 03:08:47 pm | Posted By CASANSAAR

The Mumbai bench of the National Company Law Tribunal (NCLT) on February 6 barred Mukesh Choksi from being appointed as an auditor of any company for a period of five years, holding him guilty of signing off on a company’s books without inspection and colluding with its promoters in a fraudule...

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Category : Auditing | Comments : 0 | Hits : 826

BSE to suspend 7 suspected shell firms for failing to cooperate with forensic auditors
Posted Date : 08-Feb-2019 , 09:26:06 am | Posted By CASANSAAR

The BSE has decided to suspend as many as seven suspected shell companies from Friday after they failed to provide the information sought by forensic auditors in a time-bound manner.  The firms facing suspension are Aadhaar Ventures India, Blue Circle Services, IKF Technologies, Prabhav Indu...

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IL&FS may hire Auditors to check 5 years’ accounts
Posted Date : 27-Jan-2019 , 08:29:03 pm | Posted By CASANSAAR

Troubled infrastructure developer and lender Infrastructure Leasing & Financial Services (IL&FS) is looking to appoint an auditor that will look into audited books of the group and its subsidiaries, said people with direct knowledge of the matter.  Role of EY, Deloitte and KPMG that ...

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Category : Auditing | Comments : 0 | Hits : 380

Auditors barred from putting a value on companies they are Auditing
Posted Date : 09-Jan-2019 , 02:31:54 pm | Posted By CASANSAAR

An income tax tribunal has barred auditors from issuing valuation certificates to the companies they are auditing. This is set to impact several tax disputes around valuations in companies including angel tax disputes involving start-ups.  The Bangalore Income Tax Appellate Tribunal (ITAT) s...

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Category : Auditing | Comments : 0 | Hits : 1257

NCLT removes Auditor for the first time under new Companies Act
Posted Date : 07-Jan-2019 , 09:32:58 am | Posted By CASANSAAR

The National Company Law Tribunal (NCLT) has removed the statutory auditor of Zen Shaving and allowed the Ministry of Corporate Affairs (MCA) to appoint an independent director in his place. This is the first time the NCLT has passed such an order against an auditor under the Companies Act, 2013. ...

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Category : Auditing | Comments : 0 | Hits : 1620

Auditors fudged accounts; MCA seeks reopening of past 5 years financial records of ILFS
Posted Date : 27-Dec-2018 , 10:44:44 am | Posted By CASANSAAR

The Institute of Chartered Accountants of India (ICAI), in its interim report has said statutory auditors of Infrastructure Leasing & Financial Services Ltd (IL&FS) acted in a 'negligent and fraudulent manner' and prepared incorrect financial statements of the debt-laden group. Deloi...

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Auditors of 204 listed companies resigned during Jan-July period - Govt
Posted Date : 21-Dec-2018 , 11:05:25 am | Posted By CASANSAAR

Auditors of 204 listed companies put in their papers in little over seven months starting from January 1 this year, the government said Tuesday.  "Since January 1, 2018 to July 17, 2018, auditors of 204 listed companies have resigned as per filings in the MCA 21 registry," Minister...

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Category : Auditing | Comments : 0 | Hits : 577

SC appoints Grant Thornton as forensic auditor for Unitech, directs disbursal of Rs 174 crore
Posted Date : 07-Dec-2018 , 11:05:38 pm | Posted By CASANSAAR

The Supreme Court on Friday appointed Grant Thornton as the forensic auditor of Unitech. The company will look into the financials of group companies and 74 projects that Unitech has been working on from 1st January 2006. The apex court has given Grant Thornton one weeks' time to draft terms ...

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Category : Auditing | Comments : 0 | Hits : 215

Auditors one of the weakest links in Corporate governance - Kotak
Posted Date : 30-Nov-2018 , 08:28:40 am | Posted By CASANSAAR

Banker Uday Kotak on Thursday said auditors are one of the “weakest links” plaguing the corporate governance architecture in the country. “One of the weakest links in fiduciary chain of governance in India is accounting. Time and again we find that this situation is leading to s...

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Category : Auditing | Comments : 0 | Hits : 816

Allow Audit firms to offer legal services - MCA panel
Posted Date : 26-Nov-2018 , 10:19:58 am | Posted By CASANSAAR

An expert panel constituted by the ministry of corporate affairs (MCA) has recommended that Advocates Act be amended to allow audit firms to offer legal services, a proposal which is being opposed by law firms.  The MCA panel, which was set up to look into the regulation of audit firms and t...

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Category : Auditing | Comments : 0 | Hits : 779

Govt orders Telcos’ Audit, suspects under-reporting of revenues
Posted Date : 14-Nov-2018 , 09:24:35 am | Posted By CASANSAAR

At a time when the telecom industry is facing a severe financial distress, the government is understood to have ordered a comprehensive audit of their financial filings on suspicion of under-reporting of revenues. The government, which gains revenues from the sector as a percentage of their adjus...

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Category : Auditing | Comments : 0 | Hits : 626

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