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News Category : Auditing

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 : 1127

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 : 1405

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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Category : Auditing | Comments : 0 | Hits : 1274

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 : 544

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 : 183

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 : 796

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 : 715

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 : 580

Amrapali affairs run by a Syndicate - Forensic auditor tells SC
Posted Date : 01-Nov-2018 , 09:35:20 am | Posted By CASANSAAR

The Supreme Court was on Wednesday told by forensic auditors that affairs of the real estate major Amrapali group of companies were being run by a "syndicate" and that group's former Chief Financial Officer and statutory auditor were part of it. "I don't have an iota of dou...

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Category : Auditing | Comments : 0 | Hits : 613

IL&FS shortlists BDO, Grant Thornton as auditors
Posted Date : 01-Nov-2018 , 09:28:26 am | Posted By CASANSAAR

Troubled infrastructure developer and lender Infrastructure Leasing & Financial Services Ltd has shortlisted Indian arms of Belgium-based BDO and Chicago-headquartered Grant Thornton to investigate alleged irregularities in its operations, three people with direct knowledge of the matter said.&n...

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Category : Auditing | Comments : 0 | Hits : 388

Committee of Experts submits its report on Regulating audit firms and the Networks
Posted Date : 01-Nov-2018 , 09:20:59 am | Posted By CASANSAAR

  The Committee of Experts has submitted its report on Regulating audit firms and the Networks to the Government of India through the Secretary, Ministry of Corporate Affairs. The Committee was constituted on April 20, 2018 pursuant to the directions of the Hon'ble Supreme Cour...

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Category : Auditing | Comments : 0 | Hits : 335

SC seeks report on role of Amrapali Group's statutory auditors
Posted Date : 26-Oct-2018 , 09:38:59 am | Posted By CASANSAAR

The Supreme Court on Wednesday asked the forensic auditors to submit by Thursday an interim report on the role of statutory auditors in the beleaguered real estate company Amrapali Group.   The SC has asked forensic auditors to conduct an audit of 46 companies of the Amrapali Group, and also ...

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Category : Auditing | Comments : 0 | Hits : 488

SC asks Amrapali CFO to appear before it for Memory Test
Posted Date : 25-Oct-2018 , 08:33:42 am | Posted By CASANSAAR

In a rare order, the Supreme Court on Wednesday directed the chief financial officer of Amrapali group, Chander Wadhwa, to appear before it for a “memory test”, after the court-appointed auditors said he was not cooperating with the ongoing probe. He was also not answering any question o...

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Category : Auditing | Comments : 0 | Hits : 370

Government plans to tighten rules for Auditors
Posted Date : 24-Oct-2018 , 07:35:43 am | Posted By CASANSAAR

The government plans to review the auditing standards as it looks to tighten the norms governing auditors, a senior official has said amid rising instances of corporate misdoings. The Corporate Affairs Ministry, which is implementing the companies law, is working on ways to bolster the overall corpo...

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Category : Auditing | Comments : 0 | Hits : 1115

Govt looks to plug gaps in exits of Auditors, Directors
Posted Date : 01-Oct-2018 , 09:24:34 am | Posted By CASANSAAR

The government is looking to tighten the noose around auditors and directors, who quit the company when it lands into trouble — often citing “personal reasons”. The move follows several exits by audit firms from troubled companies, ranging from Nirav Modi’s outfits —...

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Category : Auditing | Comments : 0 | Hits : 1266

Auditor who exposed Harshad Mehta scam to do forensic audit of Amrapali
Posted Date : 13-Sep-2018 , 08:44:19 am | Posted By CASANSAAR

The Supreme Court said Wednesday that the two auditors it has appointed for forensic audits of Amrapali Group companies as also the assets of its directors since 2008 are "experienced and reputed" and one of them had even exposed the infamous Harshad Mehta scam. Mehta, a stockbroker, wa...

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Category : Auditing | Comments : 0 | Hits : 1155

SC for forensic audit of all Amrapali group companies
Posted Date : 05-Sep-2018 , 09:43:26 am | Posted By CASANSAAR

The Supreme Court on September 4 ordered an examination of financial records of all the 40-odd companies of the embattled Amprapali group to track the amount of homebuyers’ money that had been diverted, lawyers present at the hearing said. Meanwhile, the government's construction arm, N...

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Category : Auditing | Comments : 0 | Hits : 1178

Auditors should not quit audit work of firms halfway - T V Mohandas Pai
Posted Date : 30-Jul-2018 , 08:28:20 am | Posted By CASANSAAR

An auditor should give a disclaimer saying that it cannot express an opinion if accounts of the company are incorrect, instead of leaving the audit work halfway, IT veteran T V Mohandas Pai said. In recent times, scores of auditors have left audit work of companies, mostly listed ones, citing var...

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Category : Auditing | Comments : 0 | Hits : 648

Auditors of 204 listed companies resign this year
Posted Date : 25-Jul-2018 , 08:39:03 am | Posted By CASANSAAR

Auditors of 204 listed companies resigned in the period between January 1 and July 17 this year, according to an Indian Express report. This translates to one resignation per day. The Ministry of Corporate Affairs has sent queries regarding this after complaints by investors and stakeholders. ...

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Category : Auditing | Comments : 0 | Hits : 987

Govt plans Audit of CSR projects
Posted Date : 11-Jul-2018 , 08:13:22 am | Posted By CASANSAAR

The government has decided to overhaul the Corporate Social Responsibility (CSR) framework, and conduct audit of the welfare projects implemented by corporates under their CSR programme. "A high level committee will be set up to suggest ways to improve CSR ecosystem as well as compliance of ...

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Category : Auditing | Comments : 0 | Hits : 578

PwC Ordered to Pay $625 Million in Damages Over Bank's Audit
Posted Date : 03-Jul-2018 , 08:45:13 am | Posted By CASANSAAR

PricewaterhouseCoopers LLP was ordered to pay the Federal Deposit Insurance Corp. more than $625 million for negligence in the audit of Colonial BancGroup Inc., an Alabama bank holding company that failed during the financial crisis. U.S. District Judge Barbara Jacobs Rothstein issued the ruling ...

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Category : Auditing | Comments : 0 | Hits : 1107

Govt to improve norms for Auditors, Corp Professionals
Posted Date : 24-Jun-2018 , 10:54:32 pm | Posted By CASANSAAR

The Government is working to improve the regulations for auditors and corporate professionals as it looks to strengthen the "fabric of corporate governance" in the country, according to Union Minister P P Chaudhary. His comments come against the backdrop of some auditing entities coming...

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Category : Auditing | Comments : 0 | Hits : 716

Sector under scrutiny, Big 4 ease revenue targets for audit partners
Posted Date : 15-Jun-2018 , 11:56:19 am | Posted By CASANSAAR

As the role of auditors comes under increased scrutiny in India, some of the biggest firms in the business, including EY, PwC, Deloitte and KPMG, are either removing or relaxing revenue targets for their audit partners.  In the past few months, some of the audit firms have either told their ...

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Category : Auditing | Comments : 0 | Hits : 748

Govt to probe Auditor Resignations from listed Indian Companies
Posted Date : 07-Jun-2018 , 08:50:22 am | Posted By CASANSAAR

A rush of exit of auditors in the last few months has prompted the ministry of corporate affairs to seek reasons for their departure from the companies with close to 15 cases coming under the scanner. Since January, close to three dozen auditors have opted out of their assignments in listed compa...

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Category : Auditing | Comments : 0 | Hits : 885

32 Auditors at listed firms have resigned in last 5 months
Posted Date : 05-Jun-2018 , 10:19:32 am | Posted By CASANSAAR

In the past one month, fifteen auditors have resigned prematurely, besides increasing audit qualifications. The total number of exits, so far, in this calendar year stands at a staggering 32. According to data from Prime Database, a primary market tracker, between January and May, 32 auditors hav...

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Category : Auditing | Comments : 0 | Hits : 2672

Banks start forensic audit of Potential NPA Accounts
Posted Date : 30-Apr-2018 , 10:19:00 am | Posted By CASANSAAR

With an aim to identify possible non performing assets (NPAs), public sector banks have started carrying out audits on accounts which have loans of above Rs 50 crore registered against them. This comes after a directive issued from the Finance Ministry. Once the audit is completed, the banks will de...

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Category : Auditing | Comments : 0 | Hits : 1055

CVC calls PNB statutory auditors to furnish specific details about financial transactions
Posted Date : 08-Apr-2018 , 08:16:09 pm | Posted By CASANSAAR

Awaiting a detailed vigilance report on the over Rs 13,000- crore Punjab National Bank scam, the Central Vigilance Commission (CVC) today said it has asked statutory auditors of the bank to appear before it to furnish specific details about financial transactions. The watchdog asserted the need f...

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Category : Auditing | Comments : 1 | Hits : 3748

RBI did not audit PNB branch that sanctioned loans - CVC
Posted Date : 04-Apr-2018 , 09:04:46 am | Posted By CASANSAAR

Central Vigilance Commissioner K V Chowdary on Tuesday said the Reserve Bank of India had apparently not conducted an audit during the period of time when a Rs 13,000-crore scam hit the Punjab National Bank. Chowdary stressed the need to put into place a more robust auditing system. "They di...

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Category : Auditing | Comments : 1 | Hits : 2358

Prosecutions filed against auditor after inspecting DDCA books - Govt
Posted Date : 16-Mar-2018 , 08:47:10 pm | Posted By CASANSAAR

The corporate affairs ministry said an inspection was conducted on functioning of Delhi and District Cricket Association (DDCA) and prosecutions were filed against the auditor. In written reply to the Lok Sabha, Minister of State for Corporate Affairs P P Chaudhary said the government had receive...

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Category : Auditing | Comments : 2 | Hits : 1763

NFRA to have power to impose penalty on Audit Firms
Posted Date : 07-Mar-2018 , 09:44:15 am | Posted By CASANSAAR

The Chartered Accountants Act, 1949 (Act) provides for imposition of penalties on members of the Institute of Charted Accountants of India (ICAI). The ICAI had submitted a proposal to the Government for amendment to the Act to, inter alia, provide for registration of audit firms, procedure for ta...

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Category : Auditing | Comments : 0 | Hits : 1077

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