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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Auditing |
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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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Auditing |
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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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Auditing |
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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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Auditing |
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NSE releases framework for Appointing Forensic Auditors
Posted Date : 22-Apr-2023 , 08:48:41 am | Posted By CASANSAAR
The National Stock Exchange of India has come out with a framework to appoint forensic auditors for assignments relating to the auditing of trading members.
The scope of the forensic audit varies from case to case but that is largely required to assess the status of assets and liabilities of the ...
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Auditing |
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Auditors of large firms to keep records in Entity DigiLocker
Posted Date : 28-Feb-2023 , 07:33:16 am | Posted By CASANSAAR
The proposed Entity DigiLocker is also likely to be used to improve the audit quality of top-tier and large companies, with the National Financial Reporting Authority (NFRA) planning to ask auditors of these firms to use the facility to store client records and audit files.
“The auditor can...
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Auditing |
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Auditor arrested for GST fraud, duping taxpayers
Posted Date : 06-May-2022 , 07:53:20 am | Posted By CASANSAAR
A tax auditor’s office and home premises were raided, and the auditor was arrested by tax sleuths from the enforcement wing of the Commercial Taxes department and local police. The auditor was found to be involved in a fake ‘Input Tax Credit’ racket/.
Input Tax Credit me...
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Auditing |
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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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Auditing |
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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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Auditing |
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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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Auditing |
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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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Auditing |
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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
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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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Auditing |
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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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Auditing |
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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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Auditing |
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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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Auditing |
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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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Auditing |
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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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Auditing |
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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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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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Auditing |
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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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Auditing |
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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
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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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Auditing |
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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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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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Auditing |
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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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Auditing |
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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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Auditing |
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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
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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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