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News Category : Auditing

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 : 367

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 : 902

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 : 598

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 : 683

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 : 814

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 : 2554

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 : 999

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 : 2977

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 : 2304

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 : 1684

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 : 1032

CBI suspects PNB hushed up Audit Reports
Posted Date : 03-Mar-2018 , 08:52:51 am | Posted By CASANSAAR

The CBI suspects that the annual audit reports of Punjab National Bank's internal auditors were either suppressed or ignored by the top brass, resulting in non-detection of the Rs 12,636-crore loan fraud by diamantaires Nirav Modi and Mehul Choksi. CBI sources expressed surprise that the scam...

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Category : Auditing | Comments : 0 | Hits : 1583

Cabinet approves Establishment of National Financial Reporting Authority
Posted Date : 01-Mar-2018 , 10:55:14 pm | Posted By CASANSAAR

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the proposal for establishment of National Financial Reporting Authority (NFRA) and creation of one post of Chairperson, three posts of full-time Members and one post of Secretary for NFRA.  The decision aims at ...

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Category : Auditing | Comments : 0 | Hits : 434

PNB appoints a forensic auditor for Nirav Modi fraud case
Posted Date : 01-Mar-2018 , 09:45:47 am | Posted By CASANSAAR

Punjab National Bank (PNB) has appointed Belgium-based consultancy firm BDO as forensic auditor for five of Nirav Modi Group companies that lead to the biggest ever banking fraud of USD 2 billion in the country. Besides, more than two dozen banks have decided to seek a forensic audit to establish...

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Category : Auditing | Comments : 0 | Hits : 1009

CBI arrests PNB bank internal auditor in $2 billion fraud
Posted Date : 01-Mar-2018 , 09:39:45 am | Posted By CASANSAAR

The Central Bureau of Investigation (CBI) on Wednesday arrested an auditor of a Punjab National Bank branch at the centre of an alleged $2 billion fraud, a police spokesman said, bringing the number of bank employees held to seven as the investigation widens.  CBI, however, has yet to track ...

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Category : Auditing | Comments : 0 | Hits : 2742

RBI skipped PNB Branch Audit for 9 years
Posted Date : 01-Mar-2018 , 09:36:17 am | Posted By CASANSAAR

While the blame game begins in the Rs 12,636 crore PNB fraud, so lax were auditing controls that the last audit done by the Reserve Bank of India was nine years ago on March 31, 2009. For a mid corporate bank, like PNB's Brady House branch, that deals with high networth individuals, the audit is...

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Category : Auditing | Comments : 0 | Hits : 2011

Cabinet likely to discuss tighter norms for Auditors
Posted Date : 01-Mar-2018 , 09:26:06 am | Posted By CASANSAAR

Perturbed over the spate of banking frauds, the Union Cabinet is likely to consider measures to strengthen the regulatory regime for auditors to prevent such incidents in the future. The Cabinet headed by Prime Minister Narendra Modi will be meeting again tomorrow and is reported to have only one...

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Category : Auditing | Comments : 0 | Hits : 829

SC asks Centre to curb illegal operations of multinational auditors
Posted Date : 23-Feb-2018 , 10:24:50 pm | Posted By CASANSAAR

The Supreme Court took serious note of alleged illegal operations of multi-national accounting firms (MAFs) in India in collaboration with Indian Chartered Accountancy firms (ICAFs) and asked the Centre on Friday to examine steps to rein them in. "The Union of India may constitute a three-me...

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Category : Auditing | Comments : 1 | Hits : 1007

Govt may review norms for statutory auditor appointment in PSBs
Posted Date : 20-Feb-2018 , 08:52:43 am | Posted By CASANSAAR

Hit hard by the country's biggest bank fraud at PNB, the government is looking at tightening the norms for appointment of statutory auditors at public sector banks (PSBs) to help detect any irregularities early and take corrective actions, according to a government official.  At present,...

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Category : Auditing | Comments : 1 | Hits : 2199

ED seeks statutory audit reports of banks from RBI
Posted Date : 20-Feb-2018 , 08:47:43 am | Posted By CASANSAAR

The Enforcement Directorate (ED) has sought statutory audit reports of banks from the Reserve Bank of India (RBI) in connection with the Rs 11,400 crore bank fraud reported by Punjab National Bank last week, according to an ED official who spoke off the record. The official said that at the momen...

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Category : Auditing | Comments : 0 | Hits : 837

Govt asks fraud-hit PNB to conduct Forensic Audits
Posted Date : 16-Feb-2018 , 09:55:00 am | Posted By CASANSAAR

The government has asked fraud-hit Punjab National Bank (PNB) to conduct a forensic audit and give a detailed report on why the loans given to jeweller Nirav Modi and his associates, based on fraudulent letters of undertaking (LoUs), were not unearthed from 2011 till now. This comes after PNB Chi...

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Category : Auditing | Comments : 0 | Hits : 1235

Price Waterhouse can audit clients till March 2019 - SAT
Posted Date : 16-Feb-2018 , 09:51:15 am | Posted By CASANSAAR

The Securities Appellate Tribunal (SAT) granted partial relief to Price Waterhouse (PW), allowing it to audit existing clients till March 31, 2019, or until a new bench is formed.  PW had been barred by the Securities and Exchange Board of India (Sebi) from auditing listed companies in India...

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Category : Auditing | Comments : 0 | Hits : 1202

Govt amends FDI policy to promote local Audit firms
Posted Date : 11-Jan-2018 , 09:36:03 pm | Posted By CASANSAAR

The government has quietly slipped in a swadeshi move while liberalising the foreign direct investment (FDI) rules by mandating that overseas auditors will have to undertake joint audit if an international investor insists on audit by a global firm, or its Indian affiliate. This marks a major shi...

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Category : Auditing | Comments : 0 | Hits : 1027

Price Waterhouse set to lose Audit of 77 listed companies
Posted Date : 12-Jan-2018 , 08:57:05 am | Posted By CASANSAAR

The hit on Price Waterhouse (PW) has opened up new business opportunities worth over Rs 1 billion for other auditing firms in the country. The Securities and Exchange Board of India (Sebi) had on Wednesday banned PW from auditing listed companies for two years. Pw was the statutory auditor for 85...

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Category : Auditing | Comments : 0 | Hits : 756

MCA asked to conduct forensic audit of IFCI
Posted Date : 07-Jan-2018 , 08:26:17 pm | Posted By CASANSAAR

The Ministry of Corporate Affairs (MCA) has been asked to institute a forensic audit into the operations of IFCI in connection with non-performing loans, Parliament was informed today. "As part of its ordinary course of business, IFCI Ltd extends loans to corporate borrowers, some of which b...

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Category : Auditing | Comments : 0 | Hits : 502

Global regulators want to limit accountants' say on audit rules
Posted Date : 10-Nov-2017 , 08:28:58 am | Posted By CASANSAAR

Global regulators want to shake up how corporate audit rules are written to curb the influence of accountants and avoid any conflict of interest. Audit rules are currently written under the umbrella of the International Federation of Accountants (IFAC), a global body that represents a profession ...

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Category : Auditing | Comments : 0 | Hits : 883

Need of independent regulator for Auditors - SEBI Panel
Posted Date : 27-Oct-2017 , 09:48:31 pm | Posted By CASANSAAR

The new norms proposed by the Securities and Exchange Board of India's (Sebi) corporate governance panel for auditors has strengthened the case for the establishment of an independent auditor as mooted by the government. The Parliamentary Standing Committee on Finance had in 2012 specified th...

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Category : Auditing | Comments : 0 | Hits : 578

Big 4 accounting firms on IBA's list of forensic auditors
Posted Date : 19-Sep-2017 , 08:47:51 am | Posted By CASANSAAR

he Big 4 auditors -- KPMG, EY, Deloitte and PricewaterhouseCoopers -- figure in the list of entities that have been empanelled by the Indian Banks' Association (IBA) to do forensic audit of frauds in banks. The number of banking fraud cases involving Rs 1 lakh and above is on the rise, which ...

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Category : Auditing | Comments : 0 | Hits : 684

Auditors come under lens amid crackdown on shell companies
Posted Date : 14-Sep-2017 , 08:30:55 am | Posted By CASANSAAR

A multi-agency clampdown has begun on shell companies to tackle the black money menace wherein the role of auditors has come under the scanner for alleged connivance in facilitating illegal transactions. The auditors' role is also being looked into for not raising the red flag as several case...

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Category : Auditing | Comments : 0 | Hits : 763

Global audit firms may face Scrutiny
Posted Date : 11-Sep-2017 , 12:50:33 am | Posted By CASANSAAR

Global auditing firms may come under greater scrutiny for any wrong-doing as regulators mull ways to make them more accountable, with the role of such auditors -- especially the Big Four -- coming under the lens in various corporate misdoings. The move is expected to give a fillip to Indian audit...

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Category : Auditing | Comments : 0 | Hits : 764

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