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

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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Category : Auditing | Comments : 0 | Hits : 1203

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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Category : Auditing | Comments : 0 | Hits : 598

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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Category : Auditing | Comments : 0 | Hits : 2033

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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Category : Auditing | Comments : 1 | Hits : 1341

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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Category : Auditing | Comments : 0 | Hits : 2575

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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Category : Auditing | Comments : 0 | Hits : 2128

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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Category : Auditing | Comments : 0 | Hits : 600

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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Category : Auditing | Comments : 0 | Hits : 1127

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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Category : Auditing | Comments : 0 | Hits : 3190

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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Category : Auditing | Comments : 0 | Hits : 961

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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Category : Auditing | Comments : 0 | Hits : 651

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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Category : Auditing | Comments : 0 | Hits : 3978

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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Category : Auditing | Comments : 0 | Hits : 1040

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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Category : Auditing | Comments : 0 | Hits : 468

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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Category : Auditing | Comments : 0 | Hits : 380

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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Category : Auditing | Comments : 0 | Hits : 1514

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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Category : Auditing | Comments : 0 | Hits : 703

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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Category : Auditing | Comments : 0 | Hits : 1232

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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Category : Auditing | Comments : 0 | Hits : 1955

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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Category : Auditing | Comments : 0 | Hits : 454

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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Category : Auditing | Comments : 0 | Hits : 768

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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Category : Auditing | Comments : 0 | Hits : 526

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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Category : Auditing | Comments : 0 | Hits : 729

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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Category : Auditing | Comments : 0 | Hits : 3973

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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Category : Auditing | Comments : 0 | Hits : 11724

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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Category : Auditing | Comments : 0 | Hits : 2788

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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Category : Auditing | Comments : 0 | Hits : 937

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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Category : Auditing | Comments : 0 | Hits : 1975

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   Dont forget to Like the Video and Subscribe CA Sansaar YouTube Channel   Stay Home, Stay Safe, Stay Updated. (We Care for You)  ...

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Category : Auditing | Comments : 0 | Hits : 2679

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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Category : Auditing | Comments : 0 | Hits : 1212

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