AMARJIT CHOPRA
Big 4's dominance: Local companies call for level playing field
Indian auditing firms are pushing for fair competition with multinational counterparts, expressing concerns over the Big Four's increasing dominance and alleged manipulation of regulatory loopholes. The Institute of Chartered Accountants of India (ICAI) recently investigated affiliates of EY, Deloitte, PwC, and KPMG, where the firms were able to obtain court stays against disciplinary actions by the ICAI disciplinary committee after years of scrutiny, according to local rivals.
Buy Rico Auto Industries, target price Rs 68.5: HDFC Securities
For the quarter ended June 30, 2022, the company has reported a consolidated total income of Rs 568.14 crore, up 9.59 per cent from last quarter total income of Rs 518.44 crore and up 41.62 per cent from last year same quarter total income of Rs 401.16 crore.
'The Ranveer Show' is now exclusive to Spotify
Allahbadia, also known as BeerBiceps, is India’s first independent creator in the country to land an exclusive deal with Spotify
RBI's new norms to help enhance audit quality, transparency, add value: Experts
In April, the Reserve Bank issued a circular putting in place the new norms for appointment of statutory central auditors and statutory auditors for commercial banks, large urban co-operatives and large non-banks and housing finance companies.
Concept of joint audit has worked very well: Amarjit Chopra, ex-president, ICAI
"As per the new norms, there shall be joint audits in certain entities beyond a threshold. Can having two auditors or more instead of one impact the quality of audit? Certainly not. Having more than one opinion is always better," said Amarjit Chopra, past president of the Institute of Chartered Accountants of India.
Auditors struggle to meet compliances as travel curbs make site visits tough
Sebi rules require a company to file its annual report within 60 days from the end of the financial year (FY ends on March 31 and the filing deadline is May 31). The annual reports must contain all the necessary audit reports.
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YES Bank tanks another 18% in 3 days: Is it a sinking ship now?
YES Bank said it would not proceed with the offer made by Erwin Singh Braich/SPGP Holdings.
ICAI forms committee, CA students hopeful
Students protesting to change a rule so that their chartered accountancy (CA) exam papers can be rechecked got a major breather today.
Will 'Indian' in the PIO ever disappear?
Two decades down the line, the prospect of a Kamala Devi Harris vs Nikki Randhawa Haley race for the White House isn’t all that far fetched.
IL&FS fallout: Govt to decide on board role in other companies
NCLT sacked the IL&FS board following a plea by the government on Monday.
Buy Rico Auto Industries target Rs 78: Nirmal Bang Securities
Buy Rico Auto Industries at a price target of Rs 78 and a stoploss at Rs 72 from entry point.
Buy Rico Auto Industries, target Rs 94: Sharekhan
Buy Rico Auto Industries at a price target of Rs 94. Time period given by analyst is a year when Rico Auto Industries price can reach defined target.
NACAS asks government to defer Ind AS 115 implementation
Apex accounting advisory panel NACAS has asked the government to postpone implementation of a key revenue recognition standard.
Breather for India Inc: NACAS gives nod for deferral of new Accounting Standards
The NACAS or the National Advisory Committee on Accounting Standards has decided to defer the implementation of Ind AS 115.
India likely to defer adoption of new accounting standard 'Ind AS 115'
India is likely to defer the adoption of new accounting standard on revenue recognition (known as Ind AS 115) as more consultation is needed.
Indian companies to comply with International Financial Reporting Standards
The new standards will initially be applicable for large companies that can voluntarily start adopting them in the next fiscal year starting April 1, 2015.
Final report on new accounting norms likely within 15 days
The report will specify certain carveouts or exceptions since India is only converging with IFRS and not adopting the norms entirely.
NACAS to complete IFRS convergence report by November-end
Chopra said that the panel would complete its report by November-end and the first meeting of the re-constituted committee is expected to be held in the coming week.
ICAI asks ADAG cos to clarify misclassification of accounts
Accounting regulator ICAI today said it has sought clarification from the ADA Group companies RNRL and Reliance Infra on the issue of "misclassification" in their accounts as pointed out by market regulator Sebi.
ICAI sends notice to Reliance Infra, RNRL
ICAI has dashed off notices to Anil Ambani-promoted R-Infra and RNRL (since merged with Reliance Power ), seeking “clarifications” over Sebi's consent order.
ICAI asks Big Four audit firms not to buy out Indian cos
Amid concerns of alleged 'surrogate practices' of 'Big Four', ICAI has asked PWC, KPMG, Ernst & Young and Deloitte to desist from acquiring Indian audit outfits.
Loan end-use tracking to begin soon: ICAI
Banks pressure to speed up exercise is the reason for poor monitoring, say auditors.
ICAI for compulsory outsourcing of internal audit functions
Accounting regulator ICAI has asked the government to make outsourcing of internal audit functions mandatory for companies to prevent a Satyam-like fraud from happening again.
Making global jumps to turn easier for CAs
India chartered accountants eyeing work opportunities abroad will soon be spoilt for choice
Satyam scam will help improve corporate governance: ICAI
Lessons learnt from Satyam saga will help improve level of corporate governance in India, ICAI said.
ICAI to set up centres for e-filing tax returns
The apex accounting body ICAI on Tuesday said it will set up centres for filing returns and tax-related documents electronically.
Disciplinary action against tainted Satyam accountants on Mar 30
ICAI to meet this month-end to decide on disciplinary proceedings against tainted chartered accountants involved in the Rs 7,136 crore Satyam Computer fraud.
ICAI mulls making names of tainted auditors' public
Accounting regulator Icai is considering making names of tainted auditors public information, in an effort to enhance transparency and repose public faith in the auditing community.
ICAI to update accounting norms for oil & gas industry
The Institute of Chartered Accountants of India (ICAI) will soon update the accounting norms for oil and gas industry to keep pace with the technological developments in the sector.
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