APEX AUDITORS
Found gross negligence by Byju's auditors: ICAI president
ICAI found gross negligence by auditors of Byju's. FRRB will review the conduct of auditors and take appropriate action. RBI barred Paytm Payments Bank from business. Byju Raveendran was removed from the board of Byju's.
Global audit framework for local bodies in the works: CAG
Apex auditors, including India's Comptroller and Auditor General (CAG) Girish Chandra Murmu, are developing an international framework for auditing regional and municipal bodies to assess their performance. India aims to host a conference in September to deliberate on a preliminary draft of auditing standards for such entities.
Chartered accountants from UK, Canada might be allowed to practice in India: ICAI president
Once the reciprocal system is implemented, the chartered accountants from the foreign countries will have to be registered with the ICAI, which will be regulating them.
NCLAT upholds NFRA’s power. What does it mean for auditors and larger financial sector
The NFRA can also recommend accounting and auditing policies and standards to the government for adoption. Before it was set up, the Institute of Chartered Accountants of India (ICAI) had, more or less, exclusive jurisdiction over disciplining the auditors. The Ministry of Corporate Affairs and regulators like Sebi have limited oversight over auditors.
Deloitte seeks review of apex court ruling allowing SFIO probe
The financial affairs of IL&FS Group came under scrutiny in 2018 after it defaulted on short-term and long-term debt obligations to the tune of Rs 91,000 crore. IL&FS Financial Services (IFIN) was audited by BSR, a KPMG-affiliated firm, in FY19 and jointly by BSR and Deloitte in FY18. Deloitte was the sole auditor of the firm in FY16 and FY17.
When auditors quit, you know things are not as projected: Congress on Adani issue
The Congress on Saturday hoped the SEBI report on Adani would answer the questions raised by Supreme Court's Expert Committee and wondered when will Prime Minister Narendra Modi break his silence on the issue. In May, the apex court had granted the Securities and Exchange Board of India (SEBI) time till August 14 to complete its probe into the allegations of stock price manipulation by the Adani group.
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IL&FS fraud case: Supreme Court allows SFIO to prosecute auditors
Setting aside the Bombay High Court’s April 2020 judgement that quashed criminal prosecution initiated against the two firms and their chartered accountants, a Supreme Court bench led by Justice MR Shah said the SFIO could proceed with its 2019 criminal complaint before a Mumbai court on its own merits.
CAG selected as external auditor of International Labour Organisation
Comptroller and Auditor General of India (CAG) has been selected as external auditor of the International Labour Organization (ILO), Geneva for a four-year term from 2024 to 2027, the apex auditor said in a statement on Thursday. Girish Chandra Murmu is the CAG.
SC allows ED to rely on forensic auditors' report for charge sheet against Unitech ex-promoters
On August 26 last year, the apex court had directed that the Chandra brothers be shifted from Tihar Jail in the national capital to Mumbai's Arthur Road Jail and Taloja prison in Maharashtra after the ED had said that they were conducting business from the jail premises in connivance with the staff.
Cabinet gives nod for MoU between ICAI, Polish Chamber of Statutory Auditors
According to the release, the MoU would help ICAI to strengthen the partnership with Poland by providing the export of services in the accountancy profession.
Union Cabinet clears signing pact between ICAI, CAAR
The Institute of Chartered Accountants of India (ICAI) is a statutory body. The CAAR was set up to regulate the audit profession in Azerbaijan. The signing of the MoU was cleared by the Cabinet, chaired by Prime Minister Narendra Modi.
Biggest gainers and losers: Apex Frozen rallies 20%; 4 Adani stocks hit lower circuit
The market is gearing up for June quarter results. Ahead of the onset of the earnings season, Apex Frozen and Power Mech soared 20 per cent, whereas Alankit tanked over 11 per cent.
New auditors: RBI clarifies on tenure, eligibility norms
The central bank on April 27, 2021, had issued a circular on 'Guidelines for appointment of statutory central auditors (SCAs)/statutory auditors (SAs) of commercial banks (excluding RRBs), UCBs and NBFCs (including HFCs)'.
ICAI says Reserve Bank's new auditor norms to enhance audit quality
In April, the Reserve Bank of India (RBI) came out with the norms for appointment of Statutory Central Auditors (SCAs) and Statutory Auditors (SAs) of commercial banks, Urban Co-operative Banks (UCBs) and Non-banking Financial Companies (NBFCs), including Housing Finance Companies (HFCs).
Government set to establish apex body for road safety
India has nearly 11% share of all road deaths in the world. The board with minimum three and maximum seven members will be headed by a chairman who must have held the post of secretary or equivalent post and the members must have worked at least in the rank of additional secretaries.
Fire in hospitals: States & UTs to report on implementation of safety guidelines, Centre to SC
The government has told the apex court that all states and UTs have been asked to send their action taken reports (ATRs) on the enquiry conducted by them on fire incidents that have occurred in hospitals or nursing homes in the last five years.
HC declines to extend Unitech promoter Ajay Chandra's interim bail
A trial court had on October 24, granted interim bail to Chandra for four weeks on grounds of illness of his wife who was stated to be suffering from COVID-19. Later the relief was extended till November 26.
Supreme Court irked over circulation of forensic auditors' report on Amrapali before filing
A bench of Justices Arun Mishra and U U Lalit said that it was taking "serious note" of the circulation of the report of forensic auditors among the lawyers even before it was submitted in the court and this should not have happened. It directed that the forensic report be kept in sealed cover.
MCA plans to move SC against IFIN auditors
The Centre plans to contest in the apex court a Bombay High Court ruling that disallowed a government petition that had sought to take action against Deloitte and KPMG-affiliate BSR & Associates LLP, auditors of the crisis-hit IL&FS Financial Services (IFIN).
ICAI to review Yes Bank’s financial statements
As far as the management of the enterprise is concerned, the FRRB would inform about any irregularity to the relevant regulatory body.
Auditor general detects financial irregularities of Rs 108 crore in NRC
Supreme Court monitored NRC exercise started in December 2013. The Office of Accountant General (Audit) had submitted to State Coordinator, NRC the inspection report of the office of State Coordinator, NRC for the period April 1, 2014 to December 3, 2017 with a request to furnish reply to the Inspection Report within one month.
SC stays SAT's order holding that Sebi lacks power to bar auditors
The SAT, in its order which set aside the ban on audit firm Price Waterhouse (PwC), had noted that SEBI does not have the power to bar auditors. Earlier, the SEBI had challenged SAT's decision to quash a two-year ban that was imposed on PwC in connection with the Rs 7,800 crore Satyam fraud.
PMC case: ICAI to check role of auditors
Taking note of the "enormity of the matter", the ICAI on Wednesday said it has triggered its disciplinary mechanism and has written to the bank as well as regulatory agencies concerned.
Rs 500cr farm income got I-T relief sans verification: CAG
The CAG asks I-T department to revisit cases where agricultural income excess set threshold.
A slew of systemic and cultural issues that threw top auditors off balance
Each day as clamour grows for strict action against auditors, the profession finds itself at a crossroads.
Amrapali's lawyers given flats & penthouses: Forensic auditors to SC
The bench said it is prohibited under the Advocates Act and no lawyers can accept the fees in kind.
ICAI withdraws announcement on auditor rotation after govt directive
On January 29, the ICAI issued a clarification on applicability of rotation of auditors under the Companies Act, 2013.
Amrapali submits Rs 5,647-crore property details in Apex Court
Amrapali also plans to sell properties in Vrindavan, Bhubaneswar, Bareilly, Indore, Jaipur, Udaipur, Raipur, Patna and Muzzafarpur, among other cities, worth Rs 1,193 crore.
CAG finds irregularities worth Rs 160 crore in Delhi government departments
CAG said the departments concerned accepted under-assessment and other deficiencies of Rs 1.45 crore and recovered an amount of Rs 4.68 lakh.
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