AUDIT AGENCIES
Petition in SC seeks highest level structural audit of all existing, under construction Bihar bridges
A petition filed in the Supreme Court urges the Bihar Government to conduct a top-level structural audit of all existing and under-construction bridges in the state. Triggered by frequent bridge collapses, the plea seeks the demolition or retrofitting of weak structures and calls for real-time monitoring and a permanent expert body for oversight.
Centre notifies rules under anti-paper leak law, mandates NRA to prepare SOPs for tests
The Indian government has released rules under the Public Examinations (Prevention of Unfair Means) Act, 2024, which mandates the National Recruitment Agency (NRA) to prepare norms, standards, and guidelines for computer-based tests. The Act, passed by Rajya Sabha and Lok Sabha, aims to prevent unfair means in public examinations conducted by various public bodies.
View: Some suggestions for systemic improvements to minimise, or stop, future NEET-NET-type leaks
Recent events have put the National Testing Agency (NTA) under scrutiny due to the leakage of the NEET-UG test paper, impacting admission to medical colleges. With over 2 million students taking the NEET exam annually for around 1 lakh competitive seats, the stakes are high for career-defining opportunities.
Mend, don't throw away the safety NTA
Fixing NTA will also require regaining public trust. The committee must engage with stakeholders as well as experts, who can provide guidance on creating fail safes to localise and minimise impacts should the system be breached. Options for leveraging technology to improve the process and system - drawing on successful practices of similar organisations like ETS in the US - should be on the agenda.
RBI's special audit over, IIFL Finance appoints team to implement corrective actions
IIFL Finance, under scrutiny by the RBI for irregularities in its gold loan portfolio, has taken corrective actions to address concerns. RBI directed the company to halt new gold loans due to supervisory concerns and deviations in gold assessment. The company raised capital through rights issues and NCDs to mitigate risks and reported a net profit in Q4.
Donald Trump may owe $100 million from double-dip tax breaks, audit shows
The New York Times and ProPublica revealed that Donald Trump employed a questionable accounting tactic to claim improper tax breaks on his Chicago tower, facing a potential $100 million+ tax bill. In recent months, Trump has also been ordered to pay $83.3 million in a defamation case and an additional $454 million in a civil fraud case brought by New York Attorney General Letitia James.
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K-Pop giant HYBE accuses subsidiary agency ADOR’s CEO Min Hee Jin of embezzling ‘hundreds of millions of won’
The ongoing conflict between K-pop powerhouse HYBE and its affiliate agency ADOR has a fresh development! HYBE has leveled allegations against ADOR's CEO, Min Hee Jin, asserting that she encouraged an employee to engage in embezzlement totaling "hundreds of millions of won" by subcontracting work to multiple companies. Furthermore, HYBE contends that the employee in question continued to receive substantial payments from advertisers without informing HYBE of these transactions.
A 6-step guide to assess corporate governance for retail investors
The separation of management and ownership within the company structure gives rise to an agency problem — the conflict of interest between the company's management and its stockholders.
SFIO chargesheet sparks summons on 2013 'fraud'
A court case unfolds a decade after the Winsome scam, involving Jatin Mehta's family, BLS, and fraudulent activities with UAE clients. The case includes criminal conspiracy, breach of trust, and corporate law violations.
Corporate affairs ministry bats for effective cost audits to curb corporate frauds
Corporate Affairs Ministry highlights the importance of cost audits in preventing manipulation by companies, such as misleading banks and evading taxes like GST. Compliance with the Companies Act, 2013 is crucial for monitoring cost records.
BTS’s agency HYBE claims ADOR CEO Min Hee-jin consulted a shaman to perform black magic and make BTS enlist for military service
Heejin had sought advice from the shaman on matters including company restructuring, recruitment of new employees, and more. The shaman had pledged to support her for three years and assured her that she would eventually take control of ADOR. HYBE had ordered Min Hee-jin to provide a statement on these leaked chats. However, she has not issued a statement yet.
BTS agency HYBE launches audit of New Jean’s company ADOR; ADOR CEO Min Hee Jin says parent company ripped off concept of her hit girl group
The clash between the two K-Pop firms began when HYBE initiated an inquiry into ADOR's audit after receiving reports that Min Hee Jin, ADOR's CEO, had sought independence. HYBE called for a shareholders' meeting to hold ADOR's management responsible and select a new director for the organization.
Shrimp exporters follow robust regulatory, safety regime; aim exports worth Rs 1 lakh crore: Official
Indian shrimp exporters prioritize quality and safety, aiming to boost exports to Rs one lakh crore. Strict regulations and audits ensure adherence to world-class standards for supplying marine products to developed markets.
CAG's 2017 report pointed out serious irregularities by Martin
The decision to hold a CAG audit was taken by the Union home ministry in 2015 following rampant complaints of corruption and violations in online and offline lottery by major players, including Martin. "The marketing agents (MA) have cornered 98.60% of sale proceeds of lotteries while the state could receive a meagre 1.40% of sale proceeds, during the audit period 2010-2016," the C&AG report stated.
FAA audit of Boeing's 737 Max production found dozens of issues
The air-safety regulator initiated the examination after a door panel blew off a 737 Max 9 during an Alaska Airlines flight in early January. Last week, the agency announced that the audit had found "multiple instances" in which Boeing and the supplier, Spirit AeroSystems, failed to comply with quality-control requirements, though it did not provide specifics about the findings.
CBI chargesheets 88 in 2022 HP Police Constable recruitment examination paper leak
It alleged that multiple organised gangs in Bihar, Uttar Pradesh, Himachal Pradesh, Uttarakhand, Delhi and Haryana were allegedly part of the conspiracy as were several individuals running coaching institutes in Nalanda (Bihar), Kangra (HP), Rohtak (Haryana), Delhi and Jammu.
Pakistani ex-Prime Minister Khan wants the IMF to link talks to an independent audit of the election
Imprisoned former Pakistani Prime Minister Imran Khan is writing to the IMF, urging a link between talks and an election audit. His party alleges the election was rigged. This move comes before the IMF releases a bailout installment. Khan's rivals claim he tried to block IMF funds, harming Pakistan's economy. Meanwhile, Shehbaz Sharif's PML-N has emerged as the largest party, forming a coalition government. Khan's PTI wants an independent audit of the election before IMF talks continue.
Report on audit at Byju's soon: ICAI Chief
The Financial Reporting Review Board (FRRB) of the Institute of Chartered Accountants of India (ICAI) is finalizing its report on the standards and processes followed by the auditor of Byju's, a prominent edtech company. Ranjeet Kumar Agarwal, the new President of ICAI, stated that the report will be the basis for the institute's next steps regarding the matter. The crisis at Byju's emerged following the resignation of three directors and its auditor, Deloitte, due to delays in announcing financial results.
Bandhan Bank cooperating with NCGTC audit on microloans, confident about claim settlement
According to the Kolkata-headquartered bank, it claimed and received an amount of Rs 917 crore from the National Credit Guarantee Trustee Company Ltd (NCGTC) in December 2022, as only 15 per cent of the insured amount can be sought. Subsequently, the bank made a claim of Rs 1,296 crore in the second quarter of the current financial year, which is also lower than the maximum eligible amount of Rs 3,120 crore.
AIIMS-Delhi starts 'Smart Card' facility to cover all departments; no cash payment from April
The All India Institute of Medical Sciences (AIIMS) said that no cash payment will be accepted at any counters other than the 'AIIMS Smart Card' top-up counters. According to the order other than electronic payments via UPI, debit cards, credit cards, etc., 'AIIMS Smart Card' will be the only way to make payments for all investigations and procedures.
ABG Shipyard case: EY Partner, 21 top bank officials among ED witnesses
EY had carried out a forensic audit of ABG Shipyard on the instructions of a consortium of 28 banks, which had alleged diversion of funds that they had lent to the Gujarat-based shipbuilder.
Centre plans security audit of 72 sensitive govt buildings following Parliament breach
In response to the recent security breach at the Parliament, the Indian government plans to conduct a security audit of 72 sensitive government buildings, including prominent ones like North Block, South Block, Shastri Bhawan, Udyog Bhawan, Vigyan Bhawan, and Jawahar Lal Nehru Bhawan. These buildings have been categorized into three groups based on sensitivity.
Bandhan Bank issues clarification on audit, says loan claims under audit by govt agency
Bandhan Bank has clarified that the National Credit Guarantee Trustee Company is conducting an audit of its loan claims under a guarantee scheme. The bank clarified that the regulator has not initiated an audit of the bank, but only the CGFMU claim pertaining to the portfolio. The bank applied for a second tranche of around Rs 1,290 crore after receiving the first tranche of recovery from the Credit Guarantee Fund of Micro Units (CGFMU).
Big Four network and others under scrutiny over audit services
The National Financial Reporting Authority (NFRA) is investigating audit and non-audit services provided by the Big Four and other firms to clients. NFRA has raised concerns about conflict of interest and independence issues, leading to disciplinary actions. Violations include exceeding the revenue limit for non-audit services and breaching the cap on revenue from a single client.
Fedders Electric case: Sebi restricts 5 persons from securities market; imposes over Rs 4-cr fine
Capital markets regulator Sebi has imposed a penalty of over Rs 4 crore on five former officials of Fedders Electric and Engineering Ltd (FEEL) and barred them from the securities market for two years in a case of malpractices and manipulations in the company's accounts.
Silkyara tunnel project to continue after safety audit, repair of broken structure: Official
The Silkyara tunnel project in Uttarakhand, a part of the 900-km 'Char Dham Yatra All Weather Road,' will continue after a safety audit and repair of the collapsed structure, according to a senior road ministry official. The tunnel is a crucial element of the Rs 12,000-crore project aiming to provide all-weather connectivity to four holy towns in Uttarakhand.
Air India, SpiceJet among six airlines to complete IATA’s risk-based audit
Six airlines, including SpiceJet and Air India from India, have successfully completed the risk-based approach audit by the International Air Transport Association (IATA), the world's largest trade group of global airlines. The other airlines that completed this audit are American Airlines, British Airways, LATAM, Luxair, and Qatar Airways.
Congress raises report on Adani Group's auditor facing NFRA scrutiny, Group says all compliance met with
Senior Congress leader Jairam Ramesh has criticized the Adani Group, stating that there is something wrong with the conglomerate. This comes after a report by Bloomberg revealed that one of Adani's auditors is being investigated by India's accounting regulator. Ramesh highlighted a series of events, including auditors resigning and concerns flagged about financial transactions.
Adani auditor EY faces inquiry by India’s accounting regulator
The National Financial Reporting Authority (NFRA) in India has launched an inquiry into EY member firm S.R. Batliboi, one of the longtime auditors of the Adani Group, according to sources. NFRA has requested files and communications related to the audits of Adani Group companies dating back to 2014. It is unclear how long the inquiry will take or what consequences it may have.
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