AUDIT AGENCIES
Sebi issues new guidelines to streamline operations of credit rating agencies
Markets regulator Sebi has issued new guidelines to streamline operations and enhance the ease of doing business for credit rating agencies. The circular introduces specific timelines for dealing with appeals made by companies regarding rating actions carried out during periodic surveillance of ratings.
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.
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 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.
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.
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).
Load More
