AUDITED ACCOUNTS

PwC said in a statement to Reuters on Wednesday that Shanghai-based Li assumed the role of chairman of PwC China and Asia Pacific with effect from July 1, taking over from Raymund Chao who retired on June 30. The firm came under the Chinese regulato...

Government and ICAI collaborate to boost global accounting firm presence. Efforts include setting standards for insurance sector and LLPs, and reducing the time for voluntary company closure. ICAI President plans for CA firm aggregation in the near ...

The National Financial Reporting Authority (NFRA) is set to conduct its first annual inspection of eight audit firms, including the Big Five, to reveal its findings by October or November. The inspection will focus on auditors' processes and standar...

The opposition alliance demanded that the Election Commission of India (ECI) follow the laid out procedure, including counting postal ballots first and adhering to the Supreme Court's guidelines on counting a minimum five per cent of voter verifiabl...

NFRA chairman Ajay Bhushan Pandey emphasized the audit committee's responsibility in ensuring accurate financial statements, even if auditors fail in their duty. He highlighted the need for meaningful communication between audit committees and audit...

China is set to impose a record fine on PricewaterhouseCoopers LLP and may suspend some of its local operations due to its involvement in a major financial fraud case with China Evergrande Group. The Ministry of Finance is expected to announce the p...

IIFL Finance extends announcement of quarterly earnings beyond May 30 due to RBI audit, anticipates releasing results by June 30.

The regulatory outreach could involve the NFRA's engagement with audit panels, independent directors, chief financial officers and others on the boards of these companies, said one of the persons. The regulator is close to finalising a framework to ...

The National Financial Reporting Authority (NFRA) has penalized two auditors with fines totaling Rs 2.5 crore for professional misconduct and auditing lapses in the Reliance Commercial Finance case for FY2018-19. It imposed a Rs 2 crore fine on Shri...

Despite a Delhi High Court stay, the Institute of Chartered Accountants of India (ICAI) has published orders penalizing two PwC affiliate partners. PwC had obtained a stay against ICAI's disciplinary action, challenging fines and membership removal....

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...

Income tax filing: Are you an individual or Hindu Unidivided Family who have income from business or profession and do not want to opt for presumptive taxation scheme? Then you may need to file ITR-3. To help you file ITR-3 easily, the income tax de...

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 (I...

Several top executives of the three companies and auditors associated with some of them now face criminal charges due to the irregularities. Additionally, both auditors and their firms are undergoing disciplinary procedures. Meanwhile, the new leade...

The Securities and Exchange Commission (SEC) charged auditing firm BF Borgers and its owner, Benjamin F. Borgers, with "massive fraud" for deliberate failures in over 1,500 audits. Despite being hired by Trump Media and Technology Group just 37 days...

The Institute of Chartered Accountants of India (ICAI) has found three EY India affiliate entities guilty of professional misconduct and reprimanded two partners for breaches of the Chartered Accountants Act. The entities were charged for their deal...

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.

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 n...