BSR
ICAI lens on big four affiliates over their association with global entities
The EY affiliate firm, SRBC & Co LLP spokesperson told ET that they will explore all issues raised in the order and explore options under the law including the appeal process. However, the problem is that the appellate tribunal, which is supposed to hear appeals, has not yet been set up by the institute. "The order focused only on procedural matters, not audit quality, and will not affect the future of the audit firms in any way" said a leading lawyer who works closely with Big Four firms on regulatory matters. Deloitte, KPMG, and PwC did not respond to the ET questionnaire on the matter.
Supreme Court issues notice to government on review pleas by Deloitte and BSR in IL&FS case
Deloitte in its review petition told the SC that the May decision failed to consider the provisions of the limited liability partnership (LLP) Act which says no vicarious liability can be fastened on the other partners in the case of alleged fraudulent acts. It further stated that its only three partners and a total team of 18 persons were involved in the IFIN audit and any default on their part cannot result in action against the entire firm, which has approximately 150 partners and employs around 4500 persons.
Top auditors stop offering non-audit work to clients
Top audit firms in India, including KPMG affiliate BSR & Affiliates and BDO affiliate MSKA & Associates, have stopped offering non-audit services to audit clients. This move aligns with the NFRA's strict stance on conflict-of-interest issues. EY affiliate SR Batliboi & Co is the only top firm still providing such services. This change comes amid global pressure for auditors to maintain independence and avoid conflicts of interest. The NFRA's regulations apply to Indian companies meeting certain thresholds.
Telangana polls: CM K Chandrashekhar Rao vs aspirant A Revanth Reddy vs wannabe giant killer K Venkata Ramana Reddy in Kamareddy
The chief minister had surprised many when he chose Kamareddy as his second seat in addition to his sitting Gajwal seat in the Siddipet district. A new dimension was added when sitting MP Revanth Reddy, fashioning himself as Congress' chief ministerial counter to Rao, too entered the fray - in addition to Kodangal in the Vikarabad district - thus making the Kamareddy contest a CM vs a wannabe CM.
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.
Pristyn Care auditor flags healthcare startup’s processes, internal controls
KPMG-affiliate BSR & Co, in its audit of Pristyn Care’s FY22 financials, pointed out that the company did not have internal controls to accurately determine prices charged to hospitals or patients.
ED raids premises of two former IL&FS auditors in money-laundering case
ED conducted raids at the premises of BSR and Associates and Deloitte Haskins and Sells in connection with a money-laundering probe into the alleged financial irregularities at IL&FS. IL&FS filed for bankruptcy in 2018 with an aggregate debt burden of over Rs 91,000 crore. The senior management at IL&FS allegedly caused illegal personal gains at the expense of the company by falsifying accounts and boosting the balance sheet.
Auditors' red flag in time could have averted many financial misdoings: NFRA chief
Emphasising that things work on trust, Ajay Bhushan Prasad Pandey said the NFRA should not be seen merely as an enforcement agency. "Only in extreme cases where violations of law are observed, the question of disciplinary proceedings arises."
Small sized loans of upto Rs 10 crores now account for 60% of bank loans, says RBI Dy Guv
Capturing the evolution of the financial landscape in the country over the past 50 years, Patra underscored that the patterns of financial intermediation are shifting. Industry has been a major recipient of bank credit but its share in total credit has come down from 60 per cent to 27 per cent during 1972-2022, broadly equal to that of services and retail loans
EY India's former audit chief Sudhir Soni to join KPMG
Soni used to head EY’s audit practice in India until September 2020 and was in charge of the firm’s audit affiliate SR Batliboi and Co LLP. Thereafter, he stepped aside and partner Arvind Sethi took over. Soni had remained as a senior auditor with the firm until August 2022, when he signed off.
Appointment of Deloitte as auditor of IFIN was illegal: NFRA
The regulator said that the firm was not eligible as the firm had a “business relationship” with IFIN. As per the current regulations auditors are not allowed to offer certain other services to the companies they audit. However, the way the regulations are worded it’s not crystal clear which services could be offered and which cannot be offered by an audit firm to its client.
KPMG Mauritius: Can SEBI's rules be imposed on auditors of overseas operations?
KPMG Mauritius had last month resigned as the auditor of UPL's Mauritius arm. Shares of the Mumbai-based company slumped as much as 9.40% the day after the announcement.
UPL tumbles 5% after KPMG resigns as auditor of Mauritius arm
“We hereby submit our resignation as auditors of UPL Corporation Limited with immediate effect. There are no circumstances connected with our resignation which we consider should be brought to the notice of the members,” KPMG said in its letter dated October 8 to the UPL subsidiary.
iPhone manufacturer Pegatron starts business operations in India
Pegatron has appointed BSR & Co as statutory auditors for the first year of operations ending March 31, 2021 while Akhilesh Bansal and Chui Tan Lin, chief operating officer of Pegatron Corp Taiwan, have been appointed directors of the India subsidiary, as per regulatory filings.
Appointment of BSR as an auditor of IFIN was illegal: NFRA report on IL&FS
ET had first written on July 17 about NFRA’s report on BSR and how the firm did not adhere to auditing standards. NFRA had then sought the KPMG India affiliate’s comments.
IL&FS Financial Services: NFRA finds lapses in 2017-18 statutory audit
New Delhi, Aug 17 () The National Financial Reporting Authority (NFRA) has found various lapses in the statutory audit of IL&FS Financial Services Limited for 2017-18 that was done by BSR & Associates LLP.
YES Bank health check: Deposits depleting, capital limits breached, bad loans surging
Excluding the extraordinary income, the lender reported a loss of Rs 3,668 crore in Q4.
IFIN case: Big win for Deloitte, BSR & Co
The Bombay High Court on Tuesday ruled the ministry of corporate affairs (MCA) cannot take action against auditors over their role in the alleged financial irregularities at IFIN in a major relief to Deloitte and BSR & Associates LLP.
IL&FS Engineering’s joint statutory auditor resigns
The company said the auditor cited reasons such as non-payment of fees for the year ended March 31, 2018.
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