CERTIFIED INTERNAL AUDITOR
Hindujas seek more time from NCLT to pay Reliance Capital lenders
Hinduja Group, which acquired Reliance Capital, has submitted an application to the National Company Law Tribunal (NCLT) for more time to make final payments to lenders. The group cited delays in obtaining approval from the Department for Promotion of Industry and Internal Trade for foreign investment as the reason for the request. IIHL, a firm of Hinduja Group, won the bid for Reliance Capital in October 2023 and has received almost all necessary approvals.
PwC in major accounting scandal? China may impose record fine on PricewaterhouseCoopers over Evergrande auditing work
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 penalties soon, with a potential fine of at least 1 billion yuan. This move comes amidst heightened scrutiny on financial risks in China, with President Xi Jinping emphasizing the need for stronger financial oversight. PwC's Chinese arm, PricewaterhouseCoopers Zhong Tian LLP, was Evergrande's auditor during the period in question and has faced challenges in other jurisdictions as well.
Faced with RBI audit, IIFL Finance delays Board meet for earnings release
IIFL Finance extends announcement of quarterly earnings beyond May 30 due to RBI audit, anticipates releasing results by June 30.
The Canadian government’s struggles with outsourcing software development
This week, as federal officials announced measures to tighten oversight of government procurement, particularly for software services, they said that the government had asked the Royal Canadian Mounted Police to investigate 5 million dollars in invoices from three software contractors as potential frauds.
How do you make 6.3 crore MSMEs globally competitive? A scheme takes a shot
The Zero Defect Zero Effect Scheme has helped small manufacturers get wider recognition in domestic and international markets. But the scheme needs more publicity and involvement of domain experts to realise the ‘Make in India’ goal — especially as a similar scheme for services is on cards.
TVS Motor inducts two new independent directors
The two new board members are Chennai-based Sanmar Group’s chairman Vijay Sankar, and Shailesh Haribhakti of Shailesh Haribhakti & Associates, the company said in a press release.
- Go To Page 1
Diamond trade polishes its act as Russia sanctions loom
As European capitals prepare to implement long-awaited sanctions on Russia's diamond exports, Belgian traders are bracing for new scrutiny of their industry. If traders are now seen helping Russia evade sanctions to keep financing its invasion of Ukraine, the shine may come off diamonds once again.
Razorpay’s ‘reverse flip’ to India may entail $300 million tax payment in US
Razorpay will seek clearance from the National Company Law Tribunal (NCLT) in the next two months to merge its American holding company with its India unit. It would then also officially appoint an auditor for the valuation discussions.
Byju’s CFO quits; Flipkart’s Big Billion sale numbers
In another blow to edtech Byju’s, its chief financial officer, Ajay Goel, is leaving after seven months at the company. This and more in today’s ETtech Morning Dispatch.
Deloitte focused on quality of growth: N Venkatram, CEO, Deloitte India
In a chat with Vinod Mahanta, Venkatram, who ends his tenure on March 31, spoke about losing 617 clients during audit rotation, dealing with the IL&FS fraud, transitioning from an audit-heavy firm to a multi-dimensional, full-service firm, and his take on the EY split.
Bankers turned billionaires for an instant, then came 89% crash
Magic Empire Global Ltd., which provides underwriting and advisory services and has helped just one company go public in two years, soared as much as 6,149% since debuting in the US on Friday, giving it a market value of $5 billion at one point.
EY to pay $100 million to settle U.S. charges of staff cheating on accountant exams
"EY acknowledges the findings determined by the SEC," said Brendan Mullin, EY media relations director, adding that the firm's response has been "thorough, extensive and effective."
Sebi comes out with new format for security cover certificate, revises timeline
In addition, Sebi has revised timelines of submission of security cover certificate, valuation report and quarterly compliance report, and regulatory compliance by debenture trustees.
Sebi asks bourses, MIIs to submit info on major non-compliances in systems, network audit
The systems and network audit report will be placed before the governing board of the MII concerned.
Institute of Internal Auditors offers fast track internal auditor certification
The certification enhances domain knowledge in the areas of governance, risk, and internal controls and is expected to provide global job opportunities to certified professionals.
Government makes changes to Interest Subvention Scheme for MSMEs
MSME minister Nitin Gadkari on Monday reviewed the scheme, which was launched by Prime Minister Narendra Modi in November 2018, ahead of the LokSabha elections in May this year. As part of access to credit, Modi announced 2% interest subvention for all GST registered MSMEs on fresh or incremental loans.
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.
Trai notifies panel of auditors to certify telco billing, metering systems
It has set a November 22 deadline for telecom companies to engage any one of the 12 empanelled auditors for certifying their metering and billing systems during FY19.
Religare’s new auditors pull up PW over 'Unmodified Report'
When an auditor files an unmodified report, it is certifying that the company’s financials were fairly and accurately presented.
Flawed Delhi, Mumbai airport pacts caused Rs 43 crore loss to AAI: CAG
Airports Authority of India (AAI), which is a partner in the joint ventures operating Delhi and Mumbai international airports gets a share of revenue from them.
CAG finds deficiencies in drinking water scheme implementation
A performance audit during the period 2007-12 showed that planning was deficient as the annual plans were approved after delays.
Government to take penal action against PSU banks’ auditors
CAG on Tuesday said 8.5% of the 80,299 farmer accounts audited were found to be ineligible for the Agricultural Debt Waiver and Debt Relief Scheme.
KG-D6 reserves were certified independently: Reliance Industries Ltd
Reliance Industries today refuted suggestions that it may have inflated KG-D6 gas reserves, saying they were certified independently.
Audit firms like E&Y, PwC and Protiviti Consulting ramp up hiring for internal audit and risk advisory functions
With economic cycles increasing the risk of fraud, companies are ramping up their internal audit and risk advisory functions.
Auditors, too, should blow the whistle: Richard F Chambers, President & CEO, The Institute of Internal Auditors
The global financial crisis in 2008 has largely been attributed to failures in risk management, especially in the financial services sector.
Shashi Tharoor got $30k in Dubai account for CWG services: CAG
The Commonwealth Games Organising Committee paid $30,000 (Rs 13.5 lakh) to former minister of state for external affairs Shashi Tharoor for attending the OC office for 12 days.
Loan end-use tracking to begin soon: ICAI
Banks pressure to speed up exercise is the reason for poor monitoring, say auditors.
Price Waterhouse to defend its role as auditor
PwC said an auditor should not be held responsible for tracking down ingenious & carefully-laid fraud schemes in co. Accounting scandals | Satyam: Full Coverage
Satyam: Investigators look into the role of internal audit team
Investigating agencies are examining role of 30-odd member internal audit team, even as board has named Chennai based Brahmayya & Co. Raju plays tough
Load More
