INSTITUTE OF INTERNAL AUDITORS
Found gross negligence by Byju's auditors: ICAI president
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.
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.
Global audit framework for local bodies in the works: CAG
Apex auditors, including India's Comptroller and Auditor General (CAG) Girish Chandra Murmu, are developing an international framework for auditing regional and municipal bodies to assess their performance. India aims to host a conference in September to deliberate on a preliminary draft of auditing standards for such entities.
Explained: 4 big changes Canada recently announced for international students
Canada has announced measures to restrict international students, including setting a cap on study permit applications, requiring a provincial attestation letter, extending the Post-Graduation Work Permit for master's degree graduates, limiting eligibility for public-private partnership college programs, and changing open work permit eligibility for spouses of international students.
In remote Canada, a college becomes a magnet for Indian students
In the surrounding city of Timmins, the servers at two new Indian restaurants do not ask customers how spicy they want their dishes. A shuttered bar named Gibby's has been reopened as a Sikh temple, or gurdwara, where students from the school, Northern College, gathered on a recent evening.
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Auditors’ foremost obligation is to uphold public interest: Larry Bradley, KPMG
In order to serve the most complex and sophisticated organisations globally, generating critical mass and capabilities across the entire world is essential. Focusing on building these capabilities is crucial to ensuring top-notch services, says Larry Bradley, Global Head of Audit for KPMG International.
Set high sustainability standards to enable reporting with integrated thinking
On June 23, one of the most path-breaking events in the world of sustainability reporting took place - the International Financial Reporting Standards (IFRS) Foundation launched its first two sustainability reporting standards, IFRS S1 and S2. A two-day conference filled with presentations and joint updates from the International Accounting Standards Board (IASB) and International Sustainability Standards Board (ISSB), two wings of IFRS Foundation, followed.
CAG will release more reports this year, explore new audit areas
India’s national auditor plans to explore new areas, including shipping and underwater extraction industries, to produce greater audit reports as it adopts digitalisation and data standardisation. Comptroller and Auditor General of India Girish Chandra Murmu noted that using drones and satellites had become integral to the process. The CAG had held a seminar with respective departments and ministries in this regard, which agreed to some level of standardisation.
G20 nations to set up international auditing rules for blue economy
A communique released after the conclusion of the Supreme Audit Institutions-20 (SAI20) Engagement Group meeting held in Goa from June 12-14 stated that the members had agreed to invest in capacity development on artificial intelligence within SAIs through targeted training in tools, technologies, and know-how for incorporating AI in audits and auditing AI frameworks.
SAI20 agrees to develop international auditing guidelines for Blue Economy
The members further agreed to invest in capacity development on artificial intelligence within SAIs through targeted training in tools, technologies, and know-how for AI audits and auditing AI frameworks.
CAG GC Murmu re-elected as external editor at WHO for another 4-year term
Comptroller and Auditor General of India (CAG), Girish Chandra Murmu, has been re-elected as External Auditor of the World Health Organization (WHO) for a four-year term from 2024 to 2027. CAG Murmu is already holding this position in WHO since 2019 for a four-year term -- 2019 to 2023.
Stocks in news: DMart, Adani Enterprises, DLF, Tata Motors, PVR
Adani Enterprises and Adani Transmission today announced that they would raise funds totalling Rs 21,000 crore through the qualified institutional placement (QIP) route.
Decoding the impact of automation on the audit industry and the evolving role of the auditors
Talking about the second aspect – role of auditors, the auditors have to constantly see how they can add value and go beyond just the transactions to more meaningful reports.
G20 members to deliberate on Blue economy and responsible AI at three-day meet
The Supreme Audit Institutions-20 meeting will focus on the Blue Economy and Responsible Artificial Intelligence. The meeting will be attended by delegates from G20 member countries, guest nations, and other International Organizations.
CAG selected as external auditor of International Labour Organisation
Comptroller and Auditor General of India (CAG) has been selected as external auditor of the International Labour Organization (ILO), Geneva for a four-year term from 2024 to 2027, the apex auditor said in a statement on Thursday. Girish Chandra Murmu is the CAG.
CAG, Auditor General of Maldives ink MoU to strengthen public finance audit
CAG of India and Auditor General of Maldives have decided to develop and strengthen respective institution's professional capacity and improve methodologies in the field of audit of public finance, an official release said on Monday.
Institutions oppose Vedanta’s resolutions
More than half of mining conglomerate Vedanta’s institutional shareholders voted against the passage of the company's audited financial statements for the year ended March 31, 2021, while nearly 70% of them voted against the appointment of three independent directors, including
Concept of joint audit has worked very well: Amarjit Chopra, ex-president, ICAI
"As per the new norms, there shall be joint audits in certain entities beyond a threshold. Can having two auditors or more instead of one impact the quality of audit? Certainly not. Having more than one opinion is always better," said Amarjit Chopra, past president of the Institute of Chartered Accountants of India.
How to improve the quality of audit in Indian companies
‘Audit’ is derived from the Latin word ‘audire’, or ‘to hear’. Recently, it is not the hearing ability but the smell test and the ability to observe that have been more in focus. The only common point of agreement among all stakeholders appears to be that the quality of audit must improve. Even auditors agree. So, how can auditing quality be improved?
CAG Girish Murmu appointed Chairman of UN Panel of External Auditors again
As the Chairman, the CAG of India plays a key role in achieving the Panel's objective of greater degree of collaboration and coordination, and exchange of information on audit methods and findings, among the Panel members, said an official statement.
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.
Deloitte and Institute of Risk Management launch platform for chief risk officers
Sebi could make it mandatory for top one thousand listed companies to have a risk committee.
India's CAG Murmu elected as External Auditor of Inter Parliamentary Union, Geneva
In recent past, he has been the External Auditor of World Food Programme, World Intellectual Property Organization, International Atomic Energy Agency, UN World Tourism Organization, International Organization for Migration, International Maritime Organization and Organization for Prohibition of Chemical Weapons.
Auditors feel companies may have to state coronavirus impact in accounts
Financial statements for Indian and multinational companies may have to reflect the impact of the coronavirus-related shutdown and disruptions, if any, on business operations, auditors have said.
Reliance Home investors plan more actions to recover dues
Complaints to the National Financial Reporting Authority (NFRA), the regulator of CA firms, are likely to cite failures of Grant Thornton and PwC in spotting irregularities, market sources said. Investors have also demanded a copy of the forensic audit conducted by Grant Thornton. PwC was the statutory auditor of Reliance Home Finance.
NFRA seeks client details from auditors
The audit regulator seeks info on audit processes, number of clients, non-audit work done for them and fees.
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.
IL&FS probe: NFRA seeks documents from auditors
Nearly 40 auditors including Deloitte, KPMG, EY have been asked to give hard copies, cloud access.
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