NATIONAL FINANCIAL REPORTING AUTHORITY
Flood situation prevails in Assam's Kaziranga National Park as water rises considerably
Following days of heavy rainfall, a flood situation has emerged in Assam's Kaziranga National Park, inundating 167 camps. Park official DFO Arun Vignesh confirmed the rise in water levels and the evacuation of eight camps. The floods in Assam have claimed 38 lives, affecting over 11.34 lakh people in 28 districts. Majorly impacted areas include Lakhimpur, Darrang, and Golaghat. The Assam State Disaster Management Authority reports that 42,476.18 hectares of crops and 2,208 villages have been submerged in the second wave of floods. Local efforts are underway to manage the crisis.
FATF lauds India efforts to combat laundering and terrorist financing
The Financial Action Task Force (FATF) has recognized India's achievements in combating money laundering and terrorism funding. The MER, adopted in Singapore, places India in the'regular follow-up' category, a distinction shared by only four other G20 countries. The MER assessed India's measures and compliance with FATF norms.
NHAI sets up dedicated cell to review detailed project reports of national highways
The NHAI has established a DPR cell at its headquarters in New Delhi to meticulously review detailed project reports for national highway projects, aiming to ensure high construction standards, cost efficiency, and timely completion. This dedicated cell, comprising around 40 professionals with expertise in various domains, will harmonise the review process and guarantee the preparation of quality DPRs before project execution for uniformity and project success.
Kuwait to give USD 15,000 compensation to kin of Mangaf fire victims: Report
The Kuwaiti government will give USD 15,000 each as compensation to the families of the victims of the devastating fire that killed 50 people, including 46 Indians, in the southern Ahmadi Governorate, according to a media report. The massive fire which occurred at a seven-storey building in the city of Mangaf on July 12 was caused by an electrical short circuit in the guard's room on the structure's ground floor, according to Kuwaiti authorities.
First NFRA annual report on eight audit firms by November
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 standards, revealing how NFRA plans to strengthen the country's audit and accounting ecosystem to combat corporate frauds and uphold shareholders' interests in a rapidly growing economy.
Audit panels of companies can’t escape blame by citing auditors’ failure: NFRA chief
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 auditors, stating that it should not be a mere formality. Pandey's remarks come as the NFRA plans to engage with large listed companies to promote accounting standards and curb corporate frauds. This regulatory outreach is part of efforts to protect retail stock investors, a focus highlighted by Finance Minister Nirmala Sitharaman.
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.
Got your Canada Student Visa? Here's what you need to do next
After submitting a Canada student visa application, receiving approval is followed by obtaining a letter of introduction for entry, travel authorization, and presenting necessary documents at the border for a smooth entry.
Govt blacklists 8 principal entities in fresh strike down on SMS scammers
The Department of Telecommunications (DoT), in collaboration with the Ministry of Home Affairs (MHA), has taken this decisive action to protect citizens from potential SMS fraud through the Sanchar Saathi initiative, the government said in a statement Monday.
NFRA to engage with some big listed companies on audit compliance
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 hold such huddles and may invite listed companies, where large public interest is involved, for such meetings, according to another person.
Indians lost over ₹1,750 crore to cyber fraud in first four months of 2024
According to Indian Cyber Crime Coordination Centre (I4C), on an average 7,000 cybercrime complaints were registered per day in May 2024, a jump of 113.7% between 2021-2023 and 60.9% from 2022-2023, and 85%of them were financial online frauds.
Road Ministry against hike in project lending rates, bats for status quo
"RBI, as a regulator, will have to create that balance to ensure financial viability of road projects does not take a hit," an official said. The central bank earlier this month proposed tighter norms, requiring lenders to allocate 5% of the project loan amount as general provisions during the construction phase, up from 0.4% provisions now.
Demand for skilled blue-collar workers from India goes up by 25 pc in UAE: Report
The report by Huntr is based on quantitative surveys with qualitative interviews with 1,00,000 blue workers enrolled on the platform from May 2023-April 2024 compared to the corresponding period of the previous year. It further stated that the UAE's thriving industries, such as technology, healthcare, construction, manufacturing, and logistics, are driving the demand for skilled Indian blue-collar workers.
NFRA imposes Rs 2.5 crore fine on two auditors in Reliance Commercial Finance case
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 Shridhar & Associates and Rs 50 lakh on Ajay Vastani, along with a 5-year ban on Vastani from undertaking audits. The penalties were issued following a report of suspected fraud and inadequate audit procedures by the auditors.
Band ho Jaa SIM SIM: Govt targets cyber thieves
On May 9, the Department of Telecommunications (DoT) had asked telcos to disconnect 28,220 mobile handsets and re-verify over two million mobile connections misused with these handsets.
Fraud, crypto & wallet: A virtual hold for a real crime
Soon after a transaction by a scammer or the use of a mule account to purchase cryptos is tracked, the virtual digital assets (VDAs) can be moved to the proposed special account which would be under the control of a law enforcement agency (LEA).
MHA warns against cybercriminals posing as police officials
The Union home ministry warns against cyber fraud by criminals posing as law enforcement agencies, leading to financial losses for victims. Fraudsters use various tactics, including 'digital arrests', and impersonate government bodies like CBI and RBI. The fraud is part of online economic crime by syndicates.
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.
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.
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