STATUTORY AUDITOR
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 standar...
19 Jun, 2024, 01.05 AM ISTAudit 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 audit...
31 May, 2024, 10.23 PM ISTRBI tells money changers to avoid build-up of idle foreign currency balances “Data of such sale and purchase should be maintained and made available for audit / inspection,” the RBI said. Central bank norms allow full fledged money changers to obtain their normal business requirements of foreign currency notes from other ful...
27 May, 2024, 06.20 PM IST- ADVERTISEMENT
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 Shri...
20 May, 2024, 05.56 PM ISTAuditor of Zomato subsidiaries resigns The food tech platform's auditor Deloitte Haskins & Sells has been appointed in its place to make the audit process more efficient.
12 May, 2024, 04.24 PM ISTNFRA penalises 3 auditors in Reliance Home Finance case NFRA penalizes audit firm and auditors Rs 1.6 crore for Reliance Home Finance audit misconduct. Issues with risk assessment, fraud suspicion, and compliance highlighted. Lack of quality standards and objective review mentioned.
30 Apr, 2024, 03.28 PM ISTNFRA takes action against auditors of Reliance Capital for lapses and fraud NFRA has penalized Pathak HD & Associates, and banned its partners, in Reliance Capital case after lapses in statutory duties and ethical violations were noted.
15 Apr, 2024, 10.42 AM ISTInfo Edge March 2023 quarter billings up 3.5 pc to Rs 827 cr Recruitment Solutions billing grew by 7.18 per cent during the quarter to Rs 625.4 crore from Rs 583.5 crore in March 2023 quarter.
07 Apr, 2024, 07.53 PM ISTFound 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.
13 Mar, 2024, 05.32 PM ISTTop 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 aff...
11 Mar, 2024, 12.43 AM ISTNFRA debars auditor for lapses in books of Maharashtra-based Bilcare The National Financial Reporting Authority (NFRA) has debarred auditor Ratan Laxminarayan Rathi of RL Rathi & Co for two years and imposed a penalty of Rs 3 lakh for professional misconduct in the audit of Bilcare. The financial statements of Bilcar...
22 Feb, 2024, 09.56 PM ISTBBC ex-staffers' firm collective newsroom ropes in MSKA & Associates as statutory auditor Four BBC staff members-Rupa Jha, Mukesh Sharma, Sanjoy Majumder, and Sara Hassan-left the company on December 12 and formed Collective Newsroom to allow BBC World Service India to comply with the 26% limit on foreign ownership in India.
17 Dec, 2023, 11.58 PM ISTNCLAT upholds NFRA penalty on DHFL auditors The National Company Law Appellate Tribunal has upheld the penalty imposed by the National Financial Reporting Authority (NFRA) on auditors of Dewan Housing Finance Corporation Ltd (DHFL). The NFRA had fined 18 DHFL auditors Rs 1 lakh each, with 14 ...
02 Dec, 2023, 07.13 PM ISTAdani Ports appoints BDO auditor after Deloitte quits Professional services firm, MSKA Associates, will take over as the statutory auditor of Adani Ports & SEZ (APSEZ) following Deloitte's resignation, which was prompted by differences over several transactions with APSEZ management. MSKA & Associates ...
13 Aug, 2023, 06.33 AM ISTPaytm Payment Services auditor PwC resigns, SR Batliboi takes over PwC was supposedly appointed as auditors for PPSL until its AGM in 2026, which has now been cut short.
07 Aug, 2023, 11.17 PM ISTPwC resigns as auditor of Paytm Payments Services Limited Price Waterhouse Chartered Accountants Llp (PWC) has resigned as auditor of Paytm Payments Services Limited (PPSL) from August 7, 2023, due to changes in auditors at the holding company level. PPSL has announced the appointment of S.R. Batliboi & As...
07 Aug, 2023, 09.56 PM ISTEKI Energy to remove statutory auditors Walker Chandiok In February 2023, auditor Walker Chandiok & Co LLP expressed significant concerns regarding the internal financial controls of the company. Their report highlighted the existence of "material weaknesses" within the company's financial control system...
15 Jul, 2023, 12.52 PM ISTExercise professional scepticism while evaluating fraud at cos: NFRA tells auditors Reiterating various provisions under the company's law and auditing standards, NFRA stressed that a "statutory auditor shall exercise his/her own professional scepticism while evaluating fraud and need not be influenced by legal opinion provided by ...
26 Jun, 2023, 10.27 PM ISTEdtech giant Byju's trouble deepens, Deloitte resigns as statutory auditors Byju’s auditor Deloitte Haskins resigns citing delay in FY22 financial statement, edtech names replacementEdtech giant Byju's trouble deepens, Deloitte resigns as statutory auditors
22 Jun, 2023, 09.21 PM ISTNFRA imposes fine, bans auditors for 1 yr for misconduct in audit of DHFL branches As per the order, NFRA's investigation revealed that the appointment of none of the 33 branch auditors was approved at the Annual General Meeting (AGM) of DHFL, as required by the Companies Act. According to NFRA, the auditors also portrayed themsel...
15 Apr, 2023, 06.25 PM IST