STATUTORY CENTRAL AUDITORS
RBI deputy guv flags concerns over quality of disclosures by some NBFCs
RBI Deputy Governor M Rajeshwar Rao, at the Conference of Statutory Auditors and CFOs of Commercial Banks, urged better NBFC disclosures, emphasizing SICR and ECL reporting. Principle-based regulations should reflect economic reality for REs. He highlighted the auditor's role in fostering depositor trust and achieving financial stability through transparent financial statements and robust audit practices.
CFOs, auditors must follow regulations in letter and spirit says RBI
RBI emphasizes the importance of CFOs guarding against fraudulent transactions and misuse of internal accounts. Auditors advised to enhance cybersecurity measures and scrutinize business decisions. Future audit expectations include addressing climate risks and technology challenges.
Banking sector in good financial health to support growth: RBI dy guv
The banking sector in India has reached a decadal high in terms of financial parameters and is poised to support the country's economic growth, said Reserve Bank deputy governor Swaminathan J on Tuesday. He was speaking at a conference attended by statutory auditors, chief financial officers of commercial banks, and all Indian financial institutions.
RBI 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 full fledged money changers and authorised dealers in India.
EKI 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 systems, and raised doubts about the accuracy and completeness of its financial statements.
CBI court orders probe into Jharia coal block bids
The court has also directed the Central Bureau of Investigation (CBI) to probe "other aspects" and alleged involvement of some officials in favouring the three entities by declaring them eligible to bid for the coal block in Jharia coal fields despite them not submitting requisite documents.
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View: Why it's time for the PSU mollycoddling to end
Listed entities in the private sector have learnt well over time the need for regulatory oversight and discipline. They have also benefited tremendously by raising funds from the market. Some have even successfully ventured to get their American depositary receipts (ADRs)/global depository receipts (GDRs) listed in foreign jurisdictions.
Auditors shifting out of jobs at financial companies to comply with new RBI guidelines
As per Prime Database, more than 30 auditors have already rotated out from their assignments citing the RBI guidelines and multiple auditors have told ET that scores of such conversations are on with audit committees and a spate of resignations can be expected over the next month or two.
SRBC, part of EY India, resigns as auditor of IL&FS citing RBI regulations
This comes on the heels of a report by the audit regulator, National Financial Reporting Authority (NFRA) which, in its audit quality review report in the case of IL&FS Transportation Networks Limited (ITNL), had pulled up SRBC & Co and said that appointment of the firm was “illegal and void” under the standards of auditing (SAs).
Dhanlaxmi Bank shareholders reject appointment of statutory auditor
The shareholders rejected the proposal of appointment of statutory auditors P B Vijayaraghavan & Co, Chartered Accountants, Chennai with 65.44 per cent votes cast against the ordinary resolution, Dhanlaxmi Bank said in a regulatory filing, disclosing the scrutiniser's report of the postal ballot.
CBI needs to have statutory status Like EC, CAG: Madras High Court
"Caged parrot" was a term used by a bench headed by the then Chief Justice of India RM Lodha to describe the CBI in 2013, when a Congress-led coalition was in power. The top court had then observed that the "CBI is a caged parrot speaking his master's voice".
Federal Bank shareholders approve re-appointment of Shyam Srinivasan as MD & CEO
The decision was taken in the 90th Annual General Meeting of shareholders of Federal Bank which was conducted through video conferencing on Friday.
New auditors: RBI clarifies on tenure, eligibility norms
The central bank on April 27, 2021, had issued a circular on 'Guidelines for appointment of statutory central auditors (SCAs)/statutory auditors (SAs) of commercial banks (excluding RRBs), UCBs and NBFCs (including HFCs)'.
Guidelines on auditors to help streamline appointments: RBI
“These guidelines will also help in streamlining the procedure for appointment of statutory auditors across all the regulated entities and ensure that appointments are made in a timely, transparent and effective manner,” the RBI said.
Industry bodies urge RBI to put off new audit rules
Confederation of Indian Industries (CII), Assocham, and Finance Industry Development Council (FIDC) have all written to the central bank about the problems companies would face in implementing the proposed regulations for appointment of statutory auditors.
RBI's new norms to help enhance audit quality, transparency, add value: Experts
In April, the Reserve Bank issued a circular putting in place the new norms for appointment of statutory central auditors and statutory auditors for commercial banks, large urban co-operatives and large non-banks and housing finance companies.
Big 4-Indian auditors spat over new RBI guidelines turns ugly
The spat between the Big Four professional services firms and Indian auditors over the new RBI guidelines for appointments of statutory auditors has turned nasty with both sides accusing each other of serving self interest and trying to mislead key stakeholders.
ICAI says Reserve Bank's new auditor norms to enhance audit quality
In April, the Reserve Bank of India (RBI) came out with the norms for appointment of Statutory Central Auditors (SCAs) and Statutory Auditors (SAs) of commercial banks, Urban Co-operative Banks (UCBs) and Non-banking Financial Companies (NBFCs), including Housing Finance Companies (HFCs).
RBI's norms pit Indian auditors against MNCs
On April 27, the central bank had issued guidelines for appointment of statutory auditors in commercial banks, non-banking financial companies and housing finance companies that included a cap on the number of audits by an audit firm, joint audits in some businesses, a cooling off period, non-audit restrictions, and a reduced three-year audit tenure.
RBI brings in stricter norms for auditors of banks, NBFCs
The RBI has set criteria for audit firms regarding the number of audits they can undertake at a time, and how they should conduct them. The central bank also wants firms to have a particular size to audit banks and NBFCs.
RBI issues guidelines for appointment of statutory auditors of banks, NBFCs
As per the new norms, banks will be required to take prior approval of the RBI for appointment or reappointment of statutory auditors on an annual basis.
247 CPSEs earned profit of Rs 1.78 lakh crore in FY19: CAG
The CAG noted that deviations from the provisions of accounting standards in preparation of financial statements in 27 CPSEs were noticed by the statutory auditors, while it pointed out such deviations in 10 CPSEs.
RBI pegs minimum NOF for housing finance companies at Rs 25 crore
The RBI further said that it would be incumbent upon such HFCs whose NOF currently stands below Rs 20 crore to submit a statutory auditor's certificate to the central bank within a month evidencing compliance with the prescribed levels.
Bank auditors have to be more vigilant
Under the new framework, statutory auditors, in verifying whether an NPA has been correctly identified by the bank, should not confine to the objective tests laid down but “display a greater degree of scepticism and independence” in scrutinising banks’ exposure to big borrowers.
Deloitte Haskins and Sells questions NCLT ambit
Deloitte Haskins and Sells challenged Centre’s plea at NCLT that seeks a five-year ban on former auditors of IL&FS Financial Services (IFIN).
CBI should have statutory status like CAG: Ranjan Gogoi
Citing “political and administrative interference” as a key concern, the CJI said, “Why is that whenever there are no political overtones to the case, the CBI does a good job."
RBI bars SR Batliboi from audit of commercial banks for a year
RBI said the action was initiated on account of the lapses identified in a statutory audit.
SFIO finds Deloitte due diligence below par in IL&FS financial services audit
Report says Bawa-helmed IFIN’s borrowings were made on basis of ‘fraudulently spruced up financials’.
Govt may review norms for statutory auditor appointment in PSBs
PSBs are allowed to appoint statutory central auditors on an annual basis, subject to their fulfilling the eligibility norms prescribed by the RBI.
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