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News - (Get Professional Updates on Whatsapp, Msg on 8285393786) Category : Auditing

US SEC charges Grant Thornton India for auditor independence violation
Posted Date : 02-Oct-2015 , 10:13:09 am | Posted By CASANSAAR

US markets regulator Securities and Exchange Commission (SEC) on Thursday charged Grant Thornton India LLP and Australia-based group firm Grant Thornton Audit Pty Ltd with auditor independence violations that occurred when two partners served on the boards of Mauritius-based subsidiaries of their cl...

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Category : Auditing | Comments : 0 | Hits : 638

Satyam scam: Sebi asks Raju family, others to return Rs 1800 crore
Posted Date : 11-Sep-2015 , 08:42:41 am | Posted By CASANSAAR

 In a fresh order in the nearly seven-year old Satyam scam case, regulator Sebi today asked 10 entities linked to the main accused B Ramalinga Raju -- including his mother, brother and son -- to disgorge over Rs 1,800 crore worth of illegal gains made by them. Besides, they will also have to...

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Category : Auditing | Comments : 0 | Hits : 835

Auditors make 10 critical comments on Metropolitan Stock Exchange
Posted Date : 11-Sep-2015 , 08:37:42 am | Posted By CASANSAAR

The auditors of Metropolitan Stock Exchange (MSEI) have made 10 critical comments, including the practice of preparing the financial statements on ‘on going concern’ basis (an assumption that the entity will not be forced to halt operations and liquidate assets in the near term), even th...

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Category : Auditing | Comments : 0 | Hits : 954

Firms appoint new Auditors in shift to meet new standards
Posted Date : 21-Aug-2015 , 08:18:58 am | Posted By CASANSAAR

As Indian firms transition towards a new system of auditor rotation, which comes into effect in April 2017, companies have started to plan ahead to ensure a smooth transition. Companies will have to appoint a new statutory auditor if the current auditing firm has been associated with the compan...

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Category : Auditing | Comments : 0 | Hits : 1457

Bank of India reports RBI against its Auditors after making losses
Posted Date : 15-Jul-2015 , 08:27:30 am | Posted By CASANSAAR

Irked by the stringent auditing of its earnings for the quarter ended March this year, state-run Bank of India (BoI) has written to the Reserve Bank of India (RBI), saying its auditors didn’t allow the loan to Essar Steel to be treated as standard, while most other lenders were allowed to. ...

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Category : Auditing | Comments : 3 | Hits : 2626

Don't allow yourselves to be bullied: CAG to Auditors
Posted Date : 14-Jul-2015 , 08:32:20 am | Posted By CASANSAAR

CAG Shashi Kant Sharma today said auditors should neither allow themselves to be bullied by entities they are scrutinising nor take their non-cooperation lying down.  While inaugurating the UN Audit Training Programme here, the Comptroller and Auditor General (CAG) of India advised...

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Category : Auditing | Comments : 0 | Hits : 821

Govt orders special audit of mobile networks to check call drops
Posted Date : 08-Jul-2015 , 07:43:46 am | Posted By CASANSAAR

Expressing “serious concern” over the problem of frequent call drops, government today ordered a special audit of mobile networks and said regulator TRAI has been asked to formulate a system of “incentives and disincentives” for their service quality. Coming down heavily...

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Category : Auditing | Comments : 0 | Hits : 687

Barclays hires KPMG as its auditor after 120 years with PwC
Posted Date : 04-Jul-2015 , 09:44:58 am | Posted By CASANSAAR

Giant accounting firm KPMG will take over the lucrative audit of Barclays’ books from 2017, the bank announced today, bringing PwC’s long-term tenure to an end. Britain’s banks have been encouraged to put their audit contracts out to tender more frequently, to make ...

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Category : Auditing | Comments : 0 | Hits : 992

Railways to hire Big4 Audit Firms to rationalize staff strength
Posted Date : 18-Jun-2015 , 08:14:18 am | Posted By CASANSAAR

Railways to hire Big4 Audit Firms to rationalize staff strength. The railways has taken the first step in its bold decision to rationalize staff strength with the state-run transporter shortlisting four private audit companies to initiate the move.  One of the four private companies short...

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Category : Auditing | Comments : 0 | Hits : 950

MCA issues revised e-forms for Cost Audit
Posted Date : 13-Jun-2015 , 08:53:20 am | Posted By CASANSAAR

The government today issued revised forms for companies’ statutory filings on appointment of cost auditors and for the cost audit reports, while deadlines have also been extended for such submissions. The new e-forms — CRA-2 and CRA-4 — have been notified by the Corporate Affa...

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Category : Auditing | Comments : 0 | Hits : 631

Railway invites bid from Big 4 Audit firms
Posted Date : 05-May-2015 , 07:58:36 am | Posted By CASANSAAR

The world’s top four audit firms would soon be in a race to bag the mammoth assignment of suggesting the country’s largest employer, Indian Railways, ways to revamp its age-old policies on recruitment, appointments, management, and requirement of workforce. The idea of such an exercis...

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Category : Auditing | Comments : 1 | Hits : 1258

USL - Auditors community needs a greater fear of repercussions for conducting poor quality audits
Posted Date : 02-May-2015 , 08:23:07 am | Posted By CASANSAAR

The failure of Auditors to highlight the financial irregularities earlier is possibly the most egregious in this entire saga. Auditors are supposed to provide an independent oversight to financial statements. In this case, the issues were not raised until the financial statements for the year ended ...

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Category : Auditing | Comments : 0 | Hits : 934

Auditors Report on Consolidated Financial Statements under the Companies Act, 2013
Posted Date : 01-May-2015 , 07:52:59 pm | Posted By CASANSAAR

ANNOUNCEMENT AUDITOR’S REPORT ON CONSOLIDATED FINANCIAL STATEMENTS UNDER THE COMPANIES ACT, 2013  The Auditing and Assurance Standards Board, under the authority of the Council, has already issued the illustrative formats of the auditor’s report on standalone financial statem...

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Category : Auditing | Comments : 0 | Hits : 740

USL forensic report puts spotlight on statutory auditors
Posted Date : 29-Apr-2015 , 07:56:01 am | Posted By CASANSAAR

A PricewaterhouseCoopers forensic report, which pointed out that UB Group's Vijay Mallya had diverted cash from United Spirits and its subsidiaries to other group companies between 2010 and 2012, has put the spotlight on the role of statutory auditors.  United Spirits had three statutory...

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Category : Auditing | Comments : 0 | Hits : 1065

Advisory firms call into question Auditors role in USL fallout
Posted Date : 28-Apr-2015 , 08:30:17 am | Posted By CASANSAAR

After the Satyam Computer Services accounting scandal, the spotlight has been turned on auditors again as at least three investor advisory services have called for an examination of the auditors’ role in the ongoing fight between United Spirits Ltd board and its chairman Vijay Mallya...

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Category : Auditing | Comments : 0 | Hits : 742

PwC Partners connived with company’s founders: CBI Court
Posted Date : 13-Apr-2015 , 08:57:34 am | Posted By CASANSAAR

The trial court of Central Bureau of Investigation (CBI) in India's largest accounting fraud at Satyam Computer has construed that the two former partners of audit firm PriceWaterhouse had 'connived' with the software outsourcer's founders in fudging accounts, a claim the audit firm ...

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Category : Auditing | Comments : 0 | Hits : 946

To Check Frauds, Government Tightens Reporting Norms for Auditors
Posted Date : 11-Apr-2015 , 07:41:37 am | Posted By CASANSAAR

To check corporate wrongdoings, the government today made it mandatory for auditors to flag off any lapses found on the company's part, including those related to frauds, inventory and asset management, outstanding dues and compliance to statutory regulations. The order comes against the ba...

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Category : Auditing | Comments : 0 | Hits : 926

Audit firms need to be put under lens
Posted Date : 10-Apr-2015 , 08:22:24 am | Posted By CASANSAAR

As a special court sentenced B Ramalinga Raju, chairman of erstwhile SatyamComputers, to 7 years in jail along with a Rs 5 crore penalty and holding two former partners of its auditing firm Price Waterhouse accountable in the fraud case, regulatory officials, who were involved wi...

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Category : Auditing | Comments : 0 | Hits : 801

Govt moves to tighten audit norms in rural job scheme
Posted Date : 16-Mar-2015 , 07:43:27 am | Posted By CASANSAAR

The Narendra Modi government has moved to plug leakages in the rural job scheme, tightening norms for social audit of the programme to ensure speedy follow-up on their findings.  The move comes a fortnight after the prime minister called the scheme “a living reminder” of fai...

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Category : Auditing | Comments : 0 | Hits : 436

Audit of social sector schemes a must: CAG
Posted Date : 11-Mar-2015 , 08:07:35 am | Posted By CASANSAAR

Comptroller and Auditor General Shashi Kant Sharma on Tuesday emphasized on the need for mandatory social audit of social sector schemes as they lacked transparency and accountability.  Speaking at a conference on social audit here,the CAG said expenditure of central and state governments th...

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Category : Auditing | Comments : 1 | Hits : 544

Guidance Note on Reporting on Fraud under Section 143(12) of the Companies Act, 2013 released by ICAI
Posted Date : 05-Mar-2015 , 08:50:53 am | Posted By CASANSAAR

Auditing and Assurance Standards Board Guidance Note on Reporting on Fraud under Section 143(12) of the Companies Act, 2013   The Auditing and Assurance Standards Board of the Institute of Chartered Accountants of India has today issued the Guidance Note on Reporting on Fraud under Section 1...

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Category : Auditing | Comments : 0 | Hits : 777

Guidance Note on Audit of Banks 2015 released by ICAI
Posted Date : 23-Feb-2015 , 12:22:56 pm | Posted By CASANSAAR

The Auditing and Assurance Standards Board of the Institute of Chartered Accountants of India has today issued the Guidance Note on Audit of Banks 2015 edition. For the benefit of members, complete text of the Guidance Note and the contents of accompanying CD can be downloaded at: Guidance Note o...

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Category : Auditing | Comments : 0 | Hits : 842

CAT allows visually impaired to participate in Auditor's exam
Posted Date : 18-Feb-2015 , 08:16:19 am | Posted By CASANSAAR

The Central Administrative Tribunal (CAT) has asked the government to allow a visually- impaired staffer to appear in an examination for promotion to the post of auditor, which was denied on the ground that the post was not suitable for the blind. A bench of CAT's judicial officer V Ajay Kumar ...

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Category : Auditing | Comments : 0 | Hits : 690

Auditors raise red flag over Jet Airways’ going concern status
Posted Date : 07-Feb-2015 , 08:54:41 pm | Posted By CASANSAAR

Auditors of Jet Airways have raised red flag over the carrier’s ‘going concern’ status, saying the assumption is dependent on various factors including its synergy with Etihad and ability to raise funds.   A company is termed as a ‘going concern’ if it has suffic...

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Category : Auditing | Comments : 0 | Hits : 472

Listed companies spent Rs 1600 cr on Audit Fees during 2013-14
Posted Date : 06-Feb-2015 , 08:45:49 am | Posted By CASANSAAR

Listed firms doled out nearly Rs 1,600 crore in terms of audit fee during 2013-14 financial year and about one-fourth of this amount was pocketed by 'big four' accounting firms.  According to a report by Prime Database, as many as 1,404 listed companies paid a total audit fee of 1,598 crore in...

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Category : Auditing | Comments : 0 | Hits : 1418

Auditors could face up to 10 years of Jail for falling to report Frauds
Posted Date : 06-Feb-2015 , 08:28:11 am | Posted By CASANSAAR

Auditors are prodding the companies they audit to set their house in order before April next year, from when issues like fraud in a firm they examine could land them in jail. Under the new Companies Act, the board of directors and the auditors will be held responsible for fraud or discrepancies in c...

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Category : Auditing | Comments : 0 | Hits : 2008

Seven regional commexes' recognition lapsed, Audit pending: FMC
Posted Date : 28-Dec-2014 , 09:13:06 pm | Posted By CASANSAAR

Of the total 16 regional commodity exchanges, recognition of seven bourses has lapsed, according to a report by sector regulator Forward Markets Commission. Moreover, the audit of these seven commodity exchanges is still pending, the report said. According to the report, recognition of I...

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Category : Auditing | Comments : 0 | Hits : 366

Ministry tweaks norms for fraud reporting by Auditors
Posted Date : 13-Dec-2014 , 07:21:19 am | Posted By CASANSAAR

The Government will not fritter away its energies on small corporate frauds, but will concentrate on those which are material or serious in nature. The Companies (amendment) Bill introduced by Arun Jaitley, Minister for Finance, Corporate Affairs, and Information & Broadcasting, in the Lok Sabha...

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Category : Auditing | Comments : 0 | Hits : 802

Satyam case: Court sentences Raju Brothers, PwC Auditors & 8 others to 6-month Jail
Posted Date : 08-Dec-2014 , 06:57:06 pm | Posted By CASANSAAR

The Special Economic Offences Wing court of Nampally in Hyderabad convicted former Chairman of Satyam, Ramalinga Raju in Hyderabad on Monday.   Ramalinga Raju, along with brother Rama Raju and eight others have been slapped a fine of Rs 5 lakh and 6 months of imprisonment for fraud.   &...

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Category : Auditing | Comments : 0 | Hits : 1953

Public Sector Banks get autonomy to appoint Auditors
Posted Date : 29-Nov-2014 , 08:45:03 am | Posted By CASANSAAR

The government said public sector banks (PSBs) will get autonomy in selection and appointment of their Statutory Central Auditors (SCAs).   "The work of selection and appointment of SCAs henceforth, has been delegated to individual PSBs for the year 2014-15 onwards," the f...

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Category : Auditing | Comments : 4 | Hits : 1707

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