Over Rs 1 Lakh Crore Locked in Excise, Service Tax Litigation : CAG
Posted Date : 21-Jul-2014 , 08:12:15 am | Posted By CASANSAAR
Over Rs. 1 lakh crore of taxes were locked up in various stages of litigation in service tax and central excise at the end of March 2013, the Comptroller and Auditor General of India (CAG) has said.
"As no action can be initiated for recovery of revenue till the appeal is pending,...
Continue Reading...
Category :
Auditing |
Comments :
0 | Hits : 875
|
 |
NSEL to bring Defaulters' Auditors under Scanner
Posted Date : 11-Jul-2014 , 09:49:00 am | Posted By CASANSAAR
The crisis-hit National Spot Exchange has decided to bring to book the statutory auditors of its defaulter borrowers.
According to the Financial Technologies-promoted spot exchange, borrowers raised money through the exchange’s platform using non-existent commodities as a pledge and...
Continue Reading...
Category :
Auditing |
Comments :
1 | Hits : 690
|
|
New Audit rules limit scope, Cost Accountants threaten Action
Posted Date : 03-Jul-2014 , 08:14:14 am | Posted By CASANSAAR
The latest government notification on cost audit rules has dealt a body blow to the cost and management accountants' profession by severely restricting its scope, something the professionals were trying hard to avoid for the past one year. What's worse is the fear that this will leave many professio...
Continue Reading...
Category :
Auditing |
Comments :
0 | Hits : 1459
|
|
Corporate Affairs Ministry Tweaks Cost Audit Norms
Posted Date : 01-Jul-2014 , 08:20:08 am | Posted By CASANSAAR
The government on Monday said only a certain class of companies, including those producing defence equipment, would be subject to cost audit.
Companies engaged in activities that involve public interest and those into making certain kinds of medical devices would also be covered u...
Continue Reading...
Category :
Auditing |
Comments :
2 | Hits : 1008
|
|
MCX replaces Auditor, two board members quit
Posted Date : 27-Jun-2014 , 10:16:20 am | Posted By CASANSAAR
Multi Commodity Exchange (MCX) is inching towards ensuring its erstwhile promoter and anchor investor, Financial Technologies, divests its 26 per cent stake.
It board of directors ratified on Thursday the postal ballot result giving it power to transfer the stake of FTIL into an escrow account...
Continue Reading...
Category :
Auditing |
Comments :
0 | Hits : 431
|
|
FTIL appoints Sharp and Tannan Associates as Auditors
Posted Date : 27-Jun-2014 , 08:36:26 am | Posted By CASANSAAR
Following the exit of Deloitte as auditors in the aftermath of the National Spot Exchange crisis, Financial Technologies India Ltd (FTIL) on Wednesday said it has appointed Sharp & Tannan Associates as its auditors with immediate effect.
The company's board has also appointed V P Mehta & Co...
Continue Reading...
Category :
Auditing |
Comments :
0 | Hits : 346
|
|
Govt says no to CAs on both Audit, Management panels of Banks
Posted Date : 23-Jun-2014 , 08:53:00 am | Posted By CASANSAAR
In a bid to strengthen corporate governance in banks, the government has decided that chartered accountants who are a part of the management committee of banks will not sit on the bank’s audit committee.
The June 10 order, received mixed reactions from the CA community. While some hav...
Continue Reading...
Category :
Auditing |
Comments :
0 | Hits : 2590
|
|
Announcement on Applicability of the Provisions of Section 143(12) of the Companies Act 2013 and the Related Rules to Periods beginning on or before 31st March 2014. - ICAI
Posted Date : 20-Jun-2014 , 04:40:02 pm | Posted By CASANSAAR
ANNOUNCEMENT1APPLICABILITY OF THE PROVISIONS OF SECTION 143(12) OF THE COMPANIES ACT 2013AND THE RELATED RULES TO PERIODS BEGINNING ON OR BEFORE 31ST MARCH 2014
Section 143(12) of the Companies Act 2013 requires the auditors of the companies to report to the Central Government on ...
Continue Reading...
Category :
Auditing |
Comments :
0 | Hits : 824
|
|
Announcement on Applicability of Section 143(12) to Financial Years beginning on or after 1st April 2014. - ICAI
Posted Date : 20-Jun-2014 , 04:39:11 pm | Posted By CASANSAAR
ANNOUNCEMENT1APPLICABILITY OF SECTION 143(12) TO FINANCIAL YEARS BEGINNING ON OR AFTER 1ST APRIL 2014
The Council of the Institute of Chartered Accountants of India, at its adjourned 333rd meeting held on 18th June 2014, considered the issue of applicability of the provisions of s...
Continue Reading...
Category :
Auditing |
Comments :
0 | Hits : 657
|
|
Announcement on Applicability of the Provisions of Section 143(3)(i) of the Companies Act 2013 and the Related Rules. - ICAI
Posted Date : 20-Jun-2014 , 04:38:29 pm | Posted By CASANSAAR
NNOUNCEMENT1APPLICABILITY OF THE PROVISIONS OF SECTION 143(3)(i) OF THE COMPANIES ACT 2013 AND THE RELATED RULES
Section 143(3)(i) of the Companies Act 2013 requires the auditors of the companies to report as whether the company has adequate internal financial controls system...
Continue Reading...
Category :
Auditing |
Comments :
0 | Hits : 581
|
|
Bain Capital Sues Ernst & Young (EY) Over Alleged $60m Loss in Lilliput Kidswear
Posted Date : 16-Jun-2014 , 08:33:03 am | Posted By CASANSAAR
Bain Capital Partners, along with 10 other subsidiaries, is suing EY, known as Ernst and Young until 2013, in the U.S. for recommending that the Boston-based company invest in an Indian kids-wear company, Reuters reported Friday.
Boston-based Bain claims that it invested nearly $60 million ...
Continue Reading...
Category :
Auditing |
Comments :
0 | Hits : 901
|
|
Government gives more time for companies to set up Audit Committee
Posted Date : 13-Jun-2014 , 08:10:01 am | Posted By CASANSAAR
Making another relaxation, the government has provided more time till March 2015 for corporates to set up audit, nomination and remuneration committees as mandated under the new companies law.The Corporate Affairs Ministry has given additional time for compliance following suggestions from various s...
Continue Reading...
Category :
Auditing |
Comments :
0 | Hits : 632
|
|
EY to audit BJP's ad campaign expenses; party to submit report to EC
Posted Date : 03-Jun-2014 , 08:26:29 am | Posted By CASANSAAR
Bharatiya Janata Party (BJP) has appointed Ernst & Young (EY) to audit spending by advertising, media planning and buying and other communication agencies that crafted and rolled out its advertising and marketing campaign for the 2014 Lok Sabha elections. Further, EY has also been tasked to...
Continue Reading...
Category :
Auditing |
Comments :
1 | Hits : 991
|
|
Auditors’ role becomes challenging amid rising corporate scams: ICAI
Posted Date : 01-Jun-2014 , 11:07:49 am | Posted By CASANSAAR
Auditors are now more than watchdogs and have a role of being conscience-keepers, according to experts at the sixth international conference of the Muscat chapter of the Institute of Chartered Accountants of India that concluded on Saturday.
The role was increasingly challenging in the ...
Continue Reading...
Category :
Auditing |
Comments :
0 | Hits : 682
|
|
J&K Bank shares tank on news report on window dressing of accounts
Posted Date : 30-May-2014 , 02:10:55 pm | Posted By CASANSAAR
Shares of Jammu Kashmir Bank hit 20 per cent lower circuit in trade after a media report alleged that some of the directors and officers at the bank were not declaring all the non-performing and stressed assets in its loan book. According to the report, the bank has not classified the loan amou...
Continue Reading...
Category :
Auditing |
Comments :
0 | Hits : 454
|
|
FMC asks MCX to check the Audit done by Deloitte
Posted Date : 22-May-2014 , 08:59:46 pm | Posted By CASANSAAR
The statutory auditor for Multi Commodity Exchange,Deloitte is likely to face heat for the audit conducted for the Exchange for past years as Forward Markets Commission has directed MCX to review the audit done by Deloitte, said the source.
MCX has been asked to ascertain by the regu...
Continue Reading...
Category :
Auditing |
Comments :
0 | Hits : 551
|
|
Action against the Auditor of the Saradha Group.
Posted Date : 21-May-2014 , 07:52:05 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) is waiting for the report of the Serious Fraud Investigation Office (SFIO) of the Union corporate affairs ministry for taking action against the auditor of the tainted Saradha Group. A top official of ICAI told TOI that it has already written to...
Continue Reading...
Category :
Auditing |
Comments :
0 | Hits : 1289
|
|
China's ban on overseas Auditors raises concern over transparency
Posted Date : 20-May-2014 , 08:09:48 am | Posted By CASANSAAR
Beijing has imposed a surprise roadblock to financial reform by foreshadowing severe restrictions on international accountants, including those from Hong Kong, when auditing mainland companies listing overseas, increasing investor concern over whether their books are clean.
The proposals co...
Continue Reading...
Category :
Auditing |
Comments :
0 | Hits : 577
|
|
FMC directs MCX to drop Deloitte as Auditor
Posted Date : 09-May-2014 , 07:58:17 am | Posted By CASANSAAR
The Forward Markets Commission (FMC) isn’t taking PricewaterhouseCoopers (PwC)’s forensic audit report of Multi Commodity Exchange (MCX) lightly. In the wake of the damning observations by the auditor, FMC has directed MCX to drop Deloitte as statutory auditor.
“We ...
Continue Reading...
Category :
Auditing |
Comments :
0 | Hits : 664
|
|
Deloitte defends Audit work on MCX
Posted Date : 08-May-2014 , 08:22:47 am | Posted By CASANSAAR
The forensic audit report from PricewaterhouseCoopers (PwC) on the Multi Commodity Exchange (MCX) has raised many questions over the quality of scrutiny by its statutory auditors. However, Deloitte, the latter entity, says regulations don’t mandate it to go beyond a basic examination of t...
Continue Reading...
Category :
Auditing |
Comments :
0 | Hits : 494
|
|
Deloitte may not challenge PwC’s MCX Audit
Posted Date : 05-May-2014 , 07:15:29 am | Posted By CASANSAAR
Deloitte, the statutory auditor for MCX, said it's not perturbed by critical observations about the exchange in a forensic audit by PwC because the two auditing exercises are by definition fundamentally different. "Clearly, what PwC did was as a forensic auditor. They are doing their job and we...
Continue Reading...
Category :
Auditing |
Comments :
0 | Hits : 600
|
|
Rotating Auditor rule to impact Companies
Posted Date : 01-May-2014 , 08:17:16 am | Posted By CASANSAAR
Come April 2017, there is likely to be chaos in corporate India. Not because of bad economic conditions or some policy paralysis of the next government, but because of the newly introduced Companies Act. According to the Section 139 of the Companies Act, all companies (with public deposits of a...
Continue Reading...
Category :
Auditing |
Comments :
0 | Hits : 1235
|
|
PwC report on MCX: FTIL threatens legal action against Auditor
Posted Date : 29-Apr-2014 , 10:06:53 pm | Posted By CASANSAAR
Financial Technologies, which has 26 per cent stake in MCX, today rejected the PwC special audit report on the corporate governance issue at the commodity exchange and said it will take legal action against the bourse and PwC for painting a wrong picture in the report. Financial Technologies In...
Continue Reading...
Category :
Auditing |
Comments :
0 | Hits : 714
|
|
MCX to reveal summary of PwC audit report on BSE, NSE websites on Monday
Posted Date : 26-Apr-2014 , 10:12:54 pm | Posted By CASANSAAR
The board of directors of MCX has decided to share the summary of PricewaterhouseCoopers report public through BSE and NSE on Monday. The decision was taken at a board meeting here on Saturday.
“Being price sensitive information, the PwC audit report cannot be disclose...
Continue Reading...
Category :
Auditing |
Comments :
0 | Hits : 533
|
|
SC orders special audit of Kerala's Padmanabhaswamy temple
Posted Date : 25-Apr-2014 , 08:11:17 am | Posted By CASANSAAR
The Supreme Court on Thursday entrusted the administration of the Sri Padmanabhaswamy temple in Kerala to a five-member committee headed by the district judge of Thiruvananthapuram.
The bench of Justice RM Lodha and Justice AK Patnaik said former comptroller and auditor general (CAG) Vi...
Continue Reading...
Category :
Auditing |
Comments :
0 | Hits : 470
|
|
PwC forensic audit report may put fat tax liability on MCX
Posted Date : 22-Apr-2014 , 08:03:12 am | Posted By CASANSAAR
There is trouble brewing ahead for MCX, which may face a big tax liability post the PwC's forensic audit report, reports CNBC-TV18’s Varinder Bansal.
Now it will place its audit report before Audit Committee in the April 23 meet. The Board will decide on further course of action in the April ...
Continue Reading...
Category :
Auditing |
Comments :
0 | Hits : 460
|
|
New Companies Act 'draconian', feel auditors; officials if found guilty of fraud then liable to pay 3 times of amount involved
Posted Date : 19-Apr-2014 , 08:19:04 am | Posted By CASANSAAR
The new companies law has key managerial professionals (KMPs) and auditors worried as its terms are much more stringent than the old legislation, with some even calling it 'draconian'.
While the previous law allowed professionals to get away with a fine for most offences...
Continue Reading...
Category :
Auditing |
Comments :
0 | Hits : 926
|
|
New Companies Act: 137 top companies need to change auditors by 2017-18
Posted Date : 18-Apr-2014 , 08:32:33 am | Posted By CASANSAAR
With the implementation of new Companies Act from April 1, a majority of the top 200 listed companies will need to change their auditors over the next three years in a bid to ensure objectivity and prevent the "cozy management-auditor nexus". The recently notified section 139 of the Companies A...
Continue Reading...
Category :
Auditing |
Comments :
1 | Hits : 1186
|
|
Big loan defaulters to face Rserve Bank's Audit
Posted Date : 18-Apr-2014 , 08:26:17 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has taken upon itself the task of investigating bank frauds after a series of inquiries by banks themselves in high-profile cases such as those involving Deccan ChronicleBSE 1.81 % and Kingfisher Airlines yielded very little. The Board of Financial Supervision (B...
Continue Reading...
Category :
Auditing |
Comments :
0 | Hits : 626
|
|
CAG empowered to examine accounts of private telecom companies: SC
Posted Date : 17-Apr-2014 , 01:03:32 pm | Posted By CASANSAAR
In a judgement with far-reaching consequences across various business sectors, the Supreme Court on Thursday ruled that the Comptroller and Auditor General (CAG) was empowered to examine the accounts of private telecom companies.
The court held that such a scrutiny was imperative ...
Continue Reading...
Category :
Auditing |
Comments :
0 | Hits : 343
|
|
|
