auditor

Whether non ratification of statutory auditor is removal of statutory auditor

Company Law - In this Flash editorial, the author begins by referring the provisions of Section 139 & 140 of Companies Act, 2013 relating to ratification of Auditor in every Annual General Meeting & Removal of auditor. The main thrust of the article, however, is upon the indirectly removal of Auditor through Non Ratification of Auditor...

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Section 139 with Special Reference to Transition Period of 3 Years

Company Law - Third proviso to section 139(2) is applicable only in those cases wherein old Auditor is being continued and in case of appointment of new Auditor, the appointment shall be of five years as per section 139(1) & (2)....

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Appointment of Statutory Auditor under Companies Act, 2013

Company Law - It is not mandatory to reappoint the retiring auditor even if 3 things stipulated in sub-section (9) are not attracted. The board of director may recommend any person other than retiring auditor for appointment as statutory auditor of the Company at the time of completion of term of existing auditor of the Company....

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Some tips on how to be a good auditor

Company Law - An auditor has to keep himself abreast of the latest developments in the audit field by constant upgradition of his skills and knowledge through Internet, seminars, self-study and correspondence course. The Satyam multi-crore scam is still fresh in people's mind and investigations are in progress with the Chairman and Chief Finance Offic...

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Make the System of Appointment of Auditors Independent, Stop Cherishing and Act on Realities

Company Law - Click here to join Online GST Certification Course Jointly by GST Professionals & Taxguru.in Time and again authorities and all stakeholders have realized that corporate governance and independent auditors are good terms and concepts to be cherished and for preaching. The recent Satyam -PWC Scam only confirms such a view. There will b...

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New / Revised Standard on Auditing SA 700, 701, 705, 706, 260 & 570

Company Law - 1. Revised SA 700, Forming an Opinion and Reporting on Financial Statements. 2. New SA 701, Communicating Key Audit Matters in the Independent Auditor’s Report. 3. Revised SA 705, Modifications to the Opinion in the Independent Auditor’s Report. 4. Revised SA 706, Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Indepe...

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E&Y announces its intention to appoint non-executive directors to its global advisory board

Company Law - The world's four biggest accounting firms are to appoint non-executive directors after coming under growing pressure from regulators over governance.Ernst & Young, which along with law firm Linklaters has been been accused of providing window dressing for Lehman Brothers' risky financial structures, today became the first of the big four ...

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Big 4 Refugees: Where Are They Now? Are They Still Miserable?

Company Law - That being the case, some of the people that you knew while they were in public accounting have completely disappeared never to heard from again. Those of you still at the mercy of the billable hour might assume that these refugees are loving life in their new jobs – working 40 hours a week, making far more money and seeing more than an...

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Watchdog opens investigation of Ernst & Young over Lehman

Company Law - The Accountancy & Actuarial Discipline Board (AADB) said it would probe the final years before the bank’s demise, focusing on the use of particular repurchase transactions, known within Lehman's as Repo 105s, allegedly used to displace assets during sensitive reporting periods....

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Inquiries mount after PwC ‘failed to notice’ mistakes

Company Law - PricewaterhouseCoopers is facing an inquiry by accounting regulators into its failure to notice that JP Morgan was paying up to £16 billion of clients’ money into the wrong bank accounts. Last week the Financial Services Authority fined the investment bank £33.3 million...

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Recent Posts in "auditor"

Whether non ratification of statutory auditor is removal of statutory auditor

In this Flash editorial, the author begins by referring the provisions of Section 139 & 140 of Companies Act, 2013 relating to ratification of Auditor in every Annual General Meeting & Removal of auditor. The main thrust of the article, however, is upon the indirectly removal of Auditor through Non Ratification of Auditor...

Read More
Posted Under: Company Law |

Section 139 with Special Reference to Transition Period of 3 Years

Third proviso to section 139(2) is applicable only in those cases wherein old Auditor is being continued and in case of appointment of new Auditor, the appointment shall be of five years as per section 139(1) & (2)....

Read More
Posted Under: Company Law |

Appointment of Statutory Auditor under Companies Act, 2013

It is not mandatory to reappoint the retiring auditor even if 3 things stipulated in sub-section (9) are not attracted. The board of director may recommend any person other than retiring auditor for appointment as statutory auditor of the Company at the time of completion of term of existing auditor of the Company....

Read More
Posted Under: Company Law |

New / Revised Standard on Auditing SA 700, 701, 705, 706, 260 & 570

1. Revised SA 700, Forming an Opinion and Reporting on Financial Statements. 2. New SA 701, Communicating Key Audit Matters in the Independent Auditor’s Report. 3. Revised SA 705, Modifications to the Opinion in the Independent Auditor’s Report. 4. Revised SA 706, Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Indepe...

Read More
Posted Under: Company Law |

E&Y announces its intention to appoint non-executive directors to its global advisory board

The world's four biggest accounting firms are to appoint non-executive directors after coming under growing pressure from regulators over governance.Ernst & Young, which along with law firm Linklaters has been been accused of providing window dressing for Lehman Brothers' risky financial structures, today became the first of the big four ...

Read More
Posted Under: Company Law |

Big 4 Refugees: Where Are They Now? Are They Still Miserable?

That being the case, some of the people that you knew while they were in public accounting have completely disappeared never to heard from again. Those of you still at the mercy of the billable hour might assume that these refugees are loving life in their new jobs – working 40 hours a week, making far more money and seeing more than an...

Read More
Posted Under: Company Law |

Watchdog opens investigation of Ernst & Young over Lehman

The Accountancy & Actuarial Discipline Board (AADB) said it would probe the final years before the bank’s demise, focusing on the use of particular repurchase transactions, known within Lehman's as Repo 105s, allegedly used to displace assets during sensitive reporting periods....

Read More
Posted Under: Company Law |

Inquiries mount after PwC ‘failed to notice’ mistakes

PricewaterhouseCoopers is facing an inquiry by accounting regulators into its failure to notice that JP Morgan was paying up to £16 billion of clients’ money into the wrong bank accounts. Last week the Financial Services Authority fined the investment bank £33.3 million...

Read More
Posted Under: Company Law |

PricewaterhouseCoopers improved it’s commend on FTSE 100 companies

PricewaterhouseCoopers has improved its commend of FTSE100 audit clients increasing its share of the top flight to 41 in the second quarter of this year. According to the Hemscott adviser rankings PwC remains the biggest auditor among Blue Chips though overall KPMG has improved its position among to maintain the firm's lead in having the...

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Posted Under: Company Law |

PWC Faces Inquiry in Bankruptcy Case

A federal appeals court ruled against PricewaterhouseCoopers in a long-running bankruptcy case that could now examine whether the firm acted in good faith as the auditor for a defunct hospital system. The case involved the Allegheny Health, Education and Research Foundation, a Pittsburgh-based nonprofit hospital system that filed for bank...

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Posted Under: Company Law |
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