DELOITTE

The Institute of Chartered Accountants of India has initiated an inquiry against Deloitte Touche Tohmatsu Ltd over the alleged increase of valuation of Jagati Publications owned by YSR Congress leader Y. S. Jagan Mohan Reddy. Mr G. Ramaswamy, president of ICAI — the regulatory body of chartered accountants — told this newspaper that the institute had started an inquiry based on media reports and had sought an explanation from the CA in question. “The preliminary in.. Full Article

(Reuters) Deloitte Touche Tohmatsu Ltd , the world’s largest accounting and consulting firm, was accused on Monday of failing to detect fraud during its audits of one of the biggest private mortgage firms to collapse during the U.S. housing crash. A trust overseeing the bankruptcy of Taylor, Bean & Whitaker Mortgage Corp, or TBW, and [...] Full Article

Global firms KPMG and Ernst & Young could be headed for trouble in India as auditing regulator Institute of Chartered Accountants of India (ICAI) has found them doing business through surrogate means, without being registered in the country. Full Article

Accounting regulator ICAI has asked the Big Four auditing and consulting firms – KPMG, E&Y, Deloitte and PwC – to share any information sought by various committees of the institute and has asked them not to engage in “shopping for small firms”. Full Article

Mahindra Satyam may end up paying a huge fee for restatement of its book of accounts that were allegedly fudged by its former Chairman Mr B. Ramalinga Raju. Indications are that the Hyderabad-based company will shell out close to Rs 60 crore by September when the accounts are expected to be restated. Full Article

The corporate affairs ministry will initiate talks with the commerce ministry and RBI to allow global audit firms like KPMG, Deloitte, Ernst & Young and PriceWaterhouseCoopers to open shops in the country. "This matter is not for us alone (to decide), it is a matter which involves the RBI as also the commerce ministry Full Article

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 most audit clients among listed companies. Full Article

Tightening the noose around the audit companies having arrangements with global firms, the accounting regulator ICAI has sought details of their tie-ups with MNCs to check surrogate practices. The decision to seek tie-up details from CA firms, especially those associated with the Big 4– PWC, Ernst & Young, KPMG and Deloitte–follows a report by an Institute of Chartered Accountants of India (ICAI) committee on the multi-crore Satyam scam. Full Article