auditor

Procedure for Auditor Appointment and Removal: Compliance Guide

Company Law - An auditor is a professional who is responsible for examining and evaluating the financial records, transactions, and statements of an organization to ensure accuracy, transparency, and compliance with applicable laws and regulations. Auditors play a critical role in detecting and preventing financial fraud or embezzlement within organiza...

Appointment of Statutory Auditors & Casual Vacancies under Companies Act, 2013

Company Law - Explore intricacies of Section 139(2) in Companies Act, covering appointment of statutory auditors and addressing casual vacancies. Learn about auditor terms and implications...

Demystifying Chapter X of Companies Act 2013: Audit & Appointment of Auditor

Company Law - Explore comprehensive guide to Chapter X of Companies Act 2013, covering audit and auditors' critical provisions and regulations in India....

Fraudulent Auditors Beware: SC Upholds Section 140(5) of Companies Act, 2013

Company Law - Supreme Court's recent decision in Deloitte Haskins and Sells LLP to uphold Section 140(5) of Companies Act 2013 & its impact on auditors in India....

Detecting and Preventing Errors and Frauds in Auditing: Guidelines & Responsibilities

Company Law - Explore the auditor's role in detecting and preventing errors and frauds in auditing. Learn about responsibilities, challenges, and regulatory requirements....

MCA proposes amendments to enhance Audit Independence & Accountability

Company Law - The concept of Auditor independence requires the auditor to carry out his or her work freely, with integrity and in an objective manner. Though auditor is appointed by the shareholders, effective power of their appointment and dismissal lies with the management....

ICSI Requests inclusion of CS in Definition of “Accountant”

Company Law - It is requested to kindly consider amendment in the explanation to Section 288(2) of the Income 'lax Act. 1961 'so as to include the profession of Company Secretary within the meaning of the Company Secretaries Act, 1980 in the definition of Accountant...

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...

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 ...

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...

Auditors cannot escape being probed if they resign; Section 140(5) of Companies Act constitutional: SC

Union of India and Another Vs Deloitte Haskins and Sells LLP & Anr (Supreme Court of India) - Challenge to constitutional validity of section 140(5) of Companies Act, 2013 fails and it is observed and held that section 140(5) is neither discriminatory, arbitrary and/or violative of Articles 14, 19(1)(g) of Constitution of India...

NFRA Circular on Statutory Auditors’ Responsibilities in Reporting Fraud in a Company

Circular No. NF-25013/2/2023 - (26/06/2023) - NFRA issued a circular highlighting statutory auditors' obligations to report fraud in accordance with Companies Act, 2013. Circular emphasizes consequences for auditors who fail to fulfill their reporting duties and clarifies that resignation does not absolve them of their responsibilities....

NFRA debars CA from practice for 5 years & imposes penalty of Rs. 5 lakh

Order No. NF-23/30/2021 - (19/09/2022) - NFRA imposes monetary penalty of Rs Five Lakhs upon CA Rajiv Bengal In addition he is debarred for Five years from being appointed as an auditor or internal auditor or from undertaking any audit in respect of financial statements or internal audit of the functions and activities of any company or bo...

Revision of Remuneration payable to Statutory Auditors of RRBs

F No 7/4/2015-RRB- Vol(11) - (16/10/2017) - I am directed to refer to NABARD's letters NB.HO.IDD/260/RRB-322/2017-18 dated 2nd June 2017 and NB.HO.IDD/468/RRB-322/2017-18 dated 25th July 2017 on the above cited subject and to convey the approval of the Central Government in terms of provisions of section 19(2) of the Regional Rural Bank act, ...

Recent Posts in "auditor"

Procedure for Auditor Appointment and Removal: Compliance Guide

An auditor is a professional who is responsible for examining and evaluating the financial records, transactions, and statements of an organization to ensure accuracy, transparency, and compliance with applicable laws and regulations. Auditors play a critical role in detecting and preventing financial fraud or embezzlement within organiza...

Posted Under: Company Law |

Appointment of Statutory Auditors & Casual Vacancies under Companies Act, 2013

Explore intricacies of Section 139(2) in Companies Act, covering appointment of statutory auditors and addressing casual vacancies. Learn about auditor terms and implications...

Posted Under: Company Law |

Demystifying Chapter X of Companies Act 2013: Audit & Appointment of Auditor

Explore comprehensive guide to Chapter X of Companies Act 2013, covering audit and auditors' critical provisions and regulations in India....

Posted Under: Company Law |

Fraudulent Auditors Beware: SC Upholds Section 140(5) of Companies Act, 2013

Supreme Court's recent decision in Deloitte Haskins and Sells LLP to uphold Section 140(5) of Companies Act 2013 & its impact on auditors in India....

Posted Under: Company Law |

Detecting and Preventing Errors and Frauds in Auditing: Guidelines & Responsibilities

Explore the auditor's role in detecting and preventing errors and frauds in auditing. Learn about responsibilities, challenges, and regulatory requirements....

Posted Under: Company Law |

NFRA Circular on Statutory Auditors’ Responsibilities in Reporting Fraud in a Company

Circular No. NF-25013/2/2023 26/06/2023

NFRA issued a circular highlighting statutory auditors' obligations to report fraud in accordance with Companies Act, 2013. Circular emphasizes consequences for auditors who fail to fulfill their reporting duties and clarifies that resignation does not absolve them of their responsibilities....

Significance of ‘True and Fair View’ in Accounting: The Role of Auditors

Discover the importance of maintaining a 'true and fair view' in financial statements and the crucial role of auditors in ensuring compliance. Learn about the statutory obligations, requirements, and responsibilities of auditors and directors to present accurate and unbiased financial information. Gain insights into the meaning of 'true' ...

Posted Under: Company Law |

Auditors cannot escape being probed if they resign; Section 140(5) of Companies Act constitutional: SC

Union of India and Another Vs Deloitte Haskins and Sells LLP & Anr (Supreme Court of India)

Challenge to constitutional validity of section 140(5) of Companies Act, 2013 fails and it is observed and held that section 140(5) is neither discriminatory, arbitrary and/or violative of Articles 14, 19(1)(g) of Constitution of India...

Auditor’s Responsibility in respect of Audit Trail effective from April 1, 2023

Requirement of the accounting software* having a feature of audit trail has been incorporated as a proviso to Rule 3(1) of the Account Rules and have been prescribed only in the context of books of account**. This is evidenced by the fact that as per the proviso to the Rule, the accounting software should be […]...

Posted Under: Company Law |

EY Ban: A Wake-Up Call for Auditors Everywhere

EY ban in Germany has sent shockwaves through auditing profession, with EY facing a two-year ban from taking on audits of new public interest entities as a result of its failures as auditor of Wirecard....

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