auditor

Is Audit Rotation enough for Auditor’s Independence

Company Law - Auditor independence refers to the independence of the internal auditor or of the external auditor from parties that may have a financial interest in the business being audited....

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Reporting of Fraud by Auditors: Issues & Suggestions

Company Law - If an auditor of a company, in the course of the performance of his duties as auditor, has sufficient reason to believe that an offence involving fraud, is being or has been committed against/in the company by officers or employees of the company, he shall report the matter in the manner stated hereinafter....

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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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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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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, ...

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Recent Posts in "auditor"

Is Audit Rotation enough for Auditor’s Independence

Auditor independence refers to the independence of the internal auditor or of the external auditor from parties that may have a financial interest in the business being audited....

Read More
Posted Under: Fema / RBI |

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, 1976, to the following revision it the r...

Read More

Reporting of Fraud by Auditors: Issues & Suggestions

If an auditor of a company, in the course of the performance of his duties as auditor, has sufficient reason to believe that an offence involving fraud, is being or has been committed against/in the company by officers or employees of the company, he shall report the matter in the manner stated hereinafter....

Read More
Posted Under: Fema / RBI |

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: Fema / RBI |

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: Fema / RBI |

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: Fema / RBI |

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: Fema / RBI |

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: Fema / RBI |

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: Fema / RBI |

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: Fema / RBI |
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