CA, CS, CMA : The article explains why oversight of auditors is essential to maintain public confidence in financial reporting. It highlights th...
CA, CS, CMA : Discover the 8 key mental skills top auditors use: remembering patterns, understanding the business story, connecting financial da...
CA, CS, CMA : This guide compares auditor report wording and structure across major global jurisdictions, including the US, UK, EU, and India....
Company Law : Learn the rules for auditor appointments under the Companies Act, 2023, including first auditor, subsequent appointments, casual v...
CA, CS, CMA : एनएफआरए सूचीबद्ध कंपनियों में वित्तीय धोखाधड़ी ...
Company Law : The concept of Auditor independence requires the auditor to carry out his or her work freely, with integrity and in an objective m...
CA, CS, CMA : It is requested to kindly consider amendment in the explanation to Section 288(2) of the Income 'lax Act. 1961 'so as to include t...
CA, CS, CMA, Company Law : 1. Revised SA 700, Forming an Opinion and Reporting on Financial Statements. 2. New SA 701, Communicating Key Audit Matters in the...
Finance : The world's four biggest accounting firms are to appoint non-executive directors after coming under growing pressure from regulato...
Finance : That being the case, some of the people that you knew while they were in public accounting have completely disappeared never to he...
Company Law : Challenge to constitutional validity of section 140(5) of Companies Act, 2013 fails and it is observed and held that section 140(5...
Company Law : ROC Kanpur imposed a ₹40,000 penalty on SEN HON LEE TECHNOLOGIES and directors for violating Section 118/146, stemming from the ...
Company Law : NFRA issued a circular highlighting statutory auditors' obligations to report fraud in accordance with Companies Act, 2013. Circu...
CA, CS, CMA : NFRA imposes monetary penalty of Rs Five Lakhs upon CA Rajiv Bengal In addition he is debarred for Five years from being appointed...
CA, CS, CMA : The Finance Ministry revises remuneration for RRB statutory auditors, detailing audit fees, travel allowances, and expense norms f...
The spirit of Audit is losing ground as the time is passing. The general perception that use of technology in banks has eliminated the chance of frauds is just an eye wash. The Nirav Modi case is just a tip of ice berg and day is not far when we will see the whole ice meltdown, if remedial steps are not taken and auditor is not allowed to discharge its responsibility with full independence .
In order to ensure independency of auditors, I suggest overall change in the auditor’s appointment procedure so that no one should be able to influence auditors. In today’s modern technological environment, this can be achieved by creating Automated Auditor Appointment Agency (4A).
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.
The Finance Ministry revises remuneration for RRB statutory auditors, detailing audit fees, travel allowances, and expense norms for cost efficiency.
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.
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
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).
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.
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 Independent Auditor’s Report.
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 auditors to announce its intention to appoint in non-executive directors to its global advisory board.
