CA, CS, CMA : Explore the significance of SA 570 in financial audits, focusing on the going concern basis, auditor responsibilities, risk assess...
CA, CS, CMA : Discover the crucial role of auditors in India, from financial statement examination to compliance verification. Learn about regul...
CA, CS, CMA : Discover how in-house accountants and auditors in India are reshaping financial practices with cost-efficiency, regulatory adaptab...
Company Law : Unlock the compliance guide to auditor appointment and removal under the Companies Act, 2013. Dive into the nuances of appointing ...
Company Law : Explore intricacies of Section 139(2) in Companies Act, covering appointment of statutory auditors and addressing casual vacancies...
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 : 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...
Fema / RBI : 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 dat...
The pressure on accounting firm Ernst & Young continues to grow as an oversight board, created under the Sarbanes-Oxley accounting reform act of 1992, launches an investigation into the firm’s role in Lehman Brothers’ bankruptcy.
Even as the churn at professional advisory firms continues, PricewaterhouseCoopers India, the countries largest in this space, has again seen at least three partners leave the firm to pursue growth opportunities elsewhere. Consulting and accounting major PwC, which recently saw the exit of 17 partners, has, however, been on an aggressive recruitment spree as a recovering economy prompts companies to increase mandates to consulting firms for advice on future transactions, say people familiar with the development.
The big four global accountancy firms — PricewaterhouseCoopers, KPMG, Ernst & Young and Deloitte — are circumventing laws to provide auditing services in the country, says a report of an ICAI’s committee.”It has been noticed that MAFs (multinational accounting firms), entered through automatic/FIPB route for rendering consultancy services, are transgressing the permission so granted and are rendering taxation services, auditing, accounting and book keeping services and legal services,” the high-powered body probing the Satyam scam said.
Ernst & Young, the audit firm, had a long and lucrative relationship with Richard Fuld and Lehman Brothers. Lehman Brothers has paid EY more than $160 million in audit and other fees since fiscal year 2001. Although this isn’t nearly as much as Goldman Sachs and AIG pay PwC – almost $230 million a year combined in 2008 – it was still a huge amount and represented a significant client relationship for Ernst & Young.
Bharti Airtel on Sunday welcomed the findings of the government-appointed special auditor and said the audit showed that the licence fees and spectrum charges paid by the company conform to the licence conditions and rulings of the regulator.
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 Officer in jail pending investigation.
A former partner at the accounting firm Ernst & Young was found guilty on Friday of securities fraud for an insider trading scheme but not guilty of conspiracy charges. A jury in United States District Court in Manhattan found that the ex-partner, James E. Gansman, who worked at the firm until October 2007, was guilty […]
Patrick Stafford Accounting giant PricewaterhouseCoop ers has asked 5000 full-time staff to take up to three weeks of unpaid leave in an attempt to save costs. Chief executive Mark Johnson said in an email to staff that the requests are a “temporary initiative to respond to temporary times”, and that redundancies are a last resort.
In the case of one third of every mid cap company in India, the roles of the chairman and managing director or CEO were played by the same person. A majority of such companies (66%) do not have a policy for rotation for the members of their audit committees.
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 be such scams in future also. Even today also, there must be many balance sheets window dressed […]
