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...
Big 4 Auditors and their brief details The Big Four are the four largest international accountancy and professional services firms, which handle the vast majority of audits for publicly traded companies as well as many private companies. The Big Four firms are shown below, with their latest publicly available data:
The statutory auditor of Satyam Computer, Price Waterhouse, has said that it found no “significant risks and exposures” during its audit of the scam- hit IT firm.
The founder of the outsourcing giant Satyam may have admitted committing the largest corporate fraud in Indian history when he made up $1 billion out of thin air, but Satyam’s auditor, PricewaterhouseCoopers, could pay the price.
COIMBATORE: Angry shareholders of Satyam may be miffed with the statutory auditors who have come in for sharp criticism following the dramatic revelations of accounting fraud in what is being billed as the country’s Enron. But there is not much clarity on the kind of action shareholders can take against the auditors Pricewaterhouse Coopers under […]
We all are still in disbelief mood as far as cash & bank balance fraud is concerned. Although there is no confirmed news, but the information gathered from some of sources of the investigating agencies (ICAI, SEBI etc.) are as under:
India always got an Overweight Rating as compared to its Emerging Market Peers from FII’s Backed by its good corporate Governance (!!!) But the Biggest scandal(so called event from Satyam) among the indian corporates raised major questions about the auditing practices and principles that they were following at the moment.Moreover these auditing works are carried […]
In the aftermath of the Satyam fiasco, like in any other scam, questions are raised about how to avoid one the next time. In this backdrop, chief financial officers and experts reckon that changing the auditor every four years, as is an international practice, could be the way out. M Damo-daran, former Sebi chief, in […]
Shaken by the alleged “inaction” of Satyam Computer’s auditor Price Waterhouse, the Institute of Chartered Accountants of India is planning to push for a cap on the tenure of a company’s auditor. The institute is also looking into the possibility of issuing guidance to its members on “compulsory verification” if a company’s cash and bank […]
Just when The Institute of Chartered Accountants of India (ICAI) probes allegations of fraud against auditors of Pricewaterhouse in the Satyam and Global Trust Bank (GTB) cases, an auditor from the firm who was part of both the audits continues to sit on the all-important council of the accounting regulator, raising many eyebrows. According to […]
