Statutory Audit

Auditors Resignations Raises Critical Eyebrow

CA, CS, CMA - The resignation of an auditor can be a critical and highly exposed event with serious implications for the company and the auditors themselves. Resignation, particularly in debatable circumstances, can expose auditors to various risks, including the risk of litigation from creditors, investors and the company. Although auditors’ res...

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FAQs on SA 570 ‘Going Concern’ (Applicable for audits of FY 2017-18)

CA, CS, CMA - To clarify the implementation issues, the Auditing and Assurance Standards Board of ICAI, hereby issues the following FAQs on SA 570(Revised) based on the queries received from the members:...

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Create Automated Auditor Appointment Agency to ensure auditors independence

CA, CS, CMA - 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)....

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Is Audit Rotation enough for Auditor’s Independence

CA, CS, CMA - 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

CA, CS, CMA - 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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Amendment in Guidance Note on Audit of Consolidated Financial Statements

CA, CS, CMA - Important Clarification on Amendment to Paragraph 17 of Revised Guidance Note on Audit of Consolidated Financial Statements issued by ICAI...

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New / Revised Standard on Auditing SA 700, 701, 705, 706, 260 & 570

CA, CS, CMA - 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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Applications for Empanelment as Stock Auditor with Allahabad Bank

CA, CS, CMA - Applications are invited from the Firms of Chartered Accountants for the purpose of Stock and Book Debts audit of accounts with various branches of Allahabad Bank in the states of Andhra Pradesh and Telangana. Those firms having branch (es) either in A.P. or in Telangana and are interested to empanel as Stock Auditors with Bank may submit...

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CARO report not applicable for Financial year 2014-15

CA, CS, CMA - ANNOUNCEMENT ON CARO, 2003 AND ADDITIONAL REPORTING UNDER THE COMPANIES ACT, 2013 We are receiving queries from the members regarding applicability of CARO, 2003 along with Auditors’ Report on financial statements of companies for the financial year 2014-15. The Ministry of Corporate Affairs (MCA) is working on it and has constituted a ...

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Amendment to Auditor’s Report Format Under the Companies Act

CA, CS, CMA - Announcement 1 : Manner of Reporting on Section 227(3)(bb) of the Companies Act, 1956. Announcement 2 : Reference to the Accounting Standards Applicable to the Companies in the Auditor’s Report and Limited Review Reports and various Engagement Standards. Announcement 3 : Amendment to the “Auditor’s Responsibility” Paragraph Includ...

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ICAI Disciplinary Committee decision in breach of natural justice is invalid

Partha Ghosh vs. ICAI (Bombay High Court) - In October 2007, Disciplinary proceedings were initiated against two partners of M/s Pricewaterhouse (PWC) for alleged professional and other misconduct in conducting the statutory audit of Global Trust Bank. The proceedings were based on the findings in the Special Audit report and the Annual Finan...

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RBI Enforcement action framework in respect of statutory auditors of banks

Press Release: 2017-2018/3425 - (29/06/2018) - In the interest of improving audit quality and with a view to instituting a transparent mechanism to examine accountability of SAs in a consistent manner, it has been decided to put in place a graded enforcement action framework to enable appropriate action by the RBI in respect of the banks’ SAs ...

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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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Govt. constitutes expert Group to look issues related to Audit firms

F. No. 17/112/2016-CL-V - (30/09/2016) - Several audit firms have represented about adverse impacts on Indian audit firms due to the structuring of certain audit firms leading to circumvention of various regulations, manner in which auditor rotation requirements is being implemented by companies, and imposition of restrictive conditions by...

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Submission of Long Form Audit Report (LFAR) by Concurrent Auditors

RBI/2014-15/626 DBS.CO.ARS.BC.8/08.91.001/2014-15 - (02/06/2015) - You are advised that henceforth Concurrent Auditors, who are chartered accountants, of branches below the cut-off point will submit LFAR only to the Chairman of the bank. The banks in turn will consolidate/compile all such LFARs submitted by the Concurrent Auditors and submit to Statutory Central Au...

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SEBI asks for physical verification of gold underlying the Gold ETF units by statutory auditors of mutual fund schemes and reporting to trustees on half yearly basis

Circular No. Cir/IMD/DF/20/2010 - (06/12/2010) - This circular is issued in exercise of powers conferred under section 11(1) of the Securities and Exchange Board of India Act, 1992, read with provisions of regulation 77 of SEBI (Mutual Funds) Regulations, 1996 to protect the interests of the investors in securities and to promote the development o...

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Recent Posts in "Statutory Audit"

Auditors Resignations Raises Critical Eyebrow

The resignation of an auditor can be a critical and highly exposed event with serious implications for the company and the auditors themselves. Resignation, particularly in debatable circumstances, can expose auditors to various risks, including the risk of litigation from creditors, investors and the company. Although auditors’ res...

Read More
Posted Under: Fema / RBI | ,

RBI Enforcement action framework in respect of statutory auditors of banks

Press Release: 2017-2018/3425 (29/06/2018)

In the interest of improving audit quality and with a view to instituting a transparent mechanism to examine accountability of SAs in a consistent manner, it has been decided to put in place a graded enforcement action framework to enable appropriate action by the RBI in respect of the banks’ SAs for any lapses observed in conducting a ...

Read More

FAQs on SA 570 ‘Going Concern’ (Applicable for audits of FY 2017-18)

To clarify the implementation issues, the Auditing and Assurance Standards Board of ICAI, hereby issues the following FAQs on SA 570(Revised) based on the queries received from the members:...

Read More
Posted Under: Fema / RBI |

Create Automated Auditor Appointment Agency to ensure auditors 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)....

Read More
Posted Under: Fema / RBI |

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 |

Amendment in Guidance Note on Audit of Consolidated Financial Statements

Important Clarification on Amendment to Paragraph 17 of Revised Guidance Note on Audit of Consolidated Financial Statements issued by ICAI...

Read More
Posted Under: Fema / RBI |

Govt. constitutes expert Group to look issues related to Audit firms

F. No. 17/112/2016-CL-V (30/09/2016)

Several audit firms have represented about adverse impacts on Indian audit firms due to the structuring of certain audit firms leading to circumvention of various regulations, manner in which auditor rotation requirements is being implemented by companies, and imposition of restrictive conditions by foreign investors with regard to audito...

Read More

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 |

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