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Statutory Audit

Latest Articles


Difference Between Due Diligence and Statutory Audit

CA, CS, CMA : Discover the distinctions between due diligence and statutory audit. Learn their essence, components, and how they impact decision...

May 11, 2024 1677 Views 0 comment Print

Planning for an effective bank branch Statutory Audit

CA, CS, CMA : Discover essential steps for an effective bank branch statutory audit, from initial preparation to finalization of reports. Explor...

March 16, 2024 4221 Views 1 comment Print

Practical Guide for First-Time Statutory Bank Branch Auditors

CA, CS, CMA : Unlock your auditing potential with our practical guide for first-time statutory branch auditors in the banking sector, covering R...

February 23, 2024 1980 Views 0 comment Print

Unveiling Professional Misconduct: NFRA’s Order on Seya Industries Limited’s Statutory Audit

Company Law : The Order No. 002/2024 Date: 05.01.2024, centered around CA Anil Chauhan, the Engagement Partner (EP) of Anil Chauhan & Associates...

January 11, 2024 1023 Views 0 comment Print

Fraudulent Auditors Beware: SC Upholds Section 140(5) of Companies Act, 2013

Company Law : Supreme Court's recent decision in Deloitte Haskins and Sells LLP to uphold Section 140(5) of Companies Act 2013 & its impact on a...

September 12, 2023 2868 Views 0 comment Print


Latest News


ICAI Introduces Audit Quality Maturity Model Version 2.0

CA, CS, CMA : ICAI Audit Quality Maturity Model v2.0 is mandatory for firms auditing listed entities, banks, and insurance companies. It assesse...

August 22, 2024 1053 Views 0 comment Print

Apply for Statutory Audit: Chartered Accountant Firms Needed for XBRL India

CA, CS, CMA : Invitation for CA firms to audit XBRL India. Requirements, eligibility criteria, application process, and terms. Apply by 09/08/20...

July 18, 2024 699 Views 0 comment Print

Expert Panel for Addressing queries related to Statutory Audit

CA, CS, CMA : Get expert support on auditing aspects for statutory audits. ICAIs Auditing and Assurance Standards Board (AASB) forms an expert p...

April 11, 2024 1791 Views 0 comment Print

Expert panel formed to address statutory bank branch audits queries

CA, CS, CMA : Get expert help with bank branch audit queries for 2023-24. AASB, ICAI's online panel resolves challenges faced by auditors. Email...

March 28, 2024 4537 Views 0 comment Print

NFRA Inspection 2022: Analysis of Price Waterhouse LLP Audit Compliance

Company Law : Explore NFRA's audit inspection report on Price Waterhouse Chartered Accountants LLP. Detailed analysis of audit compliance, key o...

December 26, 2023 2652 Views 0 comment Print


Latest Judiciary


CA Barred for Five Years by NCLT for Failing Duties as Statutory Auditor

CA, CS, CMA : Read the full NCLT judgment/order on Union of India Vs CA. Ramaiah Nataraja. Bengaluru CA barred from statutory auditor role for c...

July 16, 2024 3534 Views 0 comment Print

Madras HC condones Delay in Income Tax Return filing by co-op credit society

Income Tax : Read the full text of Madras High Court's judgment on condoning the delay in income tax return filing by Kalvadangam Primary Agric...

April 11, 2024 3798 Views 0 comment Print

Auditors cannot escape being probed if they resign; Section 140(5) of Companies Act constitutional: SC

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...

May 4, 2023 18681 Views 0 comment Print

RD approves Removal of Statutory Auditor of Company

Company Law : The company has stated in its application that the auditor was not able to conduct the audit in timely manner also the auditor was...

May 10, 2022 3888 Views 0 comment Print

NCLAT dismisses pleas of IL&FS auditors Deloitte & KPMG against impleadment

Company Law : Various acts  of IL&FS like over borrowing were prejudicial to the public interest which had cascading impact on various sectors ...

March 4, 2020 3174 Views 0 comment Print


Latest Notifications


Disclaimer of Opinion not exempts auditors from statutory obligations: NFRA

Company Law : CA Chirag Doshi faces a ₹5 lakh penalty for professional misconduct in the statutory audit of Ushdev International Limited for F...

October 21, 2024 6525 Views 0 comment Print

NFRA Penalizes Venkatesh & Co. for Audit Misconduct in CDEL Case

Income Tax : NFRA imposes penalties on Venkatesh & Co. and debarment of partners for negligence during the audit of Coffee Day Enterprises Ltd,...

October 10, 2024 4974 Views 0 comment Print

Responsibilities of Principal Auditor and Other Auditors in Group Audits

Company Law : NFRA reiterates that auditors shall understand their responsibility under CA 2013 and SA 600 with their concomitant responsibiliti...

October 3, 2024 1575 Views 0 comment Print

NFRA Penalized Audit Firm & CA for Lapses in Conduct of Statutory Audit

Corporate Law : Explore NFRA Order No. 018/2024 on CA Yogesh Mahipal for audit misconduct findings and penalties under Companies Act 2013. Detaile...

July 5, 2024 252 Views 0 comment Print

NFRA Imposes ₹60 Lakh Penalty on CMIL Auditor & Debars Auditor for 2 Years

Company Law : NFRA issues Order against Krishna Neeraj & Associates and CA Krishna Kr Neeraj for professional misconduct in CMIL's audit, imposi...

April 26, 2024 15432 Views 1 comment Print


Latest Posts in Statutory Audit

Disclaimer of Opinion not exempts auditors from statutory obligations: NFRA

October 21, 2024 6525 Views 0 comment Print

CA Chirag Doshi faces a ₹5 lakh penalty for professional misconduct in the statutory audit of Ushdev International Limited for FY 2017-18, per NFRA order.

NFRA Penalizes Venkatesh & Co. for Audit Misconduct in CDEL Case

October 10, 2024 4974 Views 0 comment Print

NFRA imposes penalties on Venkatesh & Co. and debarment of partners for negligence during the audit of Coffee Day Enterprises Ltd, exposing Rs 3,535 crore fund diversion.

Responsibilities of Principal Auditor and Other Auditors in Group Audits

October 3, 2024 1575 Views 0 comment Print

NFRA reiterates that auditors shall understand their responsibility under CA 2013 and SA 600 with their concomitant responsibilities in related SAs such as SA 200, SA 220 (Revised), SA 230, SA 240, SA 300, SA 315 (Revised 2019), SA 320, SA 330, SA 450 and SA 701 towards obtaining sufficient and appropriate evidence in support of the auditor’s opinion on the group financial statements and carry out audit procedures accordingly.

ICAI Introduces Audit Quality Maturity Model Version 2.0

August 22, 2024 1053 Views 0 comment Print

ICAI Audit Quality Maturity Model v2.0 is mandatory for firms auditing listed entities, banks, and insurance companies. It assesses practice management, HR, and digital competency.”

Apply for Statutory Audit: Chartered Accountant Firms Needed for XBRL India

July 18, 2024 699 Views 0 comment Print

Invitation for CA firms to audit XBRL India. Requirements, eligibility criteria, application process, and terms. Apply by 09/08/2024. Learn more.

CA Barred for Five Years by NCLT for Failing Duties as Statutory Auditor

July 16, 2024 3534 Views 0 comment Print

Read the full NCLT judgment/order on Union of India Vs CA. Ramaiah Nataraja. Bengaluru CA barred from statutory auditor role for colluding with company’s fraudulent activities.

NFRA Penalized Audit Firm & CA for Lapses in Conduct of Statutory Audit

July 5, 2024 252 Views 0 comment Print

Explore NFRA Order No. 018/2024 on CA Yogesh Mahipal for audit misconduct findings and penalties under Companies Act 2013. Detailed analysis of audit failures and implications.

Difference Between Due Diligence and Statutory Audit

May 11, 2024 1677 Views 0 comment Print

Discover the distinctions between due diligence and statutory audit. Learn their essence, components, and how they impact decision-making and risk mitigation.

NFRA Imposes ₹60 Lakh Penalty on CMIL Auditor & Debars Auditor for 2 Years

April 26, 2024 15432 Views 1 comment Print

NFRA issues Order against Krishna Neeraj & Associates and CA Krishna Kr Neeraj for professional misconduct in CMIL’s audit, imposing penalties and sanctions.

NFRA imposes ₹1.60 Crore Penalty on RHFL Auditors & Audit Firm

April 26, 2024 36684 Views 2 comments Print

National Financial Reporting Authority’s order penalizes M/s Dhiraj & Dheeraj and auditors for misconduct in the audit of Reliance Home Finance Limited.

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