Company Law : Understand the appointment process, tenure, and reporting obligations for auditors under the Companies Act, 2013. Key rules, forms...
CA, CS, CMA : एनएफआरए ने बीएसआर एंड कंपनी और लोधा एंड कंपनी के आ...
CA, CS, CMA : Discover the distinctions between due diligence and statutory audit. Learn their essence, components, and how they impact decision...
CA, CS, CMA : Discover essential steps for an effective bank branch statutory audit, from initial preparation to finalization of reports. Explor...
CA, CS, CMA : Unlock your auditing potential with our practical guide for first-time statutory branch auditors in the banking sector, covering R...
Company Law : NFRA inspection of PwC firms (PWCA & PW& Co CA) reveals deficiencies in related party transaction verification and documentation, ...
Company Law : Summary of NFRA's audit quality inspection of Lodha & Co., highlighting key deficiencies in audit documentation, independence poli...
Company Law : NFRA's 2023 inspection of M/s BSR & Co. LLP highlighted improvements in audit practices, independence policies, and documentation ...
Company Law : NFRA's 2023 inspection of MSKA & Associates highlights audit deficiencies, governance issues, and non-compliance with standards. D...
CA, CS, CMA : ICAI Audit Quality Maturity Model v2.0 is mandatory for firms auditing listed entities, banks, and insurance companies. It assesse...
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...
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...
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 : The company has stated in its application that the auditor was not able to conduct the audit in timely manner also the auditor was...
Company Law : Various acts of IL&FS like over borrowing were prejudicial to the public interest which had cascading impact on various sectors ...
Company Law : NFRA imposes Rs. 5 lakh penalty and 5-year debarment on CA Neeraj Bansal for professional misconduct during Religare Finvest Ltd's...
Company Law : The National Financial Reporting Authority imposes penalties on Deloitte and auditors for misconduct in the ZEEL audit, resulting ...
Company Law : CA Chirag Doshi faces a ₹5 lakh penalty for professional misconduct in the statutory audit of Ushdev International Limited for F...
Income Tax : NFRA imposes penalties on Venkatesh & Co. and debarment of partners for negligence during the audit of Coffee Day Enterprises Ltd,...
Company Law : NFRA reiterates that auditors shall understand their responsibility under CA 2013 and SA 600 with their concomitant responsibiliti...
CHAPTER – X: AUDIT AND AUDITORS Section – 139: Appointment of Auditors 139(1) Every company shall, at the first annual general meeting, appoint an individual or a firm as an auditor who shall hold office from the conclusion of that meeting till the conclusion of its 6th annual general meeting and thereafter till the conclusion […]
The appointment of DHS as the statutory auditor of IL&FS Financial Services Ltd. (IFIN) for the year 2017-18 was illegal, since DHS was not eligible to be appointed as such auditor due to violation of Sec 141(3)(e) (subsisting business relationships on the date of appointment) and Sec 141(3)(i) (provision of non-audit services directly or indirectly) of the Companies Act, 2013.
Through this Articles we will be discussing the pointers which needs to be check by the Statutory Auditors at the time of conducting Statutory Audits or finalizing the Books of Accounts of an Unlisted company
Here’s a list of a few Important Taxation amendments w.r.t. Tax Audit/Company Audit for FY 2019-20: 1. The threshold limit of Rs 1 crore for applicability of Tax audit u/s 44AB(a) is increased to Rs 5 crore if the taxpayer’s cash receipts are limited to 5% of the gross receipts or turnover and the cash […]
This article mainly explains statutory auditor role in audit of ‘Investment and Credit Company – (NBFC-ICC)’ (earlier known as Investment/loan company)and having asset size below 500 crore as defined in Non-Systemically Important Non-Deposit taking (Reserve Bank) Directions, 2016 as per Master Direction NBR.PD.007/03.10.119/2016-17 dated 01.09.2016 updated from time to time. A. Definitions of Investment and […]
In recent times, frequent resignations by the Auditors raised eye brow often due to lack of co-ordination, non-availability of information etc. In view of the same, the SEBI has issued specific norms for procedure of Resignation as well as Appointment of Statutory Auditors for listed entity to hold accountability of outgoing as well as incoming […]
The appointment of BSR as the statutory auditor of IL&FS Financial Services Ltd. (IFIN) for the year 2017-18 was illegal, since BSR was not eligible to be appointed as such auditor due to violation of Sec 141(3)(e) (subsisting business relationships on the date of appointment) and Sec 141(3)(i) (provision of non-audit services directly or indirectly) of the Companies Act, 2013. BSR’s continuation as such statutory auditor was also violative of Sec 141(4).
Order Under Section 132(4) of the Companies Act in respect of the Show Cause Notice issued to CA Shrenik Baid (Membership No 103884) Extract from the order D. PENALTY 199. As discussed in detail in the above paras, the charges framed against CA Shrenik Baid in the SCN have been held to have been proved. […]
Article explains Manner of Rotation of Statutory Auditors under Companies (Audit and Auditors) Rules, 2014 read with Section 139 of Companies Act, 2013. A. Section 139(2) and Rule 5 of the Companies (Audit and Auditors) Rules 2014– Maximum term for appointment of auditors 1. In case of every listed company; 2. All Unlisted companies having […]
Uncertainty and it’s impact on the control environment Covid-19 brought in uncertainty. Working under the disruptively changed period of Uncertainty should drive you to review your Internal Controls. As we head into the Audit sessions for FY 19-20, Finance teams need to provide their Audit Committees, Boards and the Statutory Auditors comfort that their company […]
