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 : The Order No. 002/2024 Date: 05.01.2024, centered around CA Anil Chauhan, the Engagement Partner (EP) of Anil Chauhan & Associates...
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...
CA, CS, CMA : Get expert support on auditing aspects for statutory audits. ICAIs Auditing and Assurance Standards Board (AASB) forms an expert p...
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...
Company Law : Explore NFRA's audit inspection report on Price Waterhouse Chartered Accountants LLP. Detailed analysis of audit compliance, key o...
Company Law : Explore detailed NFRA Inspection Report 2022 on SRBC & Co. LLP. Key findings include audit documentation, leadership structure, an...
Company Law : Explore NFRA Inspection Report 2022 on Deloitte Haskins & Sells LLP, uncovering critical audit quality assessments, non-compliance...
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 ...
Corporate Law : Explore NFRA Order No. 018/2024 on CA Yogesh Mahipal for audit misconduct findings and penalties under Companies Act 2013. Detaile...
Company Law : NFRA issues Order against Krishna Neeraj & Associates and CA Krishna Kr Neeraj for professional misconduct in CMIL's audit, imposi...
Company Law : National Financial Reporting Authority's order penalizes M/s Dhiraj & Dheeraj and auditors for misconduct in the audit of Relianc...
Company Law : Explore NFRA's order penalizing PCN & Associates and CA Gopala Krishna Kandula for non-cooperation in statutory audit investigatio...
Corporate Law : The NFRA issues an order against CA Ratan Laxminarayan Rathi for professional misconduct in the audit of Bilcare Limited. Discover...
Various acts of IL&FS like over borrowing were prejudicial to the public interest which had cascading impact on various sectors of the economy and the red signals were raised against the IL&FS by the country and even by the department of economic affairs of the country, therefore, before passing any appropriate order in public interest and to save the economy of the Country from collapse, if the Tribunal was of the opinion that it required to give appropriate hearing to the concerned parties, including those who audited ‘IL&FS’ and/ or those who have managed or were concerned with ‘IL&FS’ or its Group Companies, it could not be held to be illegal.
In this article author gives his views on the Consultation Paper with Justification to Examine the Existing Provisions of Law and Make Suitable Amendments therein to Enhance Audit Independence and Accountability
The concept of Auditor independence requires the auditor to carry out his or her work freely, with integrity and in an objective manner. Though auditor is appointed by the shareholders, effective power of their appointment and dismissal lies with the management.
NFRA has issued Audit Quality Review report of the statutory audit for year 2017-18 of IL&FS Financial Services Limited. The statutory auditor for this engagement was Deloitte Haskins and Sells LLP.
Announcement on Applicability of Implementation Guide on Resignation/ Withdrawal from an Engagement to Perform Audit of Financial Statements” to Statutory Auditors of Listed Entities and their Material Subsidiaries
PREAMBLE The Company jurisprudence in India enshrines statutory auditors who audit the accounts of a company as representatives of the shareholders who appoint them at every Annual General meeting {AGM} to look after the interest of the shareholders. In a significant case of Deputy Secretary v S N Dasgupta, AIR, 1956 , Cal 414, it […]
There have been a significant number of instances of abrupt resignation of Statutory Auditors from listed entities in recent times. In most of the cases, the statutory auditors have suddenly resigned without completing their assignments for the year, generally citing ‘pre-occupation’ as the reason for resignation. The Watchdog SEBI on 18th July 2019 proposed stricter norms, […]
We have audited the accompanying standalone financial statements of XYX Limited, which comprise the Balance Sheet as at March 31, 2019, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year ended on that date, and a summary of the significant accounting policies and other explanatory information
We have audited the accompanying consolidated financial statements of ________ Limited and its subsidiaries (the Company and its subsidiaries together referred to as “the Group”), which comprise the Consolidated Balance Sheet as at March 31, 2019, the Consolidated Statement of Profit and Loss (including Other Comprehensive Income), the Consolidated Statement of Changes in Equity and the Consolidated Statement of Cash Flows for the year ended on that date
Draft Statutory Audit Report Format for F.Y. 2018-19 for Public Limited Companies. Note : The items shown with Red Font are possible alternative reporting based on client circumstances. Kindly apply your judgement and professional skepticism in using the appropriate reporting. INDEPENDENT AUDITORS’ REPORT To The Members of ________________ Limited Report on the audit of the […]
