CA, CS, CMA : Statutory audit offers exposure to accounting, taxation, compliance, internal controls, and business operations during articleship...
Company Law : The issue concerns ineffective communication between auditors and governance bodies despite existing legal requirements. NFRA clar...
CA, CS, CMA : Analysis of legal and ethical limits on an Independent Director becoming Statutory Auditor, focusing on cooling-off restrictions u...
Company Law : Failure of the Board to appoint the first auditor within 30 days shifts the power to shareholders. The case clarifies strict adher...
Company Law : The case highlights how inadequate communication between auditors and those charged with governance violates auditing standards. T...
CA, CS, CMA : The Nainital Bank issued an RFP for appointment of Statutory Central Auditors for FY 2026-27 in line with RBI guidelines. The docu...
Company Law : The issue involved auditor independence concerns arising from network relationships and control weaknesses. The report highlights ...
Company Law : NFRA identified serious deficiencies in audit quality, including poor documentation and weak independence checks. The report highl...
Company Law : NFRA found significant gaps in audit documentation and quality control systems during inspection. The report emphasizes the need f...
Company Law : The issue involved deficiencies in audit documentation and firm-wide quality control systems. The report highlights the need for s...
CA, CS, CMA : Supreme Court permits NFRA to continue audit regulatory proceedings against CAs where no final orders exist, but stays execution o...
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 : The CAG has issued revised directions for statutory auditors of government companies, effective May 23, 2025, covering investment ...
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...
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 […]
Article contains Draft Format of Engagement letter on Statutory Audit and Draft Format of Management Representation letter on Statutory Audit-
The global financial authorities are already shaken by the implications of the spread of COVID-19 on a world scale. It is highly unlikely to state when the current situation will pass and the economy will come right back on the tracks. It seems very justified to state that the pandemic which originated far away from […]
Notice Inviting Expression of Interest for engagement of Chartered Accountants Firms for Statutory Audit of various units of the Institute of Chartered Accountants of India (ICAI) [Announcement No. EOI/SA/2020-21 Dated 29/03/2020] ICAI invites applications from eligible Chartered Accountant firms for appointment as Statutory Auditor for its units i.e. Branches, Decentralized Offices and Regional Councils (Details […]
