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 : Invitation for CA firms to audit XBRL India. Requirements, eligibility criteria, application process, and terms. Apply by 09/08/20...
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...
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...
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 of and to regulate the securities market.
The Institute of Chartered Accountants of India (ICAI) has recommended strict penal action, including imprisonment, for auditors who are found associated with serious accounting frauds. It also wants the Ministry of Corporate Affairs to frame a code of conduct for financial analysts and investment bankers for better scrutiny of firms that may indulge in such illegal affairs.
The file attached below contains some of the queries raised by the members in relation to the audits of banks and bank branches for the year ended 31.March 2008. The queries were responded by an expert panel comprising senior members from the profession. The responses given by them represent the personal vies of the concerned expert(s).
The State Bank of India (Amendment) Bill 2010 contains a provision that will further limit the Reserve Bank of India’s powers on bank auditor appointment. The provision allows SBI to appoint its own statutory auditors. The Central Government too will have no say in the appointment of statutory auditors of SBI.
Auditors in public sector banks (PSBs) must be appointed by the Reserve Bank of India (RBI) and the current practice of allowing bank managements to decide on such appointments must be done away with, the new President of the CA Institute, Mr Amarjit Chopra, has said.
The Comptroller & Auditor General of India, country’s statutory auditor, has sought government intervention to access financial records of Cairn India-operated Rajasthan oil fields. It has not yet received records of Cairn’s Barmer oil fields (RJ-ON-90 /1) for auditing, a senior CAG official said.
The issue relating to the internal assignments allotted to the audit firms at the time of their appointment as statutory auditors has been examined afresh and it has been decided as under: “Audit firms should not undertake statutory audit assignment while they are associated with internal assignments in the bank during the same year. In case the firms are associated with internal assignment it should be ensured that they relinquish the internal assignment before accepting the statutory audit assignment during the year.”
Accounting regulator, the Institute of Chartered Accountants of India (ICAI) has decided to allow officials of the Indian Audits and Accounts Service (IA&AS)—the stream of civil servants who audit state-run companies—acquire the chartered accountancy (CA) qualification in less than the usual time. Officers of IA&AS, a central government service under the government’s statutory auditor the Comptroller and Auditor General of India , will now be able to become qualified CAs by undergoing only two years of training rather than the mandatory three year training called articleship.
Government of India vide their letter F.No.1/14/2004-BOA dated November 21, 2008 had advised all the public sector banks (PSBs) to follow the Road Map for implementation of autonomy in the matter of appointment of statutory auditors. As per the Road Map, RBI will forward to the PSBs a list of eligible audit firms containing the names of firms equal to twice the number of vacancies identified for the year 2009-10.
Almost a year after it was rattled by the Satyam scam, auditing firm PricewaterhouseCoopers (PwC) on Monday announced a sudden change of leadership of India operations as its chairman Ramesh Rajan stepped down prematurely to make way for Gautam Banerjee, who takes over from Singapore with immediate effect.
