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...
Company Law : Explains the legal requirement for signing financial statements and clarifies that responsibility rests with management, not the a...
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...
Company Law : NFRA found major deficiencies in audit documentation and archival practices. The report highlights the need for stronger controls ...
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...
Several audit firms have represented about adverse impacts on Indian audit firms due to the structuring of certain audit firms leading to circumvention of various regulations, manner in which auditor rotation requirements is being implemented by companies, and imposition of restrictive conditions by foreign investors with regard to auditor appointment by companies.
1. Revised SA 700, Forming an Opinion and Reporting on Financial Statements. 2. New SA 701, Communicating Key Audit Matters in the Independent Auditor’s Report. 3. Revised SA 705, Modifications to the Opinion in the Independent Auditor’s Report. 4. Revised SA 706, Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report.
Applications are invited from the Firms of Chartered Accountants for the purpose of Stock and Book Debts audit of accounts with various branches of Allahabad Bank in the states of Andhra Pradesh and Telangana. Those firms having branch (es) either in A.P. or in Telangana and are interested to empanel as Stock Auditors with Bank may submit application as per the format attached and the last date for receipt of the application at our office at the above address shall be 06.07.2015.
Banking sector: The IT saga in Indian banking commenced from the mid-eighties of the twentieth century when the RESERVE BANK took itself the task of promoting automation in banking to improve customer service, book keeping, MIS and productivity.
We have been taught that an audit conducted with a view to give an opinion about the truthful and fairness of financial statements, it does not include the objective to find out frauds / errors. Though the principle has remained constant, the expectations thereof have gone a sea change.
You are advised that henceforth Concurrent Auditors, who are chartered accountants, of branches below the cut-off point will submit LFAR only to the Chairman of the bank. The banks in turn will consolidate/compile all such LFARs submitted by the Concurrent Auditors and submit to Statutory Central Auditor as an internal document of the bank.
It was emphasized that the business in cooperative Banks i.e. State cooperative banks and district cooperative banks needs to be conducted in a manner not detrimental to the intents of the depositors and as these entities being Banks are subject to the regulatory provisions of the banking Regulation Act, 1949 (AACS), it is essential that the Statutory Audit in State Cooperative banks and district cooperative banks need to be conducted by Chartered accountants.
On the one hand the authorities want us to report any mischief occurred in the Company and on the other hand they are striking off various clauses from our reports through which we could report POSSIBLE FRAUD circumstances, which can become “ACTUAL FRAUD” ingredients later in future.
The first ray of sunrise of the Ist April 2015 is not as usual to the auditing industry. With the dusk of first financial year under companies act 2013 , we are subject to the uncountable penalties and prosecutions . The Government moved to tightening of the grip on the auditors after satyam scam has taken its final step of implementation.
Completion of Bank Branch Audits for the year 2014-15 – ICAI It has come to our notice that Public Sector Banks do put pressure on their branch auditors to complete their audits in the first 7 or 10 days of April itself. We strongly feel that providing such limited time for completion of audits leads […]
