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...
India’s notorious Satyam Computer Services scandal has taken a turn for the worse, with the country’s Central Bureau of Investigation (CBI) laying new charges against 10 defendants regarding fake invoices, inflated revenues, unauthorised loans and attempted cover ups. These come in a new 200-page charge sheet with 1,549 additional documents and 301 additional witnesses, filed on November 25, before the city court in Hyderabad.
The government today said the Reserve Bank of India (RBI) had not approved appointment of financial consultancy and auditing firm PwC as auditors for commercial banks from the financial year 2009-10 in the wake of alleged irregularities on its part in the Satyam fraud. “After reporting of alleged irregularities on the part of auditors of Satyam Computer, RBI has not approved appointment of PwC as statutory auditor in the scheduled commercial banks from the financial year 2009-10,” Finance Minister Pranab Mukherjee told the Rajya Sabha.
The Ministry of Corporate Affairs has established Indian Institute of Corporate Affairs (IICA) to act as the capacity building support for the officers / officials of the Ministry on issues relating to effective corporate functioning and regulation. The Institute can also design and deliver training programmes on such areas relating to corporate laws and regulations on specific requests from concerned Ministry / Department / Organisation. Giving this information in the Rajya Sabha, Shri Salman Khurshid, Minister of Corporate Affairs, said in a written reply that an elaborate regulatory framework is in place to deal with cases like Satyam scam.
Chartered Accountant firms in India with at least one full time FCA (Partner/Sole Proprietor) can apply for empanelment with this office for allotment of audit of Public Sector Undertakings during January-February as notified every year. The criteria for empanelment and selection of statutory auditors have been arrived at after due consultation with the Institute of Chartered Accountants of India.
Media reports on Wednesday said that ICAI had withdrawn the showcause notice issued to Price Waterhouse for alleged violation of norms. The Institute of Chartered Accountants of India (ICAI) on Thursday denied media reports that it has withdrawn an 8 October showcause notice against accounting firm Price Waterhouse that was statutory auditor for the erstwhile Satyam Computer Services Ltd. Price Waterhouse New Delhi in a Wednesday statement claimed that the notice had been withdrawn.
Accounting regulator ICAI on Wednesday said it will issue fresh notices to PriceWaterhouse, Delhi, in relation to the Satyam scam after the Delhi High Court objected to its action against the firm without any evidence that it was related to PW, Bangalore, the statutory auditors of scam-hit company.
Association of the concern/any partner/proprietor with Public Sector Banks as Concurrent / internal / income and expenditure or revenue auditor/ stock auditor/ auditor of borrowers accounts etc. (other than as Statutory Bank Branch Auditors and Central Statutory Auditors).
The extra freedom given to the 26 public sector banks from this year to choose their statutory auditors has auditing companies — both those chosen and those left out — restive. They have approached the Union finance ministry and the Prime Minister’s Office to say that the decision will affect the quality of audits.
In terms of Para No. 15 of Non-Banking Financial (Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007 and Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007, every non-banking financial company has to submit a Certificate from its Statutory Auditor that it is engaged in the business of non-banking financial institution requiring it to hold a Certificate of Registration under Section 45-IA of the RBI Act.
1. Background SEBI Committee on Disclosures and Accounting Standards (SCODA) is the standing Committee of SEBI that advises on matters relating to disclosures and accounting standards. As part of a review of the extant norms relating to disclosure requirements and accounting standards for listed entities, the Committee has deliberated on certain issues, the details of […]
