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...
Members may note that mere receipt of an application for restructuring does not by itself makes the advance(s) referred to above qualified to retain its classification as Standard Asset(s).
The Institute of Company Secretaries of India (ICSI) has given a clean chit to the the company secretaries, G Jayaraman, global head of corporate governance and Savita Jyoti, practicing company secretary of Satyam Computers on their role in the accounting fraud. NK Jain, secretary, ICSI told FE, “On the basis of the investigation done by […]
Institute released two CDs on ‘Bank Branch Audit – An Overview’ recently and made content of these CDs available free of cost to the members associated with Bank Branch Audit. Accordingly they created http links for the said content. Please download the content from the following links: http://www.meficai.org/BankAudit/CD1.zip http://www.meficai.org/BankAudit/CD2.zip After download, you will require WINRAR […]
Do auditors – facing flak for endorsing falsified accounts in the Satyam scandal – have enough time to do their work properly? The Institute of Chartered Accountants of India (ICAI), trying to save the profession’s credibility under assault this year, has underlined the need to give central statutory auditors sufficient time to prepare audit reports. […]
The era of qualified company accounts is about to close. Companies will have to restate their financial statements if auditors raise objections to any figure in annual accounts, if the government accepts a proposed recommendation of the Institute of Chartered Accountants of India (ICAI). Annual reports would contain financial statements that fully satisfy the auditor’s […]
Your attention is drawn to the new Procedure for appointment of Branch Statutory Auditors in Public Sector Banks for the year 2008-09 already hosted on the website. It is an open invitation to all those Chartered Accountants/ CA firms which have been conducting audits as bank branch auditors since 2004-05 onwards continuously. In case they […]
CA. Uttam P. Agarwal, President, CA. Amarjit Chopra, Vice-President and CA. Anuj Goyal, Chairman, PDC along with other representatives of ICAI had an interaction with Shri P.S. Sharma, General Manager and Shri S. Ramachandran, Dy. General Manager, Department of Banking Supervision, Reserve Bank of India on 9th February, 2009. The major issue was managerial autonomy […]
I am attaching herewith copy of Email from CA Anuj Goyal, Chairman, Professional Development Committee ob above subject. Email is as follows:- Dear Professional Colleagues, As you are all aware that Reserve Bank of India has recently formulated a new procedure for Appointment of Branch Statutory Auditors in Public Sector Banks for the Year 2008-09. […]
1. The large PSBs having balance sheet size (assets + liabilities) of above Rs. 1 lac crore each to exercise managerial autonomy in regard to appointment of SBAs also from the year 2008-09 onwards. Thus, State Bank of India, Allahabad Bank, Bank of India, Bank of Baroda, Canara Bank, Central Bank of India, Indian Overseas […]
India Inc is against rotation of auditors every few years. At a closed-door meeting with Sebi chairman CB Bhave, nearly 45 top honchos expressed their opposition to this move, being demanded by foreign institutional investors (FIIs). The attendees included K V Kamath, Uday Kotak, Mihir Doshi and U K Sinha.
