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Statutory Audit

Latest Articles


Difference Between Due Diligence and Statutory Audit

CA, CS, CMA : Discover the distinctions between due diligence and statutory audit. Learn their essence, components, and how they impact decision...

May 11, 2024 1386 Views 0 comment Print

Planning for an effective bank branch Statutory Audit

CA, CS, CMA : Discover essential steps for an effective bank branch statutory audit, from initial preparation to finalization of reports. Explor...

March 16, 2024 3843 Views 1 comment Print

Practical Guide for First-Time Statutory Bank Branch Auditors

CA, CS, CMA : Unlock your auditing potential with our practical guide for first-time statutory branch auditors in the banking sector, covering R...

February 23, 2024 1719 Views 0 comment Print

Unveiling Professional Misconduct: NFRA’s Order on Seya Industries Limited’s Statutory Audit

Company Law : The Order No. 002/2024 Date: 05.01.2024, centered around CA Anil Chauhan, the Engagement Partner (EP) of Anil Chauhan & Associates...

January 11, 2024 882 Views 0 comment Print

Fraudulent Auditors Beware: SC Upholds Section 140(5) of Companies Act, 2013

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...

September 12, 2023 2646 Views 0 comment Print


Latest News


Expert Panel for Addressing queries related to Statutory Audit

CA, CS, CMA : Get expert support on auditing aspects for statutory audits. ICAIs Auditing and Assurance Standards Board (AASB) forms an expert p...

April 11, 2024 1665 Views 0 comment Print

Expert panel formed to address statutory bank branch audits queries

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...

March 28, 2024 4417 Views 0 comment Print

NFRA Inspection 2022: Analysis of Price Waterhouse LLP Audit Compliance

Company Law : Explore NFRA's audit inspection report on Price Waterhouse Chartered Accountants LLP. Detailed analysis of audit compliance, key o...

December 26, 2023 2361 Views 0 comment Print

SRBC & Co. LLP Audit Inspection Report 2022: NFRA Findings Revealed

Company Law : Explore detailed NFRA Inspection Report 2022 on SRBC & Co. LLP. Key findings include audit documentation, leadership structure, an...

December 26, 2023 1281 Views 0 comment Print

Deloitte Haskins & Sells LLP Audit Quality Inspection 2022 Report

Company Law : Explore NFRA Inspection Report 2022 on Deloitte Haskins & Sells LLP, uncovering critical audit quality assessments, non-compliance...

December 26, 2023 2373 Views 0 comment Print


Latest Judiciary


CA Barred for Five Years by NCLT for Failing Duties as Statutory Auditor

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...

July 16, 2024 2295 Views 0 comment Print

Madras HC condones Delay in Income Tax Return filing by co-op credit society

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...

April 11, 2024 3588 Views 0 comment Print

Auditors cannot escape being probed if they resign; Section 140(5) of Companies Act constitutional: SC

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...

May 4, 2023 18567 Views 0 comment Print

RD approves Removal of Statutory Auditor of Company

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...

May 10, 2022 3747 Views 0 comment Print

NCLAT dismisses pleas of IL&FS auditors Deloitte & KPMG against impleadment

Company Law : Various acts  of IL&FS like over borrowing were prejudicial to the public interest which had cascading impact on various sectors ...

March 4, 2020 3090 Views 0 comment Print


Latest Notifications


NFRA Penalized Audit Firm & CA for Lapses in Conduct of Statutory Audit

Corporate Law : Explore NFRA Order No. 018/2024 on CA Yogesh Mahipal for audit misconduct findings and penalties under Companies Act 2013. Detaile...

July 5, 2024 102 Views 0 comment Print

NFRA Imposes ₹60 Lakh Penalty on CMIL Auditor & Debars Auditor for 2 Years

Company Law : NFRA issues Order against Krishna Neeraj & Associates and CA Krishna Kr Neeraj for professional misconduct in CMIL's audit, imposi...

April 26, 2024 15105 Views 1 comment Print

NFRA imposes ₹1.60 Crore Penalty on RHFL Auditors & Audit Firm

Company Law : National Financial Reporting Authority's order penalizes M/s Dhiraj & Dheeraj and auditors for misconduct in the audit of Relianc...

April 26, 2024 36129 Views 2 comments Print

Penalty & Debarment: NFRA rules Against PCN & Associates & CA Gopala Krishna Kandula

Company Law : Explore NFRA's order penalizing PCN & Associates and CA Gopala Krishna Kandula for non-cooperation in statutory audit investigatio...

April 26, 2024 9666 Views 0 comment Print

NFRA Imposes Monetary Penalty & Two-Year Debarment from Auditing for CA

Corporate Law : The NFRA issues an order against CA Ratan Laxminarayan Rathi for professional misconduct in the audit of Bilcare Limited. Discover...

February 22, 2024 981 Views 0 comment Print


Contravention of Section 143, Section 129 and AS 18: MCA Imposes Penalty on CA

October 31, 2023 465 Views 0 comment Print

Read the adjudication order from the Registrar of Companies, West Bengal, imposing penalties under Companies Act, 2013 on B.K. SAHOO & COMPANY for non-compliance in the audit of TRANSMISSION & DISTRIBUTION (INDIA) LIMITED.

Fraudulent Auditors Beware: SC Upholds Section 140(5) of Companies Act, 2013

September 12, 2023 2646 Views 0 comment Print

Supreme Court’s recent decision in Deloitte Haskins and Sells LLP to uphold Section 140(5) of Companies Act 2013 & its impact on auditors in India.

NFRA Penalizes Burnpur Cement Limited Auditors for Audit Lapses

August 21, 2023 12642 Views 0 comment Print

NFRA Penalizes Burnpur Cement Limited Auditors for Audit Lapses, Professional Misconduct, Issues with the Going Concern Assumption, Material Misstatements in Financial Statements, Misrepresentation of Property, Plant, and Equipment (PPE), Bypassing the pivotal step of the Engagement Quality Control Review Process, misleading NFRA and Pervasive Negligence.

Companies Act 2013: Auditor Appointment Rules & Guidelines

August 18, 2023 38742 Views 3 comments Print

Get insights into auditor appointment under Companies Act 2013. Explore Section 139 rules, procedures, first auditor appointment, and more.

NFRA Penalizes Auditors of Tanglin Developments Ltd for Lapses & Irregularities

August 18, 2023 9387 Views 0 comment Print

NFRA Penalized Auditors of Tanglin Developments Ltd for Lapses in Professional Judgment, Unreported Irregularities and Tampering with the Audit File

NFRA Fines Bartronics India Auditor, Enforces Debarment

August 3, 2023 12846 Views 0 comment Print

National Financial Reporting Authority imposes ₹5 lakh penalty on Bartronics India’s auditor, CA T. Raghavendra, with a 2-year debarment.

Coffee Day Global Limited (CDGL) – NFRA Orders & Auditing Standards

August 2, 2023 3000 Views 2 comments Print

Coffee Day Enterprises Limited (CDEL) operates in various sectors, including coffee retailing, logistics, financial services, and hospitality. NFRA has issued orders against auditors for alleged financial irregularities. This article discusses the case and the issue of provisioning interest on NPAs.

NFRA Penalizes Burnpur Cement’s Auditor for Professional Misconduct

August 1, 2023 1797 Views 0 comment Print

Review of National Financial Reporting Authority’s action against CA Riya Agarwal under Companies Act 2013. Details of case and penalties inside.

NFRA Penalizes Burnpur Cement’s Auditor for Audit Misconduct

August 1, 2023 1143 Views 0 comment Print

Detailed report on NFRA’s penalty against CA Shekhar Sharad for professional misconduct during the audit of Burnpur Cement Limited in FY 2017-18.

Audit Manual for Small & Medium Enterprises (SME) for Financial Year 2022-2023

July 31, 2023 51132 Views 4 comments Print

Unlock the insights of the Audit Manual tailored for Small & Medium Enterprises (SME) for the Financial Year 2022-2023. Navigate through key changes, accounting standards, audit program formats, and essential documents. Stay compliant with the latest updates, including changes in CARO 2020, Schedule III, and more. Optimize your audit procedures and ensure precision in financial reporting.

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