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Statutory Audit

Latest Articles


Auditors and Their Appointment Under Companies Act, 2013

Company Law : Understand the appointment process, tenure, and reporting obligations for auditors under the Companies Act, 2013. Key rules, forms...

January 26, 2025 1530 Views 0 comment Print

एनएफआरए ने आडिट क्वालिटी पर फिर उठाए सवाल, खामियां उजागर

CA, CS, CMA : एनएफआरए ने बीएसआर एंड कंपनी और लोधा एंड कंपनी के आ...

December 22, 2024 1257 Views 0 comment Print

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 1773 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 4407 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 2064 Views 0 comment Print


Latest News


NFRA Flags Audit Deficiencies at PwC Firms

Company Law : NFRA inspection of PwC firms (PWCA & PW& Co CA) reveals deficiencies in related party transaction verification and documentation, ...

February 14, 2025 4569 Views 0 comment Print

NFRA Inspection Report 2023 on Lodha & Co. Audit Quality

Company Law : Summary of NFRA's audit quality inspection of Lodha & Co., highlighting key deficiencies in audit documentation, independence poli...

January 15, 2025 14289 Views 0 comment Print

NFRA Inspection Report 2023: Audit Review of M/s BSR & Co. LLP

Company Law : NFRA's 2023 inspection of M/s BSR & Co. LLP highlighted improvements in audit practices, independence policies, and documentation ...

January 15, 2025 807 Views 0 comment Print

NFRA Inspection Report 2023 on MSKA & Associates Audit Quality

Company Law : NFRA's 2023 inspection of MSKA & Associates highlights audit deficiencies, governance issues, and non-compliance with standards. D...

January 15, 2025 792 Views 0 comment Print

ICAI Introduces Audit Quality Maturity Model Version 2.0

CA, CS, CMA : ICAI Audit Quality Maturity Model v2.0 is mandatory for firms auditing listed entities, banks, and insurance companies. It assesse...

August 22, 2024 1620 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 3618 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 3873 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 18714 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 3894 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 3177 Views 0 comment Print


Latest Notifications


NFRA Penalizes Statutory Auditor of Religare Finvest for Misconduct

Company Law : NFRA imposes Rs. 5 lakh penalty and 5-year debarment on CA Neeraj Bansal for professional misconduct during Religare Finvest Ltd's...

January 30, 2025 17997 Views 0 comment Print

NFRA Penalizes Deloitte LLP and Partners for Audit Misconduct

Company Law : The National Financial Reporting Authority imposes penalties on Deloitte and auditors for misconduct in the ZEEL audit, resulting ...

December 23, 2024 10557 Views 0 comment Print

Disclaimer of Opinion not exempts auditors from statutory obligations: NFRA

Company Law : CA Chirag Doshi faces a ₹5 lakh penalty for professional misconduct in the statutory audit of Ushdev International Limited for F...

October 21, 2024 6729 Views 0 comment Print

NFRA Penalizes Venkatesh & Co. for Audit Misconduct in CDEL Case

Income Tax : NFRA imposes penalties on Venkatesh & Co. and debarment of partners for negligence during the audit of Coffee Day Enterprises Ltd,...

October 10, 2024 5223 Views 0 comment Print

Responsibilities of Principal Auditor and Other Auditors in Group Audits

Company Law : NFRA reiterates that auditors shall understand their responsibility under CA 2013 and SA 600 with their concomitant responsibiliti...

October 3, 2024 1905 Views 0 comment Print


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

April 11, 2024 3873 Views 0 comment Print

Read the full text of Madras High Court’s judgment on condoning the delay in income tax return filing by Kalvadangam Primary Agricultural Co-operative Credit Society Limited.

Expert panel formed to address statutory bank branch audits queries

March 28, 2024 4585 Views 0 comment Print

Get expert help with bank branch audit queries for 2023-24. AASB, ICAI’s online panel resolves challenges faced by auditors. Email bankauditfaq@icai.in

Planning for an effective bank branch Statutory Audit

March 16, 2024 4407 Views 1 comment Print

Discover essential steps for an effective bank branch statutory audit, from initial preparation to finalization of reports. Explore detailed analysis and key considerations.

Practical Guide for First-Time Statutory Bank Branch Auditors

February 23, 2024 2064 Views 0 comment Print

Unlock your auditing potential with our practical guide for first-time statutory branch auditors in the banking sector, covering RBI regulations, audit guidelines, and key financial checks.

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

February 22, 2024 1134 Views 0 comment Print

The NFRA issues an order against CA Ratan Laxminarayan Rathi for professional misconduct in the audit of Bilcare Limited. Discover the lapses, penalties, and sanctions imposed.

RBI Guidelines: Statutory Auditor Appointment for Co-op Banks

January 15, 2024 23616 Views 0 comment Print

Explore RBI guidelines effective from April 1, 2024, on Statutory Auditor appointment for State and Central Co-operative Banks. Key insights for compliance and selection process.

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

January 11, 2024 1065 Views 0 comment Print

The Order No. 002/2024 Date: 05.01.2024, centered around CA Anil Chauhan, the Engagement Partner (EP) of Anil Chauhan & Associates, Mumbai, reveals serious lapses and professional misconduct, unraveling a critical chapter in the realm of corporate governance and auditing standards.

NFRA Imposes 10-Year Ban, Rs. 20 Lakh Penalty on CA for Professional Misconduct

January 5, 2024 32052 Views 0 comment Print

NFRA imposed a monetary penalty of Rs Twenty Lakhs on CA Anil Chauhan and debarred for ten years from being appointed as auditors for non-compliance in Seya Industries Limited’s audit.

NFRA Inspection 2022: Analysis of Price Waterhouse LLP Audit Compliance

December 26, 2023 2787 Views 0 comment Print

Explore NFRA’s audit inspection report on Price Waterhouse Chartered Accountants LLP. Detailed analysis of audit compliance, key observations, and implications.

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

December 26, 2023 1629 Views 0 comment Print

Explore detailed NFRA Inspection Report 2022 on SRBC & Co. LLP. Key findings include audit documentation, leadership structure, and compliance issues. Get insights now

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