CA, CS, CMA : Discover the distinctions between due diligence and statutory audit. Learn their essence, components, and how they impact decision...
CA, CS, CMA : Discover essential steps for an effective bank branch statutory audit, from initial preparation to finalization of reports. Explor...
CA, CS, CMA : Unlock your auditing potential with our practical guide for first-time statutory branch auditors in the banking sector, covering R...
Company Law : The Order No. 002/2024 Date: 05.01.2024, centered around CA Anil Chauhan, the Engagement Partner (EP) of Anil Chauhan & Associates...
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...
CA, CS, CMA : Invitation for CA firms to audit XBRL India. Requirements, eligibility criteria, application process, and terms. Apply by 09/08/20...
CA, CS, CMA : Get expert support on auditing aspects for statutory audits. ICAIs Auditing and Assurance Standards Board (AASB) forms an expert p...
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...
Company Law : Explore NFRA's audit inspection report on Price Waterhouse Chartered Accountants LLP. Detailed analysis of audit compliance, key o...
Company Law : Explore detailed NFRA Inspection Report 2022 on SRBC & Co. LLP. Key findings include audit documentation, leadership structure, an...
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 : Various acts of IL&FS like over borrowing were prejudicial to the public interest which had cascading impact on various sectors ...
Corporate Law : Explore NFRA Order No. 018/2024 on CA Yogesh Mahipal for audit misconduct findings and penalties under Companies Act 2013. Detaile...
Company Law : NFRA issues Order against Krishna Neeraj & Associates and CA Krishna Kr Neeraj for professional misconduct in CMIL's audit, imposi...
Company Law : National Financial Reporting Authority's order penalizes M/s Dhiraj & Dheeraj and auditors for misconduct in the audit of Relianc...
Company Law : Explore NFRA's order penalizing PCN & Associates and CA Gopala Krishna Kandula for non-cooperation in statutory audit investigatio...
Corporate Law : The NFRA issues an order against CA Ratan Laxminarayan Rathi for professional misconduct in the audit of Bilcare Limited. Discover...
Mystery of Zero Audit Fees of 1.81 lacs Companies As per NFRA Report The answer is Big No? In No way It is possible to get Audit done work done without paying any single rupee for Audit!! Does any logic certify that? So How NFRA computed that – Wherefrom they have taken this data? NFRA […]
It is quite clear that to recommend abolition of audit for certain companies is not covered u/s 132(2) and therefore not within the scope of NFRA. So, any recommendation by NFRA to abolish of audit for certain companies is ultra-virus. NFRA should not have included this aspect in its Consultation paper at all.
Reply To NFRA On Consultation Paper On Statutory Audit And Auditing Standard For Msmc You have recently issued a consultation paper on statutory Audit and Auditing standard for MSM Companies. You have framed 4 questions for the comments of stakeholders including Chartered Accountants: You had issued the consultation paper for relaxation of compulsory audit to […]
1) Most important point is the existence of Very nature of Limited liability concept, which exposed the creditor with unlimited risk who are highly remain unsecured, that includes Govt also. So, it gives the unlevered power to Promoters to expose the business to high risk and leave the liability of the company unsettled and yet […]
what NFRA wants to convey is that since fee charged by auditors is less than Cost so Audit should be abolished. What kind of baseless conclusion is that?? Also, another criteria for this conclusion is the % Indebtedness. So, if a company is Debt free so that Company can’t commit financial fraud. Is that so??
Consultation Paper on Statutory Audit and Auditing Standards for Micro, Small and Medium Companies (MSMCs) India is unique among the big economies of the world in statutorily mandating compulsory audit for all companies, irrespective of their size and characteristics. In view of the significant role played by companies in India in the economic growth and […]
KIOCL’s accounting policy for Foreign Exchange (Fx) Forward Contracts is erroneous and it is in non-compliance with the classification and measurement requirements of Ind AS 109, Financial Instruments (Ind AS 109).
The initial appointment of SRBC & Co LLP, and the continuation of SRBC & Co LLP, as statutory auditor of ITNL, was prima facie illegal and void. Nevertheless, NFRA has proceeded to examine compliance by the Audit Firm with the SAs, in their performance of this Engagement, without prejudice to this finding.
Recently, the news of abolition of Statutory Audit for small companies spread like a wildfire and social media have emerged as a comforting shoulder for the Chartered accountants, who are mostly dependent on the small company audits. There was no official version of the said story but it was not an unexpected one as across […]
The Audit Firm’s reporting in the “Basis of opinion” section of Independent Auditors Report is false and misleading. he Audit Firm did not obtain sufficient appropriate audit evidence to understand the impact that the insolvency petition against JIL had on the Company (JAL).
