Auditors

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Auditors - Total results - 50
Bombay HC quashes prosecution against 2 former IL&FS audit firms; says SFIO complaint filed before special court bad in law
Business

Bombay HC quashes prosecution against 2 former IL&FS audit firms; says SFIO complaint filed before special court bad in law

In June last year, the ministry of corporate affairs had moved the NCLT against BSR and some of the then external auditors of IL&FS alleging professional misconduct.

ICAI to issue advisory on dealing with coronavirus impact on auditing work; document  for corporates, auditors to be released before 31
Business

ICAI to issue advisory on dealing with coronavirus impact on auditing work; document for corporates, auditors to be released before 31

It will be an advisory for auditors and companies on how to deal with the impact of the coronavirus outbreak

NCLAT dismisses Deloitte, KPMG pleas against impleadment in IL&FS matter; allows operation of 29 July interim order for two weeks
Business

NCLAT dismisses Deloitte, KPMG pleas against impleadment in IL&FS matter; allows operation of 29 July interim order for two weeks

On 29 July, the NCLAT stayed the order of the Mumbai bench of the NCLT to implead the auditors and the independent directors of IL&FS.

Govt puts in place stringent disclosure norms for auditor reports of companies; corporate ministry notifies CARO 2020
Business

Govt puts in place stringent disclosure norms for auditor reports of companies; corporate ministry notifies CARO 2020

A specific format has been prescribed for auditors to report the period and the amount of default by the company in repayment of loans or other borrowings or in the payment of interest thereon to any lender.

Deloitte stops non-audit services to public interest entities in India;  says move to increase people's confidence in auditor independence
Business

Deloitte stops non-audit services to public interest entities in India; says move to increase people's confidence in auditor independence

In a statement, Deloitte said this voluntary action is in the spirit of self-regulation and extends beyond non-audit services permissible under prevailing rules and regulations in India.

Public sector banks' merger to act as building block for $5 trillion economy target, says Finance Secretary Rajiv Kumar
Business

Public sector banks' merger to act as building block for $5 trillion economy target, says Finance Secretary Rajiv Kumar

The government on Friday unveiled a mega plan to merge 10 public sector banks into four as part of plans to create fewer and stronger global-sized lenders

SEBI proposes tighter disclosure for auditor resignations, says quitting before completion of audit hampers investor confidence
Business

SEBI proposes tighter disclosure for auditor resignations, says quitting before completion of audit hampers investor confidence

SEBI also proposed a format for disclosing reasons when the auditor of a listed entity or one of its material units resigns

IL&FS crisis: Auditors have many questions to answer; gravity of offence will determine quantum of action: Govt
Business

IL&FS crisis: Auditors have many questions to answer; gravity of offence will determine quantum of action: Govt

Crisis-hit IL&FS group's debt burden is estimated to be more than Rs 94,000 crore and various entities, including some former officials and auditors, are under the scanner for widespread irregularities and huge loan defaults.

Telecom dept likely to appoint firms to audit revenues of private telcos amid industry's rising financial stress
Business

Telecom dept likely to appoint firms to audit revenues of private telcos amid industry's rising financial stress

The audit will be carried-out to check for any under-reporting of revenue by telecom companies, and is expected to be wrapped-up by middle of next year.

Karnataka High Court slaps Rs 1 lakh fine on tax official: Hit them where it hurts the most
Business

Karnataka High Court slaps Rs 1 lakh fine on tax official: Hit them where it hurts the most

The Karnataka High Court has ordered the high-handed and willfully defiant service tax official to cough up a hefty Rs 1 lakh as fine from out of his personal sources i.e. without burdening the department.

Govt plans to tighten rule for auditors after instances of misdeeds; to bolster corporate governance framework
Business

Govt plans to tighten rule for auditors after instances of misdeeds; to bolster corporate governance framework

In recent times, some auditing entities as well as auditors have come under the regulatory lens in connection with alleged misdoings at companies as well as for quitting audit work of corporates on various grounds

IL&FS crisis: How did the auditors, rating agencies remain silent spectators even as the ship was sinking
Business

IL&FS crisis: How did the auditors, rating agencies remain silent spectators even as the ship was sinking

It is the auditor whose role always comes into question when a scam or mismanagement unfolds like it has happened with IL&FS

Government seeks clarifications from Jet Airways auditors on deferring results announcement
Business

Government seeks clarifications from Jet Airways auditors on deferring results announcement

The Ministry of Corporate Affairs is seeking clarifications from the auditors of Jet Airways on the airline deferring announcement of its June quarter results

SEBI proposes new rules to penalise auditors, valuers: Is the market watchdog overstepping its mandate?
Business

SEBI proposes new rules to penalise auditors, valuers: Is the market watchdog overstepping its mandate?

Curiously, while SEBI lays down duties as well as the punishment for auditors and others, it does not give them specific powers.

Auditors may soon have to compulsorily get registered with National Financial Reporting Authority
Business

Auditors may soon have to compulsorily get registered with National Financial Reporting Authority

The NFRA would act as an independent regulator for the auditing profession.

Govt to improve norms for auditors, corporate professionals, says union minister P P Chaudhary
Business

Govt to improve norms for auditors, corporate professionals, says union minister P P Chaudhary

Union Minister P P Chaudhary's comments come against the backdrop of some auditing entities coming under the scanner of the Corporate Affairs Ministry following various complaints

Reliance Naval shares plunge over 13% as auditors raise doubts on its future; other group stocks fall
Business

Reliance Naval shares plunge over 13% as auditors raise doubts on its future; other group stocks fall

Reliance Naval and Engineering's market valuation came down by Rs 265.04 crore to Rs 1,725.96 crore

Unravelling PNB rot: Hong Kong module in over Rs 13,000 cr scam comes under India scanner
Business

Unravelling PNB rot: Hong Kong module in over Rs 13,000 cr scam comes under India scanner

The Firstpost investigation revealed that PNB's board, audit committee and banking regulator, Reserve Bank of India (RBI) had approved little-known Chinese audit firms

PNB scam fallout: Indian auditing is stuck in the nineteenth century; it is time to audit the profession
Business

PNB scam fallout: Indian auditing is stuck in the nineteenth century; it is time to audit the profession

Can the auditing profession really hide behind a grass skirt given the scale of stressed assets across public sector banks?