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
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
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
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
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
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
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: Spate of auditors' resignations in SMEs must be viewed seriously; it's time MCA swings into action
It is widely known that IL&FS created some 348 Special Purpose Vehicles (SPV)
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
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.
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
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
It is the auditor whose role always comes into question when a scam or mismanagement unfolds like it has happened with IL&FS
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?
Curiously, while SEBI lays down duties as well as the punishment for auditors and others, it does not give them specific powers.
The NFRA would act as an independent regulator for the auditing profession.
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
Reliance Naval and Engineering's market valuation came down by Rs 265.04 crore to Rs 1,725.96 crore
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
Can the auditing profession really hide behind a grass skirt given the scale of stressed assets across public sector banks?