The draft rules released by the government for the new companies legislation provide clarifications on rotation of auditors but ambiguity persists on eligibility and appointment of internal auditors, say experts.<br /><br />
United Breweries' financial exposure to the grounded airline stands at Rs 13,500 cr. However, the group has made "no provision in the accounts for the probable loss that may arise on account of financial exposures," auditors have said.
I-T department had on January 8 conducted a survey operation at Nokia's Sriperumpudur factory and said it had found prima facie defaults in TDS deductions on royalty payments
Terming "cosy" relations between management and auditors of a company as key to accounting frauds, the Corporate Affairs Minister Sachin Pilot has said that such a nexus would not be allowed anymore.
Flagging concern over the financials of Kingfisher, its auditors said the losses could have been Rs 1,032 crore if it had followed certain accounting standards.
Auditors of UB group's holding firm, UBHL, have raised concerns over its significant exposure to debt-ridden Kingfisher Airlines, as also on delays and defaults related to tax dues and repayments to lenders.
Should the auditors who failed to discover the Satyam fraud, or turned a blind eye to its perpetration, be let off with a fine of Rs 5 lakh?
Internal Auditors can expand roles with changing business environment, says PwC survey.