Auditors have access to only one set of account - SIRC
PrintListen to this Article
The clarification comes at a time when Sundararajan Associates, the statutory auditors of SIRC and Southern India Chartered Accountants' Students Association (SICASA), had filed a resignation letter with ICAI, withdrawing from the post of statutory auditors.The Institute of Chartered Accountants of India (ICAI) - SIRC has said that they maintain only one set of books of accounts. It has stated that the accounts of the SIRC are still in draft form and become final only upon approval and adoption by the Regional Council. The accounts have neither been finalised nor approved by the Regional Council nor been audited, the ICAI said in a statement.
The clarification comes at a time when Sundararajan Associates, the statutory auditors of SIRC and Southern India Chartered Accountants' Students Association (SICASA), had filed a resignation letter with ICAI, withdrawing from the post of statutory auditors.In their resignation letter (copies of which are with TOI) the auditors' had stated that they had been furnished with three sets of financial statements on various dates with different figures with huge variance for the period 1 April 2015 to 30 September 2015.
The Institute, said that that during the finalisation of accounts, the draft accounts undergo changes and it is a normal practice to share draft accounts at various stages with the statutory auditors to speed up the audit process. Changes occurring in the draft accounts do not become dubious, said ICAI.
While committing to maintain the highest standards of financial discipline, governance and transparency, the Institute has stated that their auditors have access to only one set of accounts as maintained at the regional headquarters in Chennai. (Times of India)
Category : Auditing | Comments : 1 | Hits : 1666
In a boost to the National Financial Reporting Authority (NFRA), the regulator for auditors and audit firms dealing with large and listed companies, the Supreme Court has upheld an order by the National Company Law Appellate Tribunal (NCLAT) related to disciplinary action against errant auditors. Last month, the apex court dismissed an appeal filed by chartered accountant Sam Varghese, partner at K Varghese & Co. Varghese was one of the four auditors against whom NFRA had acted, and in...
Hindustan Unilever Ltd. has announced that its cost auditor has been disqualified from continuing amid a conflict of interest. The decision was made after it was discovered that Rasesh Vipin Chokshi, who is a partner at the firm R.A. & Co., was holding shares in the company. According to the Companies Act, 2013, a cost auditor cannot hold any shares in the company for which they're auditing the costs. Following this violation, M/S R.A. & Co. has been asked to vac...
The Bombay High Court has granted bail to Anita Kirdat, a former concurrent auditor of the Punjab and Maharashtra Cooperative (PMC) Bank, in connection with a multi-crore loan fraud case. Kirdat, 48, a chartered accountant (CA) from Bhandup, who runs a firm, Anita Kirdat and Company, was arrested by the Economic Offence Wing of Mumbai Police in 2019 in the PMC Bank scam. She served as the concurrent auditor of PMC Bank from 2005 to 2019. She was alleged to have been appointed at the behest...
Tighter regulations and lower fees are making the auditing profession challenging, said panelists at an international conference held by the National Financial Reporting Authority (NFRA) here on Tuesday. “The business model of pure audit is under significant pressure. It’s getting tighter and tighter from the point of avoiding conflict,” said Uday Kotak, former managing director and CEO of Kotak Mahindra Bank. Stating that regulators would want the best of talent in the audi...
The Comptroller and Auditor General of India (CAG), Girish Chandra Murmu, on Friday announced the setting up of the Supreme Audit Institution India’s International Centre for Audit of Local Governance (iCAL) in Rajkot, Gujarat. At the conclusion of the three-day international conference on ‘Strengthening of Grass Roots Democracy and Accountability’, Mr. Murmu said local governments played a pivotal role in shaping the lives of citizens. Effective accounting platforms and aud...
Comments
RAVITOSH KUMAR
07-May-2016 , 12:07:13 amhats off to auditor for showing courage