News Details- (Get Professional Updates on Whatsapp, Msg on
8285393786) More
News
J&K Bank's Central Statutory Auditors Removed Prematurely
PrintThe removal came in the backdrop of the auditors issuing a qualified opinion on the bank’s FY23 accounts with respect to funds raised via the employee stock purchase scheme 2023 (ESPS).
The central statutory auditors of Jammu and Kashmir Bank have been removed prematurely.
The Comptroller and Auditor General of India or the CAG removed the bank’s three auditors O Aggarwal & Co, Dharam Raj & Co,, and Arora Vohra & Co in September. The auditors had served two years of their three-year tenure; their term was to expire in this financial year FY24.
Newly Appointed Auditors are M/s Gupta Gupta & Associates LLP, M/s Lunawat & Co. (Partner of this Firm is Presently ICAI Central Council Member) and M/s JCR & Co. LLP.
The removal came in the backdrop of the auditors issuing a qualified opinion on the bank’s FY23 accounts as well as for the first quarter of the current financial year FY24. This was with respect to funds raised via the employee stock purchase scheme 2023 (ESPS).
The auditors had raised red flags alleging that employees availed loans from the bank to purchase the shares, but that was in violation of the RBI's Directions.
The CAG found no objections to this statutory auditors’ report, ETCFO has learned.
In accounting parlance, a qualified opinion means that financials are fairly represented but with the exception of a certain area.
The central statutory auditors of Jammu and Kashmir Bank have been removed prematurely.
The Comptroller and Auditor General of India or the CAG removed the bank’s three auditors O Aggarwal & Co, Dharam Raj & Co,, and Arora Vohra & Co in September. The auditors had served two years of their three-year tenure; their term was to expire in this financial year FY24.
Newly Appointed Auditors are M/s Gupta Gupta & Associates LLP, M/s Lunawat & Co. (Partner of this Firm is Presently ICAI Central Council Member) and M/s JCR & Co. LLP.
The removal came in the backdrop of the auditors issuing a qualified opinion on the bank’s FY23 accounts as well as for the first quarter of the current financial year FY24. This was with respect to funds raised via the employee stock purchase scheme 2023 (ESPS).
The auditors had raised red flags alleging that employees availed loans from the bank to purchase the shares, but that was in violation of the RBI's Directions.
The CAG found no objections to this statutory auditors’ report, ETCFO has learned.
In accounting parlance, a qualified opinion means that financials are fairly represented but with the exception of a certain area.
Category : Auditing | Comments : 0 | Hits : 3197
Get Free Daily Updates Via e-Mail on Income Tax, Service tax, Excise and Corporate law
Search News
News By Categories More Categories
- Income Tax Dept serves notices to salaried individuals for documentary proof to claim exemptions
- Bank Branch Audit 2021 - Update on allotment of Branches
- Bank Branch Audit 2020 Updates
- Bank Branch Audit 2021 Updates
- Bank Branch Audit 2020 - Update on Allotment of Branches
- Police Atrocities towards CA in Faridabad - Its Time to be Unite
- Bank Branch Statutory Audit Updates 2019
- Bank Branch Statutory Audit Updates
- Bank Branch Audit 2022 Updates
- Bank Branch Statutory Audit Updates
- NFRA Imposes Monetary penalty of Rs 1 Crore on M/s Dhiraj & Dheeraj
- ICAI notifies earlier announced CA exam dates despite pending legal challenge before SC
- NFRA debars Auditors, imposes Rs 50 lakh penalties for lapses in Brightcom, CMIL cases
- GST Important Update - Enhancement in the GST Portal
- NFRA Slaps Rs 5 lakh Penalty on Audit Firm for lapses in Vikas WSP Audit Case
- CBDT extends due date for filing Form 10A/10AB upto 30th June, 2024
- RBI comes out with FEMA regulations for direct listing on international exchange
- RBI directs payment firms to track high-value, fishy transactions during elections
- NCLT orders insolvency proceedings against Subhash Chandra
- Income Tax dept starts drive to dispose of appeals, 0.54 million at last count
- Payment of MCA fees –electronic mode-regarding
- Budget '11-12' Parliament Completes Approval Exercise
- Satyam restrained from operating its accounts
- ICICI a foreign firm, subject to FDI norms: Govt
- Maha expects Rs 15 crore entertainment tax revenue from IPL
- CAG blames PMO for not acting against Kalmadi
- No service tax on visa facilitators: CBEC
- Provision of 15-minutes reading and planning time allowance to the candidates of Chartered Accountants Examinations
- Companies Bill to be taken up in Monsoon Session
- File Service Tax Return in time as Maximum Penalty increased 10 times to Rs. 20000
Comments