Railway invites bid from Big 4 Audit firms
PrintListen to this Article
The world’s top four audit firms would soon be in a race to bag the mammoth assignment of suggesting the country’s largest employer, Indian Railways, ways to revamp its age-old policies on recruitment, appointments, management, and requirement of workforce.
The idea of such an exercise has come from former CAG Vinod Rai, brought in by Railways Minister Suresh Prabhu earlier this year as an honorary adviser heading a “one-man committee” to bring in transparency in the internal process governing the transporter.
Accordingly, the Railways is gearing up to float a tender inviting the four biggest audit firms — KPMG, Deloitte, Pricewater-houseCoopers, and Ernst and Young — to bid for the first-of-its-kind contract offered by it.
The aim is to get the process completed by the end of this financial year, so that the policymakers could take a call on refreshing the Railways’ recruitment and career-progression norms under a new policy.
The process of awarding the tender is likely to be over by June. Speaking on the need for involving a private player for the job as opposed to a government entity, Vinod Rai said the government set up does not have a professional body with a know-how or experience to carry out such a task. “The Railways does have the Indian Railways Personnel Service, but it does not have this kind of experience. I had advised to engage a firm that does this kind of work for institutions,” Rai told The Indian Express.
The terms of reference of the study by the audit firm include studying the functions of all the departments and outsourcing activities; estimating the requirement, role and functions of various Group A services; and suggesting ways to end anomalies in the system causing aberrations in career progressions. (Indian Express)
Category : Auditing | Comments : 1 | Hits : 1270
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
Pradeep Jain
05-May-2015 , 01:22:10 pmACCHA HOTA YADI DISTRICT LEVEL PAR CA'S KO APPOINT KAR, GROUND REPORT LEKAR WORK KARTE BIG 4 JO RAILWAY MAIN BAHUT KAM YATRA KARTE HAIN UNHE KAY PATA GROUND REALITY KA AUR WO KEVAL REPORT KA PULINDA DE SAKTE HAIN, GROUND LEVEL KI PROBLEMS AUR UNKA SAMADHAN NAHI DE SAKTE...