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Posted Date : 18-Jul-2019 , 09:37:18 am | Posted By CASANSAAR
Crisis-hit realty firm Unitech Ltd said on Tuesday that its internal auditors S K P & Co. Chartered Accountants has resigned citing time constraints. In a filing to the BSE, Unitech said that “Internal Auditors of the company S K P & Co. Chartered Accountants. has resigned with effe...
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Posted Date : 17-Jul-2019 , 08:41:35 am | Posted By CASANSAAR
BSR & Associates tendered its resignation as one of the joint statutory auditors to IL&FS Engineering and Construction Company ‘with immediate effect’ citing non-receipt of requested information and response to audit matters for audit of the previous fiscal year, among other reas...
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Posted Date : 15-Jul-2019 , 08:04:56 am | Posted By CASANSAAR
Chartered accountancy firm S R Batliboi & Co has resigned as statutory auditor of the private sector lender IndusInd Bank. IndusInd Bank has appointed Haribhakti & Co as statutory auditor for the financial year 2019-20, subject to approval from the Reserve Bank of India and shareholders. ...
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Posted Date : 02-Jul-2019 , 07:41:33 am | Posted By CASANSAAR
The Serious Frauds Investigation Office (SFIO) on Monday alleged to have found “conniving role” of statutory auditors of Bhushan Steel Limited (BSL) and raised questions about the role of auditors and bank officials in perpetuating fraudulent activities in the Rs 20,000 crore scam. In...
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Posted Date : 02-Jul-2019 , 07:39:59 am | Posted By CASANSAAR
Corporate Affairs Secretary Injeti Srinivas Monday flagged concerns over excessive concentration and lack of competition in auditing work as he mentioned about the dominance of Big 4. Stressing on the importance of independence of chartered accountants, he said the biggest responsibility of an au...
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Posted Date : 30-Jun-2019 , 04:10:53 pm | Posted By CASANSAAR
Price Waterhouse & Co Chartered Accountants LLP — the audit firm that is part of the PWC group — has resigned as the independent auditor of Eveready Industries after calling out as highly irregular certain financial transactions that involved loan assistance extended to firms within ...
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Posted Date : 27-Jun-2019 , 08:36:41 am | Posted By CASANSAAR
In a bid to have quality audit standards being practised in the country, the ministry of corporate affairs (MCA) is re-working the guiding framework for auditors. According to the senior government official, the government is considering to further streamline and strengthen the provisions for aud...
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Posted Date : 18-Jun-2019 , 07:10:39 am | Posted By CASANSAAR
A large number of individuals and entities, including independent directors, top management personnel, rating agencies and auditors formerly associated with crisis-hit IL&FS may soon face action by capital market regulator SEBI for their role in the alleged fraud at the group. SEBI has been c...
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Posted Date : 14-Jun-2019 , 09:00:04 am | Posted By CASANSAAR
India detected at least 22 violations of auditing standards by Deloitte Haskins & Sells and a KPMG affiliate while investigating a fraud at a financial company, leading it to seek a five-year ban on the auditors, according to government legal filings seen by Reuters. The failures were detecte...
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Posted Date : 13-Jun-2019 , 12:11:42 pm | Posted By CASANSAAR
Anil Ambani-led Reliance Capital Thursday said its erstwhile statutory auditor Price Waterhouse & Co Chartered Accountants' observations about its accounts were "completely baseless and unjustified". On Wednesday, Reliance Capital and Reliance Home Finance said that Price Waterh...
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Posted Date : 11-Jun-2019 , 08:42:50 am | Posted By CASANSAAR
The central government on Monday took the unprecedented step of seeking a ban on auditors Deloitte Haskins & Sells and BSR & Co for their alleged role in helping hide bad loans at the bankrupt IL&FS Financial Services. The government sought a five-year ban under Section 140 of t...
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Posted Date : 10-Jun-2019 , 08:17:53 am | Posted By CASANSAAR
After the Reserve Bank of India (RBI) restricted audit firm S.R. Batliboi & Co. Llp, a member firm of EY, from auditing commercial banks for a year for "lapses" in a statutory audit, HDFC Bank today cancelled the appointment of the auditor. In a regulatory filing, HDFC Bank said its...
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Posted Date : 31-May-2019 , 10:11:10 am | Posted By CASANSAAR
The Serious Fraud Investigation Office filed its first chargesheet in the IL&FS case against 30 individuals and entities, including businessman C Sivasankaran and nine former directors of unit IL&FS Financial Services (IFIN) on Thursday. It accused auditors BSR & Co LLP and Delo...
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Posted Date : 30-May-2019 , 09:42:46 am | Posted By CASANSAAR
The Ministry of Corporate Affairs (MCA) is looking at tightening the rules for audit firms in the country. It is soon likely to bring an amendment to the Companies Act, 2013, to debar these firms from offering non-audit services to their clients. Recently, the role of auditors came under scrutiny...
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Posted Date : 16-May-2019 , 08:49:20 am | Posted By CASANSAAR
In a latest twist to the financial frauds at IL&FS, an audit report has found about 107 instances of loan evergreening, loans given without adequate collateral and management links with borrower companies. The report submitted by Grant Thornton last week to the new IL&FS board headed by U...
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Posted Date : 13-May-2019 , 08:20:22 am | Posted By CASANSAAR
Audit firms may face more restrictions on the juicy non-audit assignments they could accept from statutory audit clients. This is part of a government initiative to tighten the rules to improve the quality of statutory audit. The ministry of corporate affairs and the National Financial Reporting ...
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Posted Date : 15-Apr-2019 , 09:11:55 pm | Posted By CASANSAAR
The government has decided to create an additional post of Deputy Comptroller and Auditor General, which will oversee coordination of audits of states as well as telecommunication. The decision was taken at a Cabinet meeting chaired by Prime Minister Narendra Modi Monday. "The Union Cabin...
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Posted Date : 05-Mar-2019 , 09:35:41 am | Posted By CASANSAAR
Grant Thornton in its report on debt ridden IL&FS Group has identified various financial irregularities in deals with financial implications of over Rs 13,000 crore during special audit conducted by the firm. IL&FS Group, which operates at least 24 direct subsidiaries, 135 indirect subsid...
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Posted Date : 08-Feb-2019 , 03:08:47 pm | Posted By CASANSAAR
The Mumbai bench of the National Company Law Tribunal (NCLT) on February 6 barred Mukesh Choksi from being appointed as an auditor of any company for a period of five years, holding him guilty of signing off on a company’s books without inspection and colluding with its promoters in a fraudule...
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Posted Date : 08-Feb-2019 , 09:26:06 am | Posted By CASANSAAR
The BSE has decided to suspend as many as seven suspected shell companies from Friday after they failed to provide the information sought by forensic auditors in a time-bound manner. The firms facing suspension are Aadhaar Ventures India, Blue Circle Services, IKF Technologies, Prabhav Indu...
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Posted Date : 27-Jan-2019 , 08:29:03 pm | Posted By CASANSAAR
Troubled infrastructure developer and lender Infrastructure Leasing & Financial Services (IL&FS) is looking to appoint an auditor that will look into audited books of the group and its subsidiaries, said people with direct knowledge of the matter. Role of EY, Deloitte and KPMG that ...
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Posted Date : 09-Jan-2019 , 02:31:54 pm | Posted By CASANSAAR
An income tax tribunal has barred auditors from issuing valuation certificates to the companies they are auditing. This is set to impact several tax disputes around valuations in companies including angel tax disputes involving start-ups. The Bangalore Income Tax Appellate Tribunal (ITAT) s...
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Posted Date : 07-Jan-2019 , 09:32:58 am | Posted By CASANSAAR
The National Company Law Tribunal (NCLT) has removed the statutory auditor of Zen Shaving and allowed the Ministry of Corporate Affairs (MCA) to appoint an independent director in his place. This is the first time the NCLT has passed such an order against an auditor under the Companies Act, 2013. ...
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Posted Date : 27-Dec-2018 , 10:44:44 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI), in its interim report has said statutory auditors of Infrastructure Leasing & Financial Services Ltd (IL&FS) acted in a 'negligent and fraudulent manner' and prepared incorrect financial statements of the debt-laden group. Deloi...
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Posted Date : 21-Dec-2018 , 11:05:25 am | Posted By CASANSAAR
Auditors of 204 listed companies put in their papers in little over seven months starting from January 1 this year, the government said Tuesday. "Since January 1, 2018 to July 17, 2018, auditors of 204 listed companies have resigned as per filings in the MCA 21 registry," Minister...
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Posted Date : 07-Dec-2018 , 11:05:38 pm | Posted By CASANSAAR
The Supreme Court on Friday appointed Grant Thornton as the forensic auditor of Unitech. The company will look into the financials of group companies and 74 projects that Unitech has been working on from 1st January 2006. The apex court has given Grant Thornton one weeks' time to draft terms ...
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Posted Date : 30-Nov-2018 , 08:28:40 am | Posted By CASANSAAR
Banker Uday Kotak on Thursday said auditors are one of the “weakest links” plaguing the corporate governance architecture in the country. “One of the weakest links in fiduciary chain of governance in India is accounting. Time and again we find that this situation is leading to s...
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Posted Date : 26-Nov-2018 , 10:19:58 am | Posted By CASANSAAR
An expert panel constituted by the ministry of corporate affairs (MCA) has recommended that Advocates Act be amended to allow audit firms to offer legal services, a proposal which is being opposed by law firms. The MCA panel, which was set up to look into the regulation of audit firms and t...
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Posted Date : 14-Nov-2018 , 09:24:35 am | Posted By CASANSAAR
At a time when the telecom industry is facing a severe financial distress, the government is understood to have ordered a comprehensive audit of their financial filings on suspicion of under-reporting of revenues. The government, which gains revenues from the sector as a percentage of their adjus...
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Posted Date : 01-Nov-2018 , 09:35:20 am | Posted By CASANSAAR
The Supreme Court was on Wednesday told by forensic auditors that affairs of the real estate major Amrapali group of companies were being run by a "syndicate" and that group's former Chief Financial Officer and statutory auditor were part of it. "I don't have an iota of dou...
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- Income Tax Dept serves notices to salaried individuals for documentary proof to claim exemptions
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- NFRA debars Auditors, imposes Rs 50 lakh penalties for lapses in Brightcom, CMIL cases
- GST Important Update - Enhancement in the GST Portal
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- 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
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- Maha expects Rs 15 crore entertainment tax revenue from IPL
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- 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
UNIQUE AUDITING NEWS ON CASANSAAR FOR AUDITING ACCOUNTING,INTERNAL AUDIT,CA,CA FIRMS, Audit Report,Bureau Of Circulation,Procedure,Types Of Audit News
