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  • Govt asks fraud-hit PNB to conduct Forensic Audits
    Posted Date : 16-Feb-2018 , 09:55:00 am | Posted By CASANSAAR

    The government has asked fraud-hit Punjab National Bank (PNB) to conduct a forensic audit and give a detailed report on why the loans given to jeweller Nirav Modi and his associates, based on fraudulent letters of undertaking (LoUs), were not unearthed from 2011 till now. This comes after PNB Chi...

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  • Price Waterhouse can audit clients till March 2019 - SAT
    Posted Date : 16-Feb-2018 , 09:51:15 am | Posted By CASANSAAR

    The Securities Appellate Tribunal (SAT) granted partial relief to Price Waterhouse (PW), allowing it to audit existing clients till March 31, 2019, or until a new bench is formed.  PW had been barred by the Securities and Exchange Board of India (Sebi) from auditing listed companies in India...

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  • Govt amends FDI policy to promote local Audit firms
    Posted Date : 11-Jan-2018 , 09:36:03 pm | Posted By CASANSAAR

    The government has quietly slipped in a swadeshi move while liberalising the foreign direct investment (FDI) rules by mandating that overseas auditors will have to undertake joint audit if an international investor insists on audit by a global firm, or its Indian affiliate. This marks a major shi...

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  • Price Waterhouse set to lose Audit of 77 listed companies
    Posted Date : 12-Jan-2018 , 08:57:05 am | Posted By CASANSAAR

    The hit on Price Waterhouse (PW) has opened up new business opportunities worth over Rs 1 billion for other auditing firms in the country. The Securities and Exchange Board of India (Sebi) had on Wednesday banned PW from auditing listed companies for two years. Pw was the statutory auditor for 85...

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  • MCA asked to conduct forensic audit of IFCI
    Posted Date : 07-Jan-2018 , 08:26:17 pm | Posted By CASANSAAR

    The Ministry of Corporate Affairs (MCA) has been asked to institute a forensic audit into the operations of IFCI in connection with non-performing loans, Parliament was informed today. "As part of its ordinary course of business, IFCI Ltd extends loans to corporate borrowers, some of which b...

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  • Global regulators want to limit accountants' say on audit rules
    Posted Date : 10-Nov-2017 , 08:28:58 am | Posted By CASANSAAR

    Global regulators want to shake up how corporate audit rules are written to curb the influence of accountants and avoid any conflict of interest. Audit rules are currently written under the umbrella of the International Federation of Accountants (IFAC), a global body that represents a profession ...

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  • Need of independent regulator for Auditors - SEBI Panel
    Posted Date : 27-Oct-2017 , 09:48:31 pm | Posted By CASANSAAR

    The new norms proposed by the Securities and Exchange Board of India's (Sebi) corporate governance panel for auditors has strengthened the case for the establishment of an independent auditor as mooted by the government. The Parliamentary Standing Committee on Finance had in 2012 specified th...

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  • Big 4 accounting firms on IBA's list of forensic auditors
    Posted Date : 19-Sep-2017 , 08:47:51 am | Posted By CASANSAAR

    he Big 4 auditors -- KPMG, EY, Deloitte and PricewaterhouseCoopers -- figure in the list of entities that have been empanelled by the Indian Banks' Association (IBA) to do forensic audit of frauds in banks. The number of banking fraud cases involving Rs 1 lakh and above is on the rise, which ...

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  • Auditors come under lens amid crackdown on shell companies
    Posted Date : 14-Sep-2017 , 08:30:55 am | Posted By CASANSAAR

    A multi-agency clampdown has begun on shell companies to tackle the black money menace wherein the role of auditors has come under the scanner for alleged connivance in facilitating illegal transactions. The auditors' role is also being looked into for not raising the red flag as several case...

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  • Global audit firms may face Scrutiny
    Posted Date : 11-Sep-2017 , 12:50:33 am | Posted By CASANSAAR

    Global auditing firms may come under greater scrutiny for any wrong-doing as regulators mull ways to make them more accountable, with the role of such auditors -- especially the Big Four -- coming under the lens in various corporate misdoings. The move is expected to give a fillip to Indian audit...

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  • SES accuses 10 listed firms of violating Auditor hiring norms
    Posted Date : 18-Aug-2017 , 08:17:10 am | Posted By CASANSAAR

    The auditor appointment rules specified by the Companies Act has led to different interpretations. At least 10 publicly traded companies have violated these norms by hiring auditors for terms of less than five years, proxy advisory firm Stakeholder Empowerment Services (SES) said in a report.  ...

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  • Banks' Auditors under lens: RBI seeks explanation on differences in write-downs
    Posted Date : 17-Aug-2017 , 08:44:40 am | Posted By CASANSAAR

    The Reserve Bank of India (RBI) has questioned scores of auditors at 27 public sector banks on the process and logic they had used to compute and report write-downs at the lenders, two people close to the development told ET.  The RBI has sought written explanation on differences in the writ...

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  • NSE launches seamless filing system for info related to auditors
    Posted Date : 17-Aug-2017 , 08:40:36 am | Posted By CASANSAAR

    Top stock exchange NSE has decided to introduce seamless corporate announcement filing mechanism for information related to change in auditors, change in directors, declaration of audit reports with un-modified opinion, from tomorrow.  Besides, listed companies would be required to file corp...

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  • BSE, NSE likely to begin audit of 100 suspected shell companies
    Posted Date : 17-Aug-2017 , 08:38:16 am | Posted By CASANSAAR

    Stock exchanges BSE and NSE are likely to initiate audit on 100 out of 331 suspected shell companies in the first batch in coordination with SEBI, sources told ET Now.  A panel of auditors will soon be appointed for first stage of audit of select 100 companies, sources said.  All exc...

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  • Govt to amend cost audit rules under companies law
    Posted Date : 13-Aug-2017 , 07:36:24 pm | Posted By CASANSAAR

    The government will amend the cost audit rules under the companies law in order to ensure parity between financial and cost records. The amendments have been mooted pursuant to implementation of the Indian Accounting Standards (Ind AS), which is converged with global accounting norms. The corp...

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  • RBI extends rest period for appointment of auditors to 6 years
    Posted Date : 28-Jul-2017 , 10:07:36 pm | Posted By CASANSAAR

    In order to put an end to private and foreign banks appointing the same set of auditors alternatively after mandatory rest of 2 years, the Reserve Bank of India has extended the mandatory rest period to 6 years, it said in a notification on Thursday. The earlier rules required an auditor to be ap...

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  • Govt loosens norms for auditor rotation for unlisted companies
    Posted Date : 23-Jun-2017 , 07:07:55 am | Posted By CASANSAAR

    The government has relaxed conditions for unlisted companies that do not have loans from banks, financial institutions or deposits from public of more than Rs 50 crore on rotation of auditors. Currently, these companies can't appoint individual auditors for consecutive five years and auditor ...

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  • SBI set to hire retired officials as concurrent auditors
    Posted Date : 24-Feb-2017 , 08:30:25 am | Posted By CASANSAAR

    Ahead of merger, State Bank of India   (SBI) has called upon retired officers to become concurrent auditors with the bank to oversee compliance and risks under loans and operational activities. Concurrent audits are real-time examination of transactions to ensure accuracy, bank compliance, a...

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  • RBI wants banks to create common pool of forensic Audit firms
    Posted Date : 15-Feb-2017 , 08:19:04 am | Posted By CASANSAAR

    The Reserve Bank of India wants banks to create a common pool of forensic audit firms so that they can pick one of them quickly whenever a high-value fraud needs to be investigated. This is aimed at ensuring that precious time is not lost in evaluating eligibility criteria of audit firms. This...

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  • Supreme Court orders SEBI to expedite probe against PwC in Satyam Case
    Posted Date : 13-Jan-2017 , 08:26:14 am | Posted By CASANSAAR

    The Supreme Court on Tuesday asked market regulator Securities Exchange Board of India, or Sebi, to expedite enquiry against global auditing firm PricewaterhouseCoopers (PwC) in the corporate fraud case involving Satyam Computer Services Ltd. “Conclude the case within six months from today,...

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  • Audit finds NSE's system compromised for 18 months
    Posted Date : 29-Dec-2016 , 08:39:35 am | Posted By CASANSAAR

    The NSE's trading system was compromised for about one and half years, which allowed certain brokers to get preferential treatment over all others. Some of the bourse's employees helped these brokers gain such preferential access to the NSE's trading system, a Sebi-directed enquiry by co...

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  • Public Auditors' body demand for more power to PAC, Audit of FIs
    Posted Date : 25-Dec-2016 , 11:18:24 pm | Posted By CASANSAAR

    The Public Accounts Committee (PAC) should be given enough powers to take up cases for investigation on its own, the Institute of Public Auditors of India (IPAI) has demanded. Besides, banks, other financial institutions and projects under the PPP should be brought within the scope of CAG's a...

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  • Panel suggests relief to private companies and subsidiaries of foreign companies from Auditor rotation
    Posted Date : 08-Dec-2016 , 08:38:09 am | Posted By CASANSAAR

    The Standing Committee on Finance headed by Veerappa Moily has recommended that “justifiable relief” be extended to private companies and subsidiaries of foreign companies on the “auditor rotation” front. The “justifiable relief” should depend upon their capita...

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  • Expert panel on audit firms gets more time to submit report
    Posted Date : 06-Dec-2016 , 09:07:58 am | Posted By CASANSAAR

    A government appointed three-member panel looking into various issues related to audit firms has been given more time till January 15 to submit its report.  The group, headed by TERI Chairman Ashok Chawla, was set up by the Corporate Affairs Ministry in September following representations fr...

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  • US fines Deloitte record $8mn over audit fraud in Brazil
    Posted Date : 06-Dec-2016 , 08:38:13 am | Posted By CASANSAAR

    A US accounting watchdog hit Deloitte's Brazil division with a record USD 8 million fine for issuing false audits of a US-traded Brazilian airline and then doctoring papers to thwart an investigation, the agency said.  Brazil-based Deloitte Touche Tohmatsu Auditores Independentes "k...

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  • SBI plans Special Audit of associate banks ahead of merger
    Posted Date : 11-Oct-2016 , 11:12:26 am | Posted By CASANSAAR

    The State Bank of India is planning to carry out a special audit of the associate banks before the scheduled merger.  The SBI is on track to merge with five of its associate banks and the Bharatiya Mahila Bank. The banks are, the State Bank of Travancore, State Bank of Mysore, State Bank ...

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  • Govt forms panel to examine issues related to Audit Firms
    Posted Date : 01-Oct-2016 , 07:38:14 am | Posted By CASANSAAR

    The government on Friday set up a three-member expert panel, headed by The Energy and Resources Institute (Teri) chairman Ashok Chawla, to examine various issues related to audit firms, including possible adverse impact from restrictive shareholder agreements. Reserve Bank of India (RBI) deputy g...

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  • ICAI firm up view on Foreign Auditors Direct Access on Oct. 3
    Posted Date : 27-Sep-2016 , 08:40:45 am | Posted By CASANSAAR

    The CA Institute will, on October 3, take a final call on the tricky issue of allowing foreign firms to directly offer accounting services in the Indian market. The Corporate Affairs Ministry (MCA) had sought the CA Institute’s views on whether the government should legalise the entry of fo...

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  • EY fined $9.3m for Auditors' improper relationships with clients
    Posted Date : 21-Sep-2016 , 08:27:37 am | Posted By CASANSAAR

    Accounting firm Ernst & Young will pay $9.3 million to settle charges that two of its former auditors got "too close to clients on a personal level" and broke rules aimed at ensuring reviews were impartial, the U.S. Securities and Exchange Commission said . The agency said the two f...

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  • Big 4 auditing firms corner 26% of audit business in India
    Posted Date : 20-Sep-2016 , 08:50:21 am | Posted By CASANSAAR

    'Big 4 auditing firms’ - Deloitte, Ernest & Young Group, KPMG and Price Waterhouse Group (PwC) continue to dominate the Indian market with 26% share by volume and 30% by overall fee.  The top 10 audit firms accounted for audit of as many as 549 companies or 36% of the total. Le...

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