Consultancy / Audit
DHFL case: NFRA debars 18 auditors for up to a year for lapses
They have been barred from "being appointed as an auditor or internal auditor or from undertaking any audit in respect of financial statements or internal audit of the functions and activities of any company or body corporate".
NFRA slaps 1-year ban, imposes fine on auditor for lapses in SRS Ltd audit
In its order, the audit regulator slapped a fine of Rs 1 lakh on Apoorve Bansal of SVP & Associates, who was the Engagement Quality Control (EQC) reviewer for the statutory audit of SRS Ltd. Besides, Bansal was also debarred for one year from undertaking any audit in respect of financial statements or internal audit of the functions and activities of any company or body corporate, the regulator said in an order on Tuesday.
PwC Australia vows shakeup after tax leak scandal
PwC Australia has admitted to "repeated failures of leadership" following a tax leak scandal that damaged its reputation. An independent review highlighted shortcomings including a focus on doing "whatever it takes" and a perception of cronyism. The firm has already sacked executives and sold its Australian government advisory business.
Himanshu Vidhani joins C&M’s Mumbai office as a partner for litigation practice
His practice involves insolvency & restructuring, contractual claims, shareholders and investor disputes and international commercial arbitrations. An alumnus of Jaipur National University, Vidhani started his career with law firm Wadia Ghandy & Co. in June 2013. Subsequently, in August 2014, he joined Khaitan & Co. in the firm’s litigation and dispute resolution advisory.
Auditors should embrace technology; contribute to nation building: FM
Union Minister Nirmala Sitharaman has urged auditors to embrace technology and educate smaller companies to promote growth, stating that the next 25 years are crucial for India to achieve developed nation status. She commended the profession for adapting to technological advancements, adding that the practices of chartered accountants are undergoing significant changes. Sitharaman emphasized the need for auditors to play a vital role in serving the nation and contributing to India's development.
Regulators want effective communication between auditors and audit committees of firms to curb corporate frauds
The regulators like NFRA and Sebi may tighten vigil around the need for the "effective two-way communication process" soon, they said. At present, auditors in many cases are found to give a last-minute report/presentation to the audit committee of a company, consisting mainly of independent directors, just before the board is about to approve its financial statement, one of the persons said. "So, the auditor's report isn't scrutinised properly by the audit committee. Also, there is no effective two-way communication process, as required," he added.
Charitable trusts gasp under new regime, plead more time
Well-known firms of audit and tax professionals have requested the finance ministry to defer the new reporting forms.
Chennai-based firm Commercial Law Advisors set to merge with law firm JSA
Commercial Law Advisors (CLA) is merging with JSA, which will strengthen JSA's presence in the Chennai market and across South India, including Bengaluru and Hyderabad. The merger will bring four partners and 17 associates to JSA, making it one of the largest law firms in the Chennai market and southern region.
NFRA fines auditors ₹1.1 crore for lapses in Coffee Day unit case
The National Financial Reporting Authority (NFRA) has fined a firm and two auditors a total of Rs 1.10 crore for lapses in auditing the books of Tanglin Developments Ltd (TDL), an arm of Coffee Day Enterprises Ltd (CDEL). Sundaresha & Associates was fined Rs 1 crore and barred from undertaking new work for four years, while individual auditors C Ramesh and Chaitanya G Deshpande were fined Rs 5 lakh each and face a five-year ban.
NFRA slaps Rs 1.10 crore fine on three entities in Coffee Day Enterprises subsidiary matter
The National Financial Reporting Authority (NFRA) has fined three entities, including two individual auditors, a total of Rs 1.10 crore for auditing lapses in Tanglin Developments Ltd (TDL), a subsidiary of Coffee Day Enterprises Ltd. The auditing firm, Sundaresha & Associates, and the two auditors, C Ramesh and Chaitanya G Deshpande, have been barred from taking up auditing work for different periods.
Must Watch
Finance minister Nirmala Sitharaman calls on auditors to develop expertise in new areas like ESG, carbon accounting
Addressing an event of the Institute of Chartered Accountants of India (ICAI) in Bhubaneswar, the minister said fast adoption of technology by these professionals will come in handy in such efforts. Developing expertise in new areas will help not just their clients but also the broader ecosystem, she added.
Companies will need to give report on inventory valuation in case of audit
The Central Board of Direct Taxes on Wednesday released the 13 page draft form 6C, which will be used to report the inventory valuation in case of special audit of accounts directed by assessing officer. The businesses will also have to provide valuation of raw material, date of purchase, use of the inventory, valuation of by-products and cost of contract by the company.
Auditors’ foremost obligation is to uphold public interest: Larry Bradley, KPMG
In order to serve the most complex and sophisticated organisations globally, generating critical mass and capabilities across the entire world is essential. Focusing on building these capabilities is crucial to ensuring top-notch services, says Larry Bradley, Global Head of Audit for KPMG International.
Adani Group appoints MSKA & Associates as APSEZ’s auditor, says Deloitte's reasons to quit 'not convincing'
MSKA and associates offer accounting services in India, and it is an independent member firm of BDO International, which is one of the top six global audit firms, Adani Group informed on Saturday.
Peer review of auditors of large unlisted firms must from April
The Institute of Chartered Accountants of India (ICAI) will make the peer review mechanism mandatory for the auditors of large unlisted firms from April 2024, as it has decided to merge the second and third phases of the implementations of this framework, its president Aniket Sunil Talati told ET.
Chartered Accountants from India and Singapore discuss way forward for issues related to dispute resolutions
The Institute of Chartered Accountants of India (ICAI) held its first international convention RESOLVE-2023 in Singapore, focusing on resolving insolvency, corporate funding and disputes. Singaporean officials believe the event shows an interest in establishing closer networks between professionals from both India and Singapore in the business sector.
