Audit

Brics leaders back deeper cooperation among national auditors and statistics agencies, endorse the SAI Work Plan 2027-2028 and call for modernisation of official data systems

The resignation followed concerns identified in an internal audit review over the handling and disclosure of information relating to the board evaluation report

Bhatt, who previously served as chairman of India's largest lender, State Bank of India, was appointed chair of Coforge's board in 2024 with a term due to finish in April 2027

Maharashtra FDA's crackdown has exposed lapses in storage, pest control, hygiene; but in a professionally run kitchen, what systems are supposed to catch these problems before the regulator does?

The RBI has argued that fiscal-responsibility laws should evolve from merely monitoring deficit numbers to assessing broader fiscal risks

The audit regulator's first technology guidance says AI can support audit quality but cannot substitute professional judgement, scepticism or auditor accountability

The statutory social security body will review its audit framework and recommend reforms after the CAG flagged deficiencies in financial controls, audit timelines and record-keeping

New inspection guidelines require audit firms to submit remediation plans within three months and implement corrective measures within six months

Revised framework mandates independent control functions led by CRO, CCO and HIA, with fixed tenures and enhanced board oversight from January 2027

Businesses continue to struggle with delayed inverted duty refunds, despite means for quicker provisional payouts

Audit flags diversion of SDRF funds for vehicle purchase, illegal royalty deposits and massive pension overpayments, pointing to serious financial control lapses in Odisha

Regulator alleges price manipulation, misleading disclosures and financial irregularities; orders account freeze, forensic audit and probes preferential allotment and promoter share sales

The audit regulator flagged independence issues in Deloitte and Walker Chandiok, citing concerns over non-audit services and compliance gaps in inspection reports

One of the amendments proposes that the auditor or audit firms of a prescribed class of companies will not provide any non-audit services to the company or its holding or subsidiary companies

The broader challenge lies in the growing complexity of modern corporate structures and the pressure on audit firms to balance commercial interests with professional independence

ICAI is coordinating with NFRA to identify overlapping cases and avoid duplication of investigations, aiming to improve regulatory efficiency and oversight

Inspection reports on four major audit firms highlight gaps in internal controls, documentation and oversight of non-audit services, while urging stronger compliance and monitoring systems

Employees' Provident Fund Organisation finance panel seeks roadmap to clear suspense account balances by March 31 amid concerns over rising unclassified funds

The Institute of Chartered Accountants of India (ICAI) will come out with the information systems audit standards later this month. The Information Systems Audit Standards (ISAS) seek to strengthen the audit process within the country's digital ecosystem. The institute will be coming out with 11 ISAS. ICAI President Prasanna Kumar D on Wednesday said it would be the first time that a professional institute would be coming out with such standards, and added that its central council approved the standards earlier this month. According to the institute, ISAS would establish a direct linkage between system controls and financial reporting integrity. "In an environment where financial statements are ERP (Enterprise Resource Planning)-generated, system-processed, algorithm-driven, and cloud-hosted, strong information systems controls are essential. "By strengthening assurance over automated entries, revenue systems, core platforms, and technology-based processes, ISAS enhances the ...

In this episode, Rajan Arora,Partner, Digital Trust and Transformation, Forvis Mazars India talks about digital transformation across sectors, how the DPDP rules can impact it, and gives career tips