Audit Firms

NFRA said that the development and document of audit strategy has to be commensurate with the risk profile of the auditee entity

MCA seeks views on regulatory reforms to build Indian multidisciplinary firms and reduce dependence on global Big Four networks

Audit committees at companies should ensure the independence of auditors, NFRA Chairperson Nitin Gupta said on Thursday, as he stressed the importance of good corporate governance practices. He also listed out various fundamental principles for sound financial reporting, including the key role of external auditors. The National Financial Reporting Authority (NFRA) has been taking steps to boost sound financial reporting practices and is also taking action against auditing lapses. A comprehensive, effective internal control and sound risk management system should be areas of interest for good corporate governance, Gupta said. He was speaking at the conference on 'Agile Governance: Fostering Transparency & Building Trust' organised by industry body Ficci in the national capital. According to him, audit committees should ensure the independence of auditors.

Nimal Jain shared the lender's strategies and growth plans for 2025-26 (FY26)

Ajay Bhushan Pandey says the latest reforms proposed to India's audit standards are historic and long overdue

The Authority also approved the other 33 Auditing Standards in line with corresponding Global Standards

NFRA Chairperson Ajay Bhushan Prasad Pandey on Tuesday said the regulator's efforts are to incorporate best global standards, which are required for the country to have big homegrown accounting and auditing firms. Amid NFRA and chartered accountants' apex body ICAI having differences over proposed changes to an accounting standard related to group audits, Pandey also flagged that there have been a series of corporate failures in the country and emphasised the need for high-quality reporting and auditing frameworks. Speaking at a webinar on 'Risk-Based Approach of ISQM-1: Building High Quality Audit Firms', Pandey said the desire is to incorporate best global standards. "We cannot create global audit firms without adhering to global standards," he added. ISQM refers to International Standard on Quality Management. He also said there has been a series of corporate failures in the last ten years and the amount involved is around Rs 2 lakh crore, he noted. The National Financial Repo

Training by the Indian Institute of Corporate Affairs is expected to help improve compliance

Next year, NFRA will shortlist 12 firms for inspection and in the next 4-5 years it plans to inspect 20-30 firms every year

These discussions have involved representatives from notable firms who have independently submitted their recommendations to the ministry

Chandiok said firm's long-term strategy had been to become an Indian audit firm that could compete with global giants. But it would need acknowledgement from companies as well as regulators

Now, the national accounting watch­dog has turned the spotlight on audit firms themselves. These firms are perceived to be the eyes and ears of non-promoter investors

The National Financial Reporting Authority (NFRA) on Friday found certain lapses in the auditing-related activities of audit firm Walker Chandiok & Co LLP during detailed audit quality inspections. The regulator initiated an audit quality inspection of Walker Chandiok & Co LLP in December last year and covered various aspects, including a review of firm-wide quality controls to evaluate their adherence to Standards on Quality Control (SQC-1) and review of selected audit documentation of the annual statutory audit of financial statements for the year ended March 31, 2021, as per the order. The regulator has flagged several deficiencies, where the audit firm failed to adhere to some of the prescribed 'client acceptance and continuance' prerequisites, including verifying the client's integrity and recording the resolution of concerns. NFRA observed that there was a discrepancy between the disclosures made by Walker Chandiok & Co LLP (WCCL) and Grant Thornton Bharat LLP (GTBL)

Srinivasan K Swamy, executive chairman of R K Swamy Hansa Group, currently serves as the chairman of the Asian Federation of Advertising Associations

The auditing community feels the burden of increased regulatory oversight, user expectations, and media activism

According to ED, statutory audit of IFIN has been made by Deloitte Haskins & Sells LLP between FY09 and FY18 and by BSR & Associates for FY18

Experts say audit no longer simplistic, involves analytics, AI, automation, forensics and tax expertise; Greater audit quality needs variety of skills found in multidisciplinary structure

The firm intended to spin off its consulting business and much of its tax practice into a stand-alone public company

Group says it is evaluating Big-6 firm to audit Adani Total Gas; Hindenburg, by its own admission, is stands to gain from a slide in Adani shares

The firm did not maintain inventory records for receipts and issuance of goods directly received by the customers