Audit

Audit can't replace a lender's due diligence: NFRA Chairperson Nitin Gupta

Speaking at the Business Standard BFSI Insight Summit, Gupta said responsibility for the quality of financial reporting rests with multiple stakeholders

Govt plans cyber audit as digital fault lines emerge amid security breaches

Review likely to assess enterprise risks after cluster of security breaches

Brics leaders deepen audit, statistics ties; endorse SAI work plan

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

OP Bhatt quits as Coforge chair after internal audit flags disclosure gaps

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

Coforge chairman resigns after audit finds concerns in board evaluation

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

Before the FDA walks in: How restaurants audit kitchens and food safety

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?

Improving fiscal credibility: States need a transparent reporting framework

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

AI cannot replace auditor judgement, flags automation bias in audits: NFRA

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

ESIC forms three-member panel to strengthen internal audit after CAG report

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

NFRA tightens audit oversight with new rules on inspections, remediation

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

RBI consolidates governance norms for risk, compliance and audit functions

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

GST 2.0 guidelines fail to resolve refund delays, say experts

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

Odisha procured modified Thar SUVs for 17 cr from disaster response fund

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

Sebi bars Elitecon, promoter Vipin Sharma for alleged market manipulation

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

NFRA flags audit independence concerns in Deloitte, Walker Chandiok

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

Enabling environment: Proposed amendments to laws will facilitate business

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

Strengthening oversight: Why audit companies must improve governance

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 in talks with NFRA to streamline overlapping audit investigations

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

NFRA suggests stronger internal control operations for audit companies

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

EPFO panel flags rising unclassified balances, seeks March-end roadmap

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