Page 2 - Audit

NFRA chairman Pandey stresses the need to adopt global audit standards

Pandey said that NFRA is trying to educate people about the need for adherence to global standards such as ISA 600

NFRA to seek views from Big 5 audit cos on second draft inspection report

The NFRA report highlights serious violations of Section 144 of the Companies Act, which bans firms from offering certain non-audit services to their audit clients

Govt extends income tax audit report deadline to Oct 7: Check details

The move comes in response to challenges taxpayers faced with electronic submission

PwC considers halving China financial services audit staff: Report

The move follows Chinese regulators' scrutiny of PwC this year for its role as the auditor of troubled property giant China Evergrande Group, which, in turn, triggered the exit of some clients

Each NFRA order a case study for audit committees: Ajay Bhushan Pandey

NFRA has issued orders against several audit firms in India in the past, including the "Big Four", around the auditors' independence and their non-audit work

Sebi comes out with standard reporting format for AIF PPM audit report

In order to have uniform compliance standards and for ease of compliance, markets regulator Sebi on Thursday came out with a standard reporting format for alternative investment fund (AIF) pertaining to Private Placement Memorandum (PPM) audit report. The reporting format has been prepared in consultation with pilot Standard Setting Forum for AIFs (SFA). Under the rules, AIFs are required to submit their annual PPM audit reports to the trustee, board of directors, or designated partners of the AIF, as well as to the board of directors or designated partners of the manager and Sebi, within six months after the end of the financial year. In a circular, Sebi said that the new reporting format will be hosted on the websites of the AIF associations which are part of SFA within two working days of issuance of this circular. The reporting requirement would be applicable for PPM audit reports to be filed for the financial year ending March 31, 2024 onwards. The associations would assist a

RBI's special audit to probe regulatory breaches of IIFL Finance, JMFPL

Banking regulator seeks interest from Sebi-empanelled audit firms to conduct the audit

Zee board expands scope of advisory panel to include probe assessment

Zee Entertainment Enterprises Ltd on Tuesday said its board has expanded the scope of independent advisory panel to include investigation assessment. The announcement by the company comes amid the ongoing probe by market regulator Sebi against its promoters for fund diversion. Last week, the company announced constituting of independent advisory panel to curb erosion of its investor wealth in the wake of speculations leading to negative public opinion of the company. In a regulatory filing, Zee Entertainment Enterprises Ltd (ZEEL) said, "On recommendation of the Audit Committee, the Board of Directors of the Company, in its meeting held today, has considered and approved to further expand and strengthen the role of the 'Independent Advisory Committee' by including 'Investigation Assessment' as a primary responsibility of this Committee.

Audit of Rs 22.7K cr microloans due to large claim amount: Bandhan CEO

The maximum eligible amount a bank can claim under the CGFMU insurance is 15 per cent of the total insured amount

RBI asks banks' audit heads to take pre-emptive steps to mitigate risks

Swaminathan J, Deputy Governor, RBI outlined the Reserve Bank's supervisory expectations and asserted that supervision is effective when supported by effective Assurance Functions

NFRA finds deficiencies in audit quality inspection of Big four firms

In its firm-wide review of audit control systems of BSR & Co, the Authority found that the firm's claim of being independent from KPMG India entities was unacceptable

NFRA probing Adani Group's auditor SR Batliboi, an EY member firm

In a statement on Wednesday, Adani Group rejected any suggestions that the company and its business have not acted as per the regulations and accounting standards of the jurisdictions they operated in

China rattling foreign companies again with arrests, Foxconn probe

Over the weekend, state media said that regulators conducting tax audits and reviewing land use by Foxconn, the Taiwanese company that makes the vast majority of iPhones at factories in China

More than 3 million audit report filed for assessment year 2023-24

Deadline for e-filing of income tax for companies was extended to November 30, while the deadline to file of audit reports by companies was extended to October 30

Sebi fines Rs 2 lakh on CDSL Ventures over delay in audit reporting

Capital markets regulator Sebi on Wednesday imposed a penalty of Rs 2 lakh on CDSL Ventures Ltd, a KYC registration agency, over delay in submission of the audit report. In addition, the entity failed to maintain segregation between cyber security services and infrastructure of itself and depository CDSL, which hit its KYC operations, according to an order passed by the regulator. The Securities and Exchange Board of India (Sebi) inspected CDSL Ventures Ltd to examine its compliance with the KYC Registration Agency (KRA) regulations. The period covered in the inspection was from January 2021 to December 2022. Based on the findings of the inspection, Sebi found certain non-compliances with KRA Regulations. In its order, Sebi found that CDSL Ventures did not submit the system audit report to it within the stipulated time period. Sebi has mandated that the system audit should be conducted once in a "financial year" instead of a "calendar year". The entity had submitted the system a

EKI Energy Services to announce results for last 2 quarters by Sept 20: MD

Carbon credit developer EKI Energy Services (EKI) plans to announce its financial results for the June and March quarters by September 20, a top company official said on Thursday. The results will be submitted to the exchanges, the company's Managing Director Manish Dabraka told PTI. Dabraka cited differences with its immediate previous auditor as the main reason for the delay in the announcement of the results for the first quarter of this fiscal and the last quarter of 2022-23. "Audit firm Anmol Bhora & Cowas ended serving us in November 2020 during our listing process as they were not meeting regulatory norms needed for a listed entity, following which D N Jhmab & Company was appointed as the next auditor with shareholders' approval," Dabraka said. However, in November 2020, the contract with DN Jhmab & Company ended as the auditor requested to discontinue its audit services for the company due to its pre-commitment with other clients, post which Walker Chandiok & ..

DGCA inspection finds lapses in Air India's internal safety audits

A two-member inspection team of the Directorate General of Civil Aviation (DGCA) has found lapses in internal safety audits of Air India and the regulator is probing the matter, according to officials. When contacted, an Air India spokesperson said that all airlines are subject to regular safety audits by regulators and other bodies. "Air India actively engages in such audits to continually assess and strengthen our processes," the spokesperson said in a statement and added that the airline directly addresses any matters raised with the authority concerned. According to the inspection report submitted to the DGCA, the airline was supposed to carry out regular safety spot checks in various areas of operations such as cabin surveillance, cargo, ramp and load but during a random inspection of 13 safety points, the team found that the airline prepared false reports in all 13 cases. "Moreover, when cross-verified with CCTV, recordings, auditee statements, shift register documents, GD ..

Auditors must follow process, auditing must not be ticking exercise: NFRA

Audit regulator NFRA's chief Ajay Bhushan Prasad Pandey on Friday said auditors should follow the due process and auditing should not be just a "ticking" exercise. Highlighting the importance of financial reporting, he said that audit documentation should speak for themselves. "Audit should not be just ticking audit... It should be thinking audit," Pandey said. The National Financial Reporting Authority (NFRA) chief also said that trust in the reporting system is very important. He was speaking at a conference here organised by industry body Assocham.

Go First revival plan: DGCA to conduct audit before restarting operations

Aviation regulator DGCA will examine documents submitted by Go First related to the revival plan and will also conduct an audit on operational preparedness before allowing the carrier to restart operations, according to sources. Senior representatives of the current management of Go First, which has stopped flying since May 3, discussed various aspects of the revival plan with officials of the Directorate General of Civil Aviation (DGCA) in the national capital on Wednesday, they said. The budget carrier, which was owned by the Wadia family, is in voluntary insolvency resolution proceedings. According to the sources privy to the development, the airline's EY-backed Resolution Professional Shailendra Ajmera and Interim CEO Kaushik Khona made a detailed presentation to the DGCA officials on the revival plan. DGCA will also conduct an audit to assess the airline's operational preparedness once it completes the scrutiny of the documents. The audit is expected to take place next week,

CAG to conduct audit into 'irregularities' in Delhi CM residence renovation

The Comptroller and Auditor General (CAG) of India will conduct a special audit into alleged "irregularities and violations" in the "reconstruction" of Chief Minister Arvind Kejriwal's residence, Raj Niwas officials said on Tuesday. The Ministry of Home Affairs had recommended the special CAG audit after taking note of a letter it received on May 24, officials at Lieutenant Governor V K Saxena's office said. The letter was received from the LG office and it pointed out "gross and prima facie financial irregularities" in the "reconstruction" of the chief minister's official residence, they claimed. No immediate reaction was available from the CM's office or the ruling Aam Aadmi Party.