Page 4 - Audit

36 bridges in Uttarakhand found unfit for traffic; most in Pauri district

A safety audit of bridges in Uttarakhand has found that 36 of them are unfit for traffic. The audit was ordered in the wake of the bridge collapse in Gujarat's Morbi that left 135 dead. A Public Works Department (PWD) official here said Pauri district has the highest number of 16 unsafe bridges followed by eight in Tehri, five in Udham Singh Nagar, three in Haridwar and one each in Dehradun, Pithoragarh, Chamoli and Rudraprayag. Immediately after the submission of the PWD's safety audit report, a government order was issued asking the department to repair or replace the bridges at the earliest. Priority will be accorded to the reconstruction or replacement of bridges that are more frequently used by commuters, the official said. Soon after the Morbi incident, Chief Minister Pushkar Singh Dhami had asked the PWD to conduct a safety audit of all the bridges in the state within three weeks The British-era bridge on Machchhu river in Gujarat's Morbi collapsed on October 30.

NFRA to carry out conduct audit quality inspections of Big 4 network firms

The National Financial Reporting Authority (NFRA) will carry out audit quality inspections of five audit firms, including the network entities of the Big 4, and the onsite inspections are expected to be done next month, according to a top official. "Audit quality inspections will be mutually beneficial for the audit firms as well as NFRA. It will help an independent regulator like NFRA to get feedback and also help in overall improvement of the audit profession," the watchdog's Chairperson Ajay Bhushan Prasad Pandey told PTI in an interview. To begin with, he said the regulator "will carry out inspections of five audit firms, the Big 4 network firms -- Deloitte, Haskins & Sells LLP, BSR & Co LLP, SRBC & Co LLP and Price Waterhouse Chartered Accountants LLP -- and Walker Chandiok & Co LLP". BSR & Co LLP and SRBC & Co LLP are the network firms of KPMG and EY, respectively. PwC, Deloitte, EY and KPMG are the four major global entities in the auditing space and ...

NFRA aligning to global standards but industry awaits more clarity

Experts want the authority to set some limit on the time it would spend on on-site visits

CAG calls upon supreme audit institutions to work for mutual benefits

He sought innovative suggestions from members to shape Knowledge Share Committee strategies for the next three years

ICAO audit of India's aviation sector to commence from November 9

The International Civil Aviation Organization (ICAO) will start its comprehensive audit of India's aviation sector from November 9, according to official sources. The audit will cover various areas, including flight standards, licensing and airworthiness, the sources told PTI. The sources said the audit will start from November 9 and go on till November 15. The ICAO, a specialised agency of the United Nations, had carried out a comprehensive safety audit in 2018. The audit starting next week will be the first ICAO audit of the Indian aviation sector post the coronanvirus pandemic. India's civil aviation sector is on the recovery path after being significantly impacted by the pandemic and air traffic is gaining momentum. Scheduled international flights to and from India re-commenced after remaining suspended for little over two years in March this year. Also, Indian carriers are expanding their services to cater to the rising traffic demand.

Masani re-elected as Prez of Asia Pacific Audit Bureaux of Certification

Masani was unanimously re-elected as the President of Asia Pacific Audit Bureaux of Certification as well as Executive Board Member of IFABC (Hon Treasurer)

Deloitte sought two key changes to Byju's FY21 financials: Report

In the results, declared on Wednesday after a delay of over 18 months, Byju's recorded a revenue of Rs 2,280 crore. The loss for FY21 stood at Rs 4,500 crore

BYJU's receives clean FY21 audit from Deloitte, to make it public next week

India's edtech startup BYJU's has finally received a clean report from auditor Deloitte on its financial results for FY21 that will be shared with the equity and debt investors next week

Rajasthan okays formation of audit authority to assess performance of depts

The Rajasthan Cabinet on Saturday cleared a proposal to form an audit authority that will assess the performance of government departments and agencies implementing welfare schemes. The Cabinet also gave approval to the Rajasthan Handicrafts Policy-2022 besides the new rules for appointment of dependents of martyrs. According to a release, the Cabinet approved the formation of the Rajasthan Social and Performance Audit Authority to ensure transparency, public participation and quality services. "The performance of government departments and agencies implementing schemes/programmes will be assessed. Benefits of schemes will reach beneficiaries more easily, conveniently and in a time-bound manner," the release said. Doctors, engineers, architects, economists, professors, information technology specialists and other experts will be part of the authority. The new handicrafts policy will help uplift the condition of artisans, the release said. "By empowering them, participation in the

Govt seeks Byju's reply on delayed filing of audited accounts: Report

Earlier this month, the Ministry of Corporate Affairs sent a letter to Byju's parent company asking them to explain the 17-month delay in filing audited accounts, say people familiar with the matter

Deloitte audit report very soon as BYJU's files FY21 tax returns: Report

BYJU's, which faced intense scrutiny recently over several issues, made multiple acquisitions in FY21 and each of these acquisitions had a different accounting style and year

China state-owned giants to delist from US exchanges amid audit spat

The US SEC on July 29 added Alibaba to a growing list of companies that could be kicked off American exchanges if the two countries fail to reach a deal.

Vote against reappointment of Harsh Mariwala: SES to Marico's shareholders

Seeks approval for revision in remuneration payable to Marico's cost auditors

Shining a light on audit reforms

Cost cannot be an overwhelming consideration if joint audits lead to improvement in quality

SC extends time for completion of Sree Padmanabhaswamy Temple's audit

The Supreme Court extended the time limit till August 31, 2022, for completion of the special auditing exercise of the historic Sree Padmanabhaswamy Temple

CAG vs govt: The growing tussle between the auditor and the audited

Over the past decade, rapid structural changes in the economy have radically altered what was once a low-profile department

Cost accountants' body asks govt to allow members to carry audits of MSMEs

The institute has asked the government to allow its members to do various activities, including the tax audit under the Income Tax Act, 1961

US regulatory officials in China to discuss audit compliance: Report

The stand-off, if not resolved, could see Chinese companies kicked off New York bourses

Nearly half of Elon Musk's 90 million Twitter followers are 'fake'

According to Twitter auditing tool SparkToro, of Musk's 87.9 million followers (at the time of the research audit), roughly 48 per cent are fake, reports Time

PM Modi to address event to mark the first Audit Diwas on Tuesday

Prime Minister Narendra Modi will address an event on Tuesday to mark the first Audit Diwas at the CAG office.