Page 5 - Audit

Goals of audit, executive are common: CAG Girish Chandra Murmu

Comptroller and Auditor General of India (CAG) G C Murmu on Wednesday said the audit and the executive are on the same side of table and their goals are common

NFRA flags serious lapses in statutory audit of JAL in 2017-18

Audit regulator NFRA on Friday flagged serious lapses in the statutory audit of Jaiprakash Associates Ltd (JAL) for 2017-18, including that transactions violative of accounting and auditing standards would have resulted in more than Rs 3,200 crore loss instead of a profit before tax in the particular financial year. The infrastructure company's statutory audit for 2017-18 was conducted by Rajendra K Goel & Co. In its 207-page Audit Quality Review Report (AQRR) issued on Friday, NFRA has listed out the lapses and said the audit firm failed to comply with requirements of various Standards on Auditing (SAs) and provisions of Standards on Quality Control (SQC). "The audit firm's reporting in the 'Basis of opinion' section of Independent Auditors Report is false and misleading. "The impact of the transactions violative of accounting and auditing standards, as identified in this AQRR are such that the profit before tax of Rs 351.71 crores, as reported in the financial statements, would .

Nangia & Co LLP becomes CERT-IN empanelled, can conduct govt's audit

Nangia & Co LLP on Tuesday said it has been empanelled by the Indian Computer Emergency Response Team (CERT-IN), which will enable it to audit and assess government IT infrastructure. The empanelment by CERT-In empowers Nangia & Co LLP to offer its cybersecurity solutions, carry out IT security audits, including vulnerability assessment and penetration testing, ISMS Compliance Assessments, etc, of central and state governments, public sectors, and corporate organisations, according to a statement. Srinivasa Rao, partner and leader (risk advisory services) at Nangia & Co LLP, said our focus remains to support businesses and governments with effective cybersecurity services, and "we are thrilled to see the hard work of Nangia & Co LLP's security teams being recognised in this empanelment". Nangia & Co LLP Partner (Cybersecurity) Shrikrishna Dikshit said, "The CERT-IN empanelment is a major milestone in our journey to becoming the preferred partner for enterprises ...

EY accused of concealing US health firm's audit fraud from investors

Indian entrepreneur files lawsuit, naming accounting giant as a co-conspirator in the fraud alongside former executives.

Punjab's excise dept engages IIT-Ropar to audit liquor manufacturing units

Punjab's excise department on Monday said it has engaged IIT-Ropar to conduct an audit of liquor manufacturing units in the state, a move which is aimed to check any pilferage

UK watchdog investigates auditors of Greensill Capital, Wyelands Bank

Britain's accounting regulator said it has opened an investigation into how PwC audited the accounts of Wyelands, the bank owned by steel tycoon Sanjeev Gupta's metals-to-finance empire GFG Alliance

RBI extends Risk Based Internal Audit rules to housing finance companies

RBI extends RBIA rules to all deposit taking HFCs and non-deposit taking HFCs with assets above Rs 5,000 cr with effect from June 30, 2022

Have no responsibility to audit members of UPI ecosystem: RBI tells SC

The Reserve Bank of India (RBI), in its affidavit filed in the top court, also said that the matters related to "data privacy and data sharing" come under the domain of the central government

Loan book audit at IDBI Bank to identify stress areas ahead of stake sale

Audit report may form the basis of valuations in impending disinvestment by the government

Singapore Ex tightens audit rules for listed firms after market criticism

Singapore Exchange's regulatory unit will tighten requirements for listed company auditors and raise standards on valuation reports, introducing a regulatory code of conduct for auditors.

Compliance with new rules for audit reports deferred to April 2021-22

CARO 2020 requires auditors to comment on 50 matters as against 21 in the 2016 version of the order

RBI to conduct special audit of Srei Infrastructure Finance, subsidiary

In a notification to the exchanges, the lender said, RBI has appointed an auditor to conduct a special audit in exercise of its powers under Section 45 MA (3) of the RBI Act, 1934

Traders' body CAIT suggests measures to broaden GST to simplify taxation

Traders' body CAIT on Wednesday suggested a host of measures, like technical audits and waiver of late fees, to broaden the GST base and make the taxation system simple.

Greater transparency

New audit rules more onerous, but useful

Audit committees of company boards must play more active role: Think tank

Ways and means need to be explored to improve the role of the audit committee and to make it more involved and responsible, CEPR said

Govt's new audit rules to shield companies against financial frauds

Companies (Auditor's Report ) Order to enhance disclosures on part of auditors

GoAir cancels flights for second day in a row amid pilot shortage

GoAir will face action for not providing rest to its pilots in line with rules, said a senior Directorate General of Civil Aviation (DGCA) official.

NFRA finds huge gaps in Deloitte's audit of IFIN, says will examine further

The audit and accounting regulatory body has advised Deloitte to take action to revamp its processes and ensure compliance

SAT quashes Sebi's order against Price Waterhouse in Satyam scandal

The scandal involving overstatement of bank and cash balances by over Rs 3,300 cr had come to light in January 2009

Joint audits don't add up

The audit profession is in the spotlight for all the wrong reasons, the latest trigger being the IL&FS fiasco and the alleged involvement of the auditing firms in the scandal