Page 6 - Audit
Greater transparency
New audit rules more onerous, but useful
 "Greater transparency")
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
 "Audit committees of company boards must play more active role: Think tank")
Govt's new audit rules to shield companies against financial frauds
Companies (Auditor's Report ) Order to enhance disclosures on part of auditors
 "Govt's new audit rules to shield companies against financial frauds")
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.
 "GoAir cancels flights for second day in a row amid pilot shortage")
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
 "NFRA finds huge gaps in Deloitte's audit of IFIN, says will examine further")
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
 "SAT quashes Sebi's order against Price Waterhouse in Satyam scandal")
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
 "Joint audits don't add up")
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
Higher onus on trade in new audit approach
Under the new scheme, transaction-based audit will be confined to a few transactions under the risk management system
 "Higher onus on trade in new audit approach")
Audit giants see dominance waning
As a three-year transition for mandatory rotation ends in April 2017, smaller competitors are gearing up with aggressive pricing and hiring strategies
 "Audit giants see dominance waning")
Presumptive taxation: No audit for turnover up to Rs 2-cr
Section 44AB of the Income-tax Act makes it obligatory for every person carrying on business to get his accounts of any previous year audited if his total sales, turnover or gross receipts exceed Rs 1 crore
 "Presumptive taxation: No audit for turnover up to Rs 2-cr")