Page 6 - Deloitte

Resignation does not absolve Auditor of onus of reporting fraud: NFRA

The NFRA in a circular has said that it has noticed that auditors are not fulfilling their statutory responsibilities relating to reporting of fraud as required by the Companies Law

Health-tech Mojocare closure: Rising gaps seen in corporate governance

Sources in the know said that after the financial irregularities came to fore, investors realised that the business model of Mojocare was not viable

Online retail market to grow 2.5x faster than offline till 2030: Deloitte

The overall offline market, however, will continue to be the bigger market, with a total value of $1,605 billion in 2030

Byju's staff say morale waning amid turmoil amid layoffs at edtech firm

Byju's has already let go of several thousand employees this year due to slowing demand and it is locked in a legal battle with its lenders and faces regulatory scrutiny

Troubles mount for Byju's, auditor Deloitte resigns over financial results

Separately, three board members reportedly resign but the company denies this

Deloitte flags sourcing from inappropriately approved vendors at BharatPe

Auditor Deloitte has flagged inappropriately approved vendors and excess payments at BharatPe, where its former MD and co-founder Ashneer Grover has been accused of cheating and embezzlement of funds. In its latest annual report, BharatPe presented opinion of its statutory auditor that said the company's internal control system for vendor selection as well as for approval of invoices for purchase of goods and services were not operating effectively, resulting in procurements at inappropriately approved prices. After devoting a page on the statutory auditors' report, BharatPe's annual report in the following section stated that "there were no instances of fraud reported by auditors to the board of directors". This was used by Grover to attack reportage, saying no journalist has read the annual report of BharatPe which has clearly writes of no fraud. "Ek bhi journalist ne @bharatpeindia ki annual FY22 report nahi padi - auditor ne clearly likha hua hai 'NO instances of FRAUD reported

Total cargo handling at APSEZ ports jump 19% in May, YTD numbers up 16%

Growth was seen in almost all the ports and in all three segments of its business, the company said

Deloitte flags Adani Port transactions citing 'insufficient disclosures'

It's the first time that a top auditor has issued a qualified opinion on part of the empire's books citing allegations from the US short seller report that has wiped more than $100 bn off the group

Deloitte India announces opening of three offices in Pune, Chennai, Kolkata

The country's skilled workforce is being sought after by global organisations for high-end work, Deloitte India said on Sunday while announcing the opening up of three new offices in Pune, Chennai and Kolkata. "In the coming year, over 10,000 skilled professionals specialising in various areas such as artificial intelligence, data analytics, cybersecurity, cloud, human capital, assurance, tax, valuations, and mergers and acquisitions will operate from these locations," it said. Deloitte India said that there are increasing opportunities in business services exports from the country. On this backdrop, the consulting firm has announced the opening of three new delivery offices to serve companies globally. This move is in response to the growing demand for skilled professionals across Deloitte's advisory businesses, it said in a statement. It added that the organisation plans to continue to invest in people with a focus on innovative approaches to support learning, digital skills ...

Most Indian companies believe ESG rules are important but only few prepared

The consumer industry was the least ready for ESG requirements, and only 7 per cent of organisations said they have robust preparedness for it, according to a Deloitte India survey

Large companies spend a lot of time on tax compliance, says Deloitte

Tax teams at large companies spend around 70 per cent time on an average on tax compliance and wants cross-utilisation of data collected by various government agencies to cut down on reporting requirements, a Deloitte survey said on Tuesday. A big challenge faced by organisations include TDS compliance, the survey said, adding simplifying reporting under tax regulations would make reconciliations quicker and more efficient. "The disproportionate amount of time spent by tax teams on tax compliance, more so in larger organisations, is an area of concern and needs to be addressed by way of discussion between the tax administration and taxpayers," said the Deloitte survey on 'Income-tax digitalisation in India'. Tax teams in large, complex organisations, despite their enhanced use of technology in tax, spend a high proportion (around 70 per cent on average) on tax compliance. Given the significant amount of data involved, the reconciliation of TDS data and processing/re-processing of d

Indian women more stressed than their global counterparts: Deloitte report

The report also showed that 44 per cent of Indian working women reported experiencing harassment or microaggressions in the workplace over the past year

Regulatory environment is getting a lot stringent: Deloitte SA chairperson

'Deloitte will focus on building its advisory business in India'

Lyft, Deloitte announce to lay off employees amid global meltdown

According to reports, the layoffs at Uber rival may affect 30 per cent of its 4,000 employees

Audit intricacy, access to talent make splitting audit-non-audit biz tough

Experts say audit no longer simplistic, involves analytics, AI, automation, forensics and tax expertise; Greater audit quality needs variety of skills found in multidisciplinary structure

Big 4 push the tech button, look to expand IT service presence in India

The big four are best known for their accounting and audit services globally. However, with time, they have added several more services to their work

Average increments to drop to 9.1% in 2023 across sectors: Deloitte Report

Average increments are likely to drop to 9.1 per cent this year in almost all sectors following inflation, higher interest rates and a slowdown in the economy, according to a study. The average increment in 2022 was 9.4 per cent, Deloitte India Talent Outlook 2023 stated on Wednesday. The study found that in 2023 increments are expected to be lower across almost all sectors, compared to 2022 actual increments. While the Life Sciences sector is expected to witness the highest increments in 2023, the IT sector will likely witness a major drop in increments as compared to last year, the study said. Additionally, attrition in India reached 19.7 per cent in 2022, up from 19.4 per cent in 2021, it stated. "The significant attrition levels across industries in late 2021 continued until early 2022. We saw Indian organisations budgeting the highest increment in 2022 over the last four years. What they also did was hire aggressively. This led to employee costs rising faster than revenue gro

China fines Beijing office of Deloitte $30.8 mn over audit failings

The Beijing office of Deloitte Touche Tohmatsu has been fined USD 30.8 million for failing to adequately audit a Chinese state-owned asset management company whose former head was sentenced to death on corruption charges. The office also was ordered to suspend operations for three months for mishandling audit and other work at China Huarong Asset Management Co. in 2014-19, the Ministry of Finance announced Friday. Deloitte was fined 211.9 million yuan (USD 30.8 million), the ministry said. It said Huarong was fined a total of 800,000 yuan (USD 116,000) and 13 employees were fined a total of 250,000 yuan (USD 36,000) for their role in faulty audits. Huarong is one of four entities created in the 1990s to buy nonperforming loans from state-owned banks. They expanded into banking, insurance, real estate finance and other fields. Huarong's former head, Lai Xiaomin, was sentenced to death on 2021 on charges of embezzlement and taking bribes in exchange for investments, construction ...

Deloitte hires nearly 50,000 professionals in 3 years, doubles workforce

Deloitte in India has hired close to 50,000 professionals over the last three years, nearly doubling the headcount as it invests in people and productive capacity in the country, the audit firm said on Friday. In a statement Deloitte Touche Tohmatsu India LLP said it focused on building skills to deliver technology-driven growth. It also announced completion of a pilot project to help address the issue of stubble burning in North India. "Deloitte in India has hired close to 50,000 professionals over the last three years," the statement said. "The organisation plans to continue to invest in people and productive capacities in India, with a focus on innovative approaches to support education, digital skills development, and training opportunities." Punit Renjen, Deloitte Global CEO Emeritus (retired), highlighted India's potential and the importance of skilling and nature-based solutions at the US-India CEO Forum, held here on Friday. "I believe, this is India's century, and the co

Indian women emerge as committed investors in US market: Vested Finance

About 60% are recurring depositors, many are particpants in some of the leading stocks and ETFs in America