Page 7 - Deloitte

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

Highest salary offered at IIM Kozhikode touches Rs 67L, average at Rs 31L

An IT-sector company offered the top salary of Rs 67.02 lakh on the campus. This was higher than the top salary of Rs 61.5 lakh last year

Indian semiconductor market to reach $55 bn by 2026, says Deloitte

India is poised to emerge as a major player in 5G, semiconductor and chip technology, live sports, and AVOD with private deployment networks likely to take off in a big way during 2025-2028, according to consultancy Deloitte. It has also projected the Indian semiconductor market to be worth USD 55 billion by 2026. Satellite broadband and communication service market in India is expected to grow and expand with the developing use case horizon and exponential growth in data consumption, as per Deloitte's 2023 TMT (Technology, Media, and Entertainment, Telecom) predictions. Deloitte predicted the Indian semiconductor market will reach USD 55 billion by 2026 with more than 60 per cent of the market being driven by three industries -- smartphones and wearables, automotive components, and computing and data storage. "With growing demand, the industry is poised to play an important role in enhancing the global value chain as it will expand to a market size of USD 85 billion and generate .

Punit Renjen in line to succeed Hasso Plattner as chairman of SAP

With an impeccable track record, Renjen is highly qualified to join the Supervisory Board of SAP and would be an excellent candidate to eventually take the chair, the company said

Spike in frauds cost insurers $6 billion annually, says Deloitte survey

These frauds cost insurers about $6 billion annually, and they lose about 10 per cent of their overall premium collection to frauds

60% private insurers register significant rise in fraud: Deloitte survey

About 60 per cent of Indian private insurers believe there has been a significant rise in insurance-related frauds, and as risks lurk there is an immediate need to consider a proactive fraud risk management framework, a Deloitte survey said on Thursday. Insurance companies in India have experienced a rise in fraud instances in life and health insurance, and increased digitisation, remote working post pandemic and weakened controls are key factors contributing to frauds, according to Deloitte's Insurance Fraud Survey 2023. "About 60 per cent of survey respondents believe that there has been a significant rise in fraud, while further 10 per cent experienced a marginal increase," the survey said. The survey, conducted in the second quarter of FY2023, was based on interviews with key C-suite stakeholders/senior management responsible for compliance across leading private insurers in India. Technology-led innovation in the insurance sector has brought agility, speed, superior customer .

Govt to try merging BSNL & MTNL again, appoints Deloitte as advisor: Report

Given the complexity involved in the merger, it will take about two years to complete the whole process