auditors

Financial regulators back ISA 600 for auditors of listed companies

Auditors of PSBs, their branches, and PSUs will not be covered by ISA 600

Paytm management-auditor tussle paves way for financial transparency

The Standard on Auditing (SA) 570 requires the auditor to obtain sufficient appropriate audit evidence that a company is a going concern and will continue its operations for the foreseeable future

Each NFRA order a case study for audit committees: Ajay Bhushan Pandey

NFRA has issued orders against several audit firms in India in the past, including the "Big Four", around the auditors' independence and their non-audit work

NFRA imposes Rs 2.5 cr fine on two auditors in Reliance Commercial Fin case

The National Financial Reporting Authority (NFRA) has slapped penalties totalling Rs 2.5 crore on two auditors for professional misconduct and auditing lapses in the Reliance Commercial Finance case for FY2018-19. The audit regulator imposed a fine of Rs 2 crore on Shridhar & Associates and Rs 50 lakh on Ajay Vastani. In addition, the regulator also barred Vastani for 5 years from undertaking any audit in respect of financial statements or internal audit of the functions and activities of any company or body corporate. The order came after the corporate affairs ministry informed NFRA that Price Waterhouse & Co Chartered Accountants LLP (PW) had filed a report to the ministry under the Companies Act, 2013. Thereafter, PW resigned as the auditor of RCFL, without issuing an audit report for FY 2018-19. Further, Shridhar & Associates was appointed by the board of directors of RCFL in June 2019 as the statutory auditor of the company. On examination of the audit file of RCFL ...

At the Big Five, auditors want pay parity with their western counterparts

The auditors at Big Five firms said the remuneration does not justify the risks, work stress, and investments in technology and talent

Auditor of Zomato Hyperpure, Blink Commerce resigns with immediate effect

Zomato on Sunday said the auditor of its subsidiaries Zomato Hyperpure and Blink Commerce has resigned with immediate effect, paving the way for the food tech platform's auditor Deloitte Haskins & Sells to be appointed in its place to make the audit process more efficient. Batliboi & Associates, who was appointed as statutory auditors of the two wholly-owned subsidiaries for five years beginning April 1, 2023, till the conclusion of the 13th AGM, resigned w.e.f. May 12, 2024, Zomato said in a regulatory filing. "Further to our various discussions and email dated May 8, 2024, from the Global Controller Finance, Zomato Limited, we understand that the holding company's management wants to align the statutory auditor of the company with the auditors of the holding company responsible for the audit of consol accounts to avoid some duplication and bring some efficiencies in the audit process at group level," Batliboi & Associates stated. In the regulatory filing, Zomato informed

Audit fees paid by NSE companies rose 6% in 2022-23, EY Group got highest

The average audit fee in India was Rs 0.93 crore per company in FY23, up from Rs 0.91 crore in FY22

NFRA slaps fine of Rs 4.5 cr on auditors for Reliance Capital audit lapses

The National Financial Reporting Authority (NFRA) has slapped penalties totalling Rs 4.5 crore on an audit firm and two auditors for professional misconduct for alleged auditing lapses of Reliance Capital's financials in 2018-19. A fine of Rs 3 crore has been imposed on Pathak H D & Associates, Rs 1 crore on Parimal Kumar Jha and Rs 50 lakh on Vishal D Shah. Besides, Jha and Shah have been debarred from taking up audit work for 10 years and 5 years, respectively, according to an order. Jha was the Engagement Partner (EP) and Shah was the Engagement Quality Control Review (EQCR) Partner for the statutory audit of Reliance Capital for 2018-19 fiscal. For 2018-19, the company was jointly audited by Price Waterhouse & Co LLP (PW) and Pathak HD & Associates. PW reported suspected fraud regarding loans and investments amounting to approximately Rs 12,571 crore to some group companies. In the order dated April 12, the NFRA said that despite the reporting of suspected fraud and ...

Auditors must do basic groundwork, not rely too much on AI: NFRA Chairman

If one reads the Companies Act, Code of Ethics, and Standards of Audit and Quality Control in a harmonious manner, then one would not have any confusion about definition of non-audit services, he said

NFRA finds deficiencies in audit quality inspection of Big four firms

In its firm-wide review of audit control systems of BSR & Co, the Authority found that the firm's claim of being independent from KPMG India entities was unacceptable

Dunzo says will hit profitability in 12 months, has reduced costs

Auditor Deloitte has expressed doubt about on-demand delivery platform's ability to continue as a going concern

NFRA probing Adani Group's auditor SR Batliboi, an EY member firm

In a statement on Wednesday, Adani Group rejected any suggestions that the company and its business have not acted as per the regulations and accounting standards of the jurisdictions they operated in

SR Batliboi, an Adani Group auditor and EY member firm, faces NFRA inquiry

The National Financial Reporting Authority, or NFRA, has in recent weeks started an inquiry into one of the member firms of EY in India

Sebi extends dispatching period of hard copies of statements till Sept 2024

Capital markets regulator Sebi on Friday extended the relaxation to entities with listed non-convertible securities from dispatching physical copies of the financial statements to the holders of such securities till September 30, 2024. Earlier, the regulator had given similar relaxations to such entities till September 2023. Sebi's extension comes after the Ministry of Corporate Affairs last month provided similar relaxations to entities from dispatching physical copies of financial statements, including board's report, auditor's report or other documents. "Consequently, it has been decided to relax, up to September 30, 2024, the requirements of regulation 58 (1)(b) of the Sebi Listing Regulations," according to the circular issued by the markets regulator on Friday. Under the regulation 58 (1)(b) of the Sebi Listing Regulations, an entity with listed non-convertible securities will have to send a hard copy of statement containing the salient features of all the documents to those

DHFL branch audits: NFRA penalises 18 auditors, debars them for 6-12 months

The National Financial Reporting Authority (NFRA) has imposed penalties on 18 auditors and also debarred them for varying periods for lapses with respect to audits of various branches of housing finance company DHFL. Penalties totalling Rs 18 lakh or Rs 1 lakh each has been imposed on the auditors for their professional misconduct, according to 18 separate orders passed by the regulator. Also, they have been debarred for a period of six months to one year from "being appointed as an auditor or internal auditor or from undertaking any audit in respect of financial statements or internal audit of the functions and activities of any company or body corporate". Out of the 18 auditors, 4 have been debarred for 6 months and the remaining 14 auditors have been restrained for 1 year. Following media reports of alleged siphoning of public money of around Rs 31,000 crore and the Enforcement Directorate's reported action in April 2020 on an alleged banking fraud of about Rs 3,700 crore by the

Adani group appoints new auditor for its main UK subsidiaries: Report

MUMBAI (Reuters) - India's Adani group has switched the auditor of its main UK subsidiaries to the smaller London-based firm Ferguson Maidment & Co after previous auditor Crowe UK resigned in March, FT reported.

Auditors should embrace technology, contribute to nation building: FM

Observing that the next 25 years are 'critical' for India to achieve developed nation status, Union Minister Nirmala Sitharaman on Saturday appealed to auditors to embrace technology and educate smaller companies to grow. The Finance and Corporate Affairs Minister remarked that the country has progressed at many levels in the last 20-25 years and even the World Bank report has said India has achieved in the last decade what it could not be achieved in 60 years. "I am talking to veterans of this profession. You are one of the oldest registered bodies. I would think my meeting with you all is not just only to celebrate the 90 years, but also to say celebrating at a time when this profession has to take newer responsibilities," she said at the 90th-anniversary celebrations of The Society of Auditors here. Sitharaman pointed out that the practices of chartered accountants were going through a lot of change, globally and said that even some of the audience gathered at the venue had alrea

Once Satyam, twice shy: Why auditors quitting big clients is complicated

The auditing community feels the burden of increased regulatory oversight, user expectations, and media activism

TMS Ep500: Auditors quitting, loan recovery, markets, TMS behind the scene

From Byju's to Adani, why are auditors quitting? Did a bad loan recovery process push Nitin Desai to suicide? Do defence-related stocks have more firepower? What's goes behind the scene of Team TMS?

Deloitte quit after not getting auditorship of other group companies: APSEZ

Deloitte was not willing to continue as APSEZ's statutory auditor and, therefore, it was agreed to amicably end the client-auditor contractual relationship