The study found that many big groups have not changed their auditors in several years.
Anmol Singh Jaggi and Puneet Singh Jaggi, once hailed as rising stars in India's clean energy sector, are now facing serious regulatory action.
The Supreme Court has agreed to examine a PIL alleging that Arunachal Pradesh Chief Minister Pema Khandu awarded government contracts to his family members. The court has asked the state government to provide details of the beneficiaries and inform if due process was followed. The bench also sought responses from union ministries of home affairs, finance and the Comptroller and Auditor General of India on the issue within five weeks.
With 'dafli' beats in the background, AAP leaders held placards with photos of Ambedkar and raised slogans against the ruling party -- "BJP sun le, Jai Bhim, Jai Bhim" ... "BJP ki tanashahi nahin chalegi (BJP's dictatorship won't work)".
The Reserve Bank of India on Tuesday banned chartered accountant firm Haribhakti & Co LLP from undertaking any type of audit assignments for regulated entities for a period of two years starting April 1, 2022.
If the new Companies Bill becomes law, 10 of the 30 Sensex companies will have to look for new auditors.
It can be noted that ever since Satyam Computers scandal came out in January 2009, the audit world, especially the Big Four, have been under fire from the regulators.
Following the request of the Securities and Exchange Board of India, the Institute of Chartered Accountants of India
Crorepatis build wealth through disciplined saving, smart investing, and strategic risk-taking, proving that true financial freedom is earned, not inherited, says Ramalingam Kalirajan
Jet Airways faces similar setback.
'We found certain banks having lakhs of such accounts with apparently no valid reason.'
The Lok Sabha passed the Waqf (Amendment) Bill, 2025, with the ruling NDA defending it as beneficial for minorities while the opposition called it "anti-Muslim". All amendments moved by the opposition were rejected and the bill was passed with 288 votes in favor and 232 against. Union Minorities Affairs Minister Kiren Rijiju asserted that India is the safest place in the world for minorities, refuting claims of their insecurity.
The problem here is that internal auditors are good at accounts, but they are not trained to track foreign exchange transactions
Of the total 199 small and medium enterprises (SMEs) listed this year so far, 22 had an issue size of less than Rs 10 crore, which the Securities and Exchange Board of India (Sebi) will no longer allow in the listed ecosystem after its recent consultation paper. The market regulator on Tuesday proposed an overhaul of the rules governing the initial public offerings (IPOs) of SMEs and corporate governance norms for listed SMEs, following concerns over 'systemic risk' seen in the ecosystem with instances of fund diversion and price manipulation.
Chartered accountancy firm Lodha & Co has resigned as statutory auditor for Grasim Industries Ltd, a Aditya Birla group company, and city-based G P Kapadia & Co has been appointed as sole statutory auditors for the firm.
The agency made this disclosure on Monday before a local court in Delhi while seeking an extension of custody of Hyderabad-based businessman Arun Ramachandran Pillai, whom it had arrested on March 6.
The CBI has alleged that Gorantla's role in the formulation and implementation of the now-scrapped Delhi Excise Policy 2021-22 caused 'wrongful gain' to Hyderabad-based wholesale and retail licensees and their beneficial owners.
A company spokesperson said Vodafone has received a copy of the report submitted to the DoT and said the company's accounts are in line with statutory standards set by telecom tribunal Telecom Disputes Settlement And Appellate Tribunal.
Auditors have to be compulsorily changed by a company at the end of two five-year terms, say the new rules.
The current process for selecting auditors could compromise their "independence".
The DoT is conducting a special audit on companies that have multiple licences -- mobile, international long distance, domestic long distance and internet service provider among others. Contractor, Nayak & Kishnadwala has been appointed to examine the books of Bharti Airtel, while S K Mehta & Co will check Vodafone-Essar's accounts. Varma & Varma has been appointed as auditors for Tata Teleservices, while Chhajed & Doshi will examine the books of Idea Cellular.
The Andhra police have arrested two Price Waterhouse auditors- Gopalakrishna and T Srinivas- in connection with the financial irregularities case with Satyam Computer Services Ltd.
The CA insitute had asked the SFIO numerous times for details against the auditor, but it has not been furnished till now
Sources said GMR could be the first major Indian corporate to engage multiple auditors. GMR will also rotate the auditors at periodic intervals. The length of the rotation period shall be decided by the company board, based on the recommendation of the audit committee. GMR will also employ the services of reputed audit firms for specific assignments of audit as may be decided by the company's board from time to time on the recommendation of the audit committee.
The regulator has not been maintaining panel of auditors since 2005 and instead prescribing the requirements for their appointment by insurers. In the backdrop of inflated balance sheet of Satyam Computer Services, chartered accountant body ICAI had pitched for the appointment of statutory auditors for insurance firms by IRDA.
PriceWaterhouse (PW) has said that it resigned as statutory auditor of Satyam Computer Services with effect from February 12, 2009, while stating that it would co-operate with the ongoing investigations into the Rs 7,800-crore (Rs 78 billion) fraud at the IT major.
Based on internal evaluation and legal opinion, the management was of the opinion that the company has the ability to ultimately recover the aforesaid ICDs
The Securities and Exchange Board of India (Sebi) on Thursday debarred Pacheli Industrial Finance and six others entities from the markets in its bid to crack down on a "pump and dump" case, substantiated by a probe into Rs 850 crore preferential allotment and examination of alerts around price movement of the firm's stock.
Chartered accountancy firm Lodha & Co has resigned as a statutory auditor for Birla Global Finance.
The report on the alleged liquor scam, a hot button issue in the run-up to the elections, claimed a loss of revenue to the tune of Rs 941.53 crore, saying timely permissions were not taken for opening the liquor vends in non-conforming municipal wards.
While the BJP has assured voters that these benefits will not be discontinued, AAP leaders have questioned the party's long-term commitment.
Auditors of Jet Airways, SpiceJet say the "appropriateness of the going concern basis" depends on their ability to meet obligations.
The Indian Institute of Quality Management, in association with ETDC, invites applications for its ISMS Auditor and Lead Auditor training programmes.
'I am simply highlighting a wrongdoing. This is why my complaint has merit, and the chief minister has ordered an inquiry.'
The government-appointed special auditors have found no major accounting discrepancy in Birlas-owned Idea Cellular, although they failed to get full details to assess additional liability.
R P Singh says CAG's loss estimate of Rs 1.76 cr in 2G spectrum allocation report is inflated.
Reliance Capital and Reliance Home Finance said that PWC cited the companies' failure to convene audit committee meetings within the expected time, despite multiple letters of intent sent to them, as one of the reasons for the resignation.
