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.
In FY24, the net income generated from Waqf properties fell to about Rs 1.26 crore from Rs 150 crore in FY20.
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.
The current process for selecting auditors could compromise their "independence".
Auditors have to be compulsorily changed by a company at the end of two five-year terms, say the new rules.
Regularly monitor your account for any suspicious activity. Keep your devices updated with the latest security patches to prevent vulnerabilities. Ensure the physical wallet you use is stored securely to avoid loss or theft.
The CA insitute had asked the SFIO numerous times for details against the auditor, but it has not been furnished till now
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.
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 US unit of PwC will lay off about 1,800 workers, marking its first formal job cuts since 2009 as the company seeks to restructure its technology group. This comes amid a slowdown in demand for some of its advisory business, according to a Wall Street Journal report. Half of the anticipated layoffs will target offshore positions, impacting a wide range of employees from associates to managing directors.
Delhi faces a severe financial crunch and the deficit is largely due to numerous welfare schemes without adequate revenue flowing in. The success of welfare schemes and electoral promises will need careful financial planning and out of the box thinking to whip up additional revenue, notes Ramesh Menon.
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.
AAP projects its affordable 'health model' as a success story. The BJP calls it a hoax.
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
Chartered accountancy firm Lodha & Co has resigned as a statutory auditor for Birla Global Finance.
Auditors of Jet Airways, SpiceJet say the "appropriateness of the going concern basis" depends on their ability to meet obligations.
'Many do not have robust business models, and their prospects of survival and long-term growth are poor.'
The Indian Institute of Quality Management, in association with ETDC, invites applications for its ISMS Auditor and Lead Auditor training programmes.
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.
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.
'Maharashtra is virtually in a debt trap.'
The corporate affairs ministry proposed the names of Borkar & Mazumdar & Co and MM Chitale & Co for IL&FS and IFIN respectively; and GM Kapadia & Co and CNK & Associates for IL&FS Transportation Networks.
R P Singh says CAG's loss estimate of Rs 1.76 cr in 2G spectrum allocation report is inflated.
India on Friday won a crucial election to the UN Board of Auditors with its nominee Shashi Kant Sharma, the Comptroller and Auditor General, garnering the largest number of votes.
The auditors have discovered lack of confirmation of balances from 14 overseas buyers as claimed by Winsome Diamonds.
Neerajkumar Desai's firm had reportedly carried out the structural audit of the bridge and declared it safe for use despite some corrosion in the structure, police said.
Terming auditors as the 'eyes and ears' of the central bank, Governor Duvvuri Subbarao on Friday said accounting professionals should provide early warning signals so that better supervision can be ensured in the banking system and also called for an inter-disciplinary approach to the job.
Vijay Mallya-led loss-making air carrier Kingfisher Airlines will need to infuse more funds if its wants to stay afloat, its auditors said.
The Institute of Chartered Accountants of India (ICAI) is likely to take disciplinary action against two Pricewaterhouse Coopers (PwC) auditors who were involved in auditing the account books of erstwhile Satyam Computers.
In connection with the multi-billion dollar Satyam scam, the US auditing watchdog has barred from public practice two Indian auditors associated with the IT firm's former auditor PriceWaterhouseCoopers.
Kanchi Sankaracharya Jayendra Saraswathi and eight others were on Friday acquitted of all charges, including attempt to murder, in the 2002 the auditor Radhakrishnan assault case.
Citing his experience of the 'Agni' missile programme, President APJ Abdul Kalam on Tuesday asked auditors to adopt real-time and online corrections to various state-run schemes instead of audits after the programme.
Advisory firm Institutional Investors Advisory Services (IIAS) has advised investors to vote against a resolution seeking the reappointment of the statutory auditor of technology major Infosys.
Also, on Wednesday Mahindra Satyam said its board has approved settlement of lawsuits brought by its former client Upaid Systems by paying $70 million.
