Chartered accountancy firm Lodha & Co has resigned as a statutory auditor for Birla Global Finance.
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 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.
The Indian Institute of Quality Management, in association with ETDC, invites applications for its ISMS Auditor and Lead Auditor training programmes.
Seven out of the 10 listed firms of Adani group have received show cause notices from the Securities and Exchange Board of India (Sebi) for alleged violation of related party transactions and non-compliance with listing regulations, the companies said in their regulatory filings to the stock exchanges. While group's flagship Adani Enterprises Ltd, renewable energy firm Adani Green Energy Ltd (AGEL) and city gas distributor Adani Total Gas Ltd said Sebi sent notices of their parent or holding company controlled by conglomerate's chairman Gautam Adani, ports company Adani Ports & Special Economic Zone, Adani Power, electricity transmission firm Adani Energy Solutions, and commodities firm Adani Wilmar said they have received Sebi notices.
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.
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.
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.
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.
In a bid to expedite the processing of initial public offerings (IPOs), the markets regulator will now seek additional information from lead managers (LMs) when they file draft documents. Last week, the Securities and Exchange Board of India (Sebi) sent a letter to bankers, listing over two dozens of new disclosure requirements. The average time Sebi takes to clear the draft red herring prospectus (DRHP) - a document companies must file before accessing public funds - has dropped to less than three months in 2024 (until May 31).
From the time he first rose to prominence during the movement against the then UPA government, Arvind Kejriwal has regularly grabbed headlines for his surprise moves and decisions. Here are 10 such instances.
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.
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.
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.
Also, on Wednesday Mahindra Satyam said its board has approved settlement of lawsuits brought by its former client Upaid Systems by paying $70 million.
Satyam Computer Services founder B Ramalinga Raju, ex-CEO B Rama Raju and ex-CFO Vadlamani Srinivas in window-dressing the company's accounts, according to the remand case diary filed by the Economic Offences Wing of the Andhra Pradesh Crime Investigation Department.
'If you look at assets truly working for us, you should look at Aakash and Great Learning.'
The RBI on Wednesday barred Paytm Payments Bank Ltd from accepting deposits or top-ups in any customer account, prepaid instruments, wallets, and FASTags, among others after February 29, 2024.
Airline says it is in comfortable situation.
Acting as external auditor to World Health Organisation, CAG flagged a number of risks associated with the execution of the Global Management System project, where Satyam happens to be the key contractor. The $55.5 million project was initially targeted to go live in September 2007, but was given its first extension until December 2007, then a second until March 2008 and a third until June 2008, the auditor said.
Contending that independent auditors were a let-down in the Satyam fraud case, Union Minister for Science and Technology Kapil Sibal on Tuesday suggested setting up a body on the lines of the Election Commission to oversee their (auditors') functioning.
If standard accounting standards were followed, the loss would have been about Rs 1,090 crore.
The auditors said that the carrier's second-quarter net loss would have been much higher, at about Rs 1,032 crore, had it followed "generally accepted accounting standards" for certain income and expenses.
Either the auditors' advice was disregarded or the auditors failed to find out the root cause of the trouble. The damage is so widespread, that one point which comes out clearly is that there is a need to look at the auditing processes adopted and advocated in this murky scenario.
With investors asking for a change in the board structure at Byju's, the edtech giant's founder and chief executive officer (CEO), Byju Raveendran, is now asking them to put $300 million into the company for more control. The company has rung up $5.8 billion from investors such as General Atlantic, Sofina, the Qatar Investment Authority, Sumeru Ventures, Vitruvian Partners, BlackRock, Chan Zuckerberg Initiative, Sequoia, Silver Lake, Bond Capital, Tencent, and Tiger Global.
Under the Companies Act, 2013, auditors have the responsibility of reporting frauds, at entities being audited by them.
The day after the closing ceremony, the Prime Minister's Office had asked the OC to make sure all documents were kept safe.
The ICAI president said that the auditors would be interrogated mainly on accounting and auditing aspects and to check whether they followed the right methods of accounting. The Institute of Chartered Accountants of India has obtained permission from a local court to interrogate the two auditors and examine and record their statements.
The ministry is of the opinion that there is a need for a rigorous regime for large unlisted companies, in contrast with the current "light-touch" regulation. "There is a defined regime for listed companies, by the Securities and Exchange Board of India (Sebi). "There is a view in the ministry that it needs to look at a framework for large unlisted companies," the senior official said.
In recent times, more and more audit firms have challenged company managements, some going to the extent of resigning on the ground of incompatibility with what the management wanted or was doing. This, said Ajay Bhushan Pandey, chairman of the National Financial Regulatory Authority (NFRA), in a media interview, was a good sign. Now, the national accounting watchdog has turned the spotlight on audit firms themselves.
The chartered accountants regulator ICAI on Thursday said KMPG cannot audit Satyam's books, but the global auditor said it does not require to register with the regulator to restate the IT company's accounts.
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