If the new Companies Bill becomes law, 10 of the 30 Sensex companies will have to look for new auditors.
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.
Following the request of the Securities and Exchange Board of India, the Institute of Chartered Accountants of India
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.
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.
Jet Airways faces similar setback.
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.
The problem here is that internal auditors are good at accounts, but they are not trained to track foreign exchange transactions
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.
'I am simply highlighting a wrongdoing. This is why my complaint has merit, and the chief minister has ordered an inquiry.'
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".
Farm workers and drivers will figure among the fastest growing jobs over the next five years, while roles of cashiers and ticket clerks will see the largest decline, a new study showed on Wednesday. In its Future of Jobs Report 2025, the World Economic Forum (WEF) also said that 170 million new jobs will be created by 2030, while 92 million are projected to be displaced, resulting in 78 million net new jobs.
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 CA insitute had asked the SFIO numerous times for details against the auditor, but it has not been furnished till now
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 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
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.
In FY24, the net income generated from Waqf properties fell to about Rs 1.26 crore from Rs 150 crore in FY20.
The Indian Institute of Quality Management, in association with ETDC, invites applications for its ISMS Auditor and Lead Auditor training programmes.
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.
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.
R P Singh says CAG's loss estimate of Rs 1.76 cr in 2G spectrum allocation report is inflated.
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 auditors have discovered lack of confirmation of balances from 14 overseas buyers as claimed by Winsome Diamonds.
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.
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 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.
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.
