Vijay Mallya-led loss-making air carrier Kingfisher Airlines will need to infuse more funds if its wants to stay afloat, its auditors said.
AAP projects its affordable 'health model' as a success story. The BJP calls it a hoax.
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.
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.
'Many do not have robust business models, and their prospects of survival and long-term growth are poor.'
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.
Also, on Wednesday Mahindra Satyam said its board has approved settlement of lawsuits brought by its former client Upaid Systems by paying $70 million.
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.
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.
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.
Airline says it is in comfortable situation.
If standard accounting standards were followed, the loss would have been about Rs 1,090 crore.
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.
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.
'Maharashtra is virtually in a debt trap.'
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 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.
Byju Raveendran, the founder of the beleaguered ed-tech firm Byju's, put himself on a pedestal and stopped listening to anyone, said Gaurav Munjal, the chief executive officer of edtech firm Unacademy. Munjal highlighted the importance of 'blunt feedback'. In a post on X, he alleged that Byju's founder stopped listening and failed to have people who could give him the right feedback.
PwC's comments are still awaited. Following a letter from the Satyam chairman, who accepted that he had misrepresented facts in the company's balance sheet, role of auditors and accountants for the company has also come under scanner.
All eyes will be on BCCI secretary Jay Shah during the four-day ICC Annual Conference in Colombo, starting on Friday, where there might be serious discussions about when he will take over from New Zealander Greg Barclay as the chairman of the global body.
The parent entity, (Holdings) Ltd, have also expressed concern over the company's significant exposure to the airline.
Sebi has launched a coordinated investigation with the Registrar of Companies to examine transactions between Satyam and its bankers BNP Paribas, Citibank, HSBC, HDFC and ICICI Bank
US lenders represented by Glas Trust have countered Byju's founder Byju Raveendran's claim on verified debt on the company being merely around Rs 20 crore, and have said that the beleaguered edtech firm will have to pay the entire $1.2 billion Term Loan B along with interest. The founder of Think and Learn (TLPL) and owner of Byju's brand, Byju Raveendran, had about a week ago said that verified debt on the company is only Rs 20 crore as per insolvency proceedings and he may not have to pay any money to the US lenders represented by Glas Trust.
NFRA would look after the quality of audit, compliance by auditors as also the disclosures that they make.
The KPMG Report points out that just four per cent of all frauds have been detected by external auditors the largest proportion, 36 per cent, have been detected by internal auditors, says Sunil Jain.
The Confederation of Indian Industry (CII) on Sunday urged Indian startups to keep their valuation "realistic" and distinguish between the goals of the organisation and its founder. "Startups may strive for long-term value creation rather than short-term valuations. "The valuations of businesses should be kept as realistic as possible," CII said in its Corporate Governance Charter for Startups.
The Auditor General estimates that only 13.5 percent of foreign aid was propoerly utilised.
Action against auditors, last of the 276 recommendations of a JPC probing Ketan Parekh scam, is still pending.
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.
However, a bench comprising Chief Justice K G Balakrishnan and Justice Deepak Verma permitted Gopalkrishnan, then working as a partner of the global accounting firm, to renew his bail application over delay by probe agency CBI in filing the third chargesheet. Following it, the court permitted Subramani Gopalkrishnan's to withdraw his bail petition.
