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The RBI will take action against, apart from erring auditors, those responsible for wrong information in a bank's financial statements, incorrect certification given by auditors, wrong information given in the Long Form Audit Report, and any other violations of the RBI's rules and regulations on auditing.
In FY24, the net income generated from Waqf properties fell to about Rs 1.26 crore from Rs 150 crore in FY20.
While auditors have come in for a lot of praise for their proactive stand against what they perceive to be dodgy practices followed by companies, there is still a long way to go, says Shyamal Majumdar.
In mid-September, the auditors had raised questions on Kingfisher Airlines' viability to run operations, based on the 2010-11 profit & loss statement.
AAP projects its affordable 'health model' as a success story. The BJP calls it a hoax.
This pertains to certain irregularities in loan disbursements towards the development of two Slum Rehabilitation Authority projects undertaken by the company in the past.
The auditors also said that the company is in the process of monetising its assets and has submitted a draft resolution plan to the consortium of bankers for restructuring its borrowings and also there have been discussions for stake sale by the promoters to a strategic partner with further equity infusion.
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.
But it does not mention its views on the government demand to ban these two auditors for five years from business.
'Maharashtra is virtually in a debt trap.'
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.
'Many do not have robust business models, and their prospects of survival and long-term growth are poor.'
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 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.
While the scam highlights the need for an overhaul of the oversight mechanism of banks and of their internal controls, questions are being raised on why multiple audits failed to raise an alarm
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.
The study found that many big groups have not changed their auditors in several years.
If the new Companies Bill becomes law, 10 of the 30 Sensex companies will have to look for new auditors.
The problem here is that internal auditors are good at accounts, but they are not trained to track foreign exchange transactions
Following the request of the Securities and Exchange Board of India, the Institute of Chartered Accountants of India
Jet Airways faces similar setback.
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.
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.
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.
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.
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 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.
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.
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 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.
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.
Auditors of Jet Airways, SpiceJet say the "appropriateness of the going concern basis" depends on their ability to meet obligations.
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