But it does not mention its views on the government demand to ban these two auditors for five years from business.
A plea that the banking regulator's stress should be on the strategic role of boards and an increase in the remuneration of independent directors were among the issues put forward to the Reserve Bank of India's (RBI's) top brass in its interaction with the full boards of state-run banks held on Monday. The meeting, the first leg of first-of-its-kind interactions with the boards of state-run banks, will now be followed by those of private banks in Mumbai on May 29. The RBI's press release, issued late on Monday, did not refer to the specific points that found mention in the deliberations, but top sources told Business Standard the twin concerns were taken up in the open-house interaction with the banking regulator's brass.
This would bring between 20,000 and 25,000 firms under the ambit of cost audit. At present, only 44 industries and specific products within an industry come under cost audit. This covers around 6,000 firms but cost audits are conducted in only about 2,200 of these. The proposed change will have a major positive impact on the profession because more firms will have to mandatorily appoint a cost auditor and have cost accounting records audited on an annual basis.
IOA president P T Usha on Sunday slammed the revolting executive council members, saying they 'seem more focused on self-serving power play and monetary gain'
The International Cricket Council's (ICC) chief executive Manu Sawhney will step down with immediate effect, four months after he was sent on leave following an investigation into his style of working.
Tata Steel is to form a committee to undertake a social audit of its Kalinganagar project in Orissa, in a bid to counter allegations on the negative impact of industrialisation.
The bank board had decided to launch an enquiry to be headed by an "independent and credible person", to examine and enquire into an anonymous whistle blower complaint alleging that the bank MD & CEO had not adhered to code of conduct
The Naresh Chandra Committee has laid down stringent guidelines defining the relationship between an auditor and its client.
The Securities and Exchange Board of India (Sebi) has amended the equity listing agreement, asking companies to set up an agency to monitor the utilisation of issue proceeds.
The committee will consist of retired Supreme Court judges S I Imam and Rohini Marasinghe, and Irangani Perera, retired High Court judge.
Sports Minister Roshan Ranasinghe on Sunday slammed Sri Lanka Cricket for bidding for a ban from the ICC, calling it a "big betrayal of the country".
Finance Minister Jaswant Singh on Friday indicated radical changes in auditing norms including disqualification of auditors if they are found to have 'financial relationship' with companies as suggested by the Naresh Chandra panel.
Companies are looking to combine risk management with strategy.
Dalmia Bharat Ltd on Monday announced the acquisition of the cement assets of Jaypee Group's flagship company Jaiprakash Associates Ltd and its associate firms at an enterprise value of Rs 5,666 crore. In a regulatory filing, Dalmia Bharat informed that its wholly-owned subsidiary Dalmia Cement Bharat Limited (DCBL) has entered into a "binding framework agreement for the acquisition of clinker, cement and power plants from Jaiprakash Associates Limited and its associate company." The deal includes a total cement capacity of 9.4 Million tones (MnT) per annum, along with clinker capacity of 6.7 MnT and thermal power plants of 280MW at an enterprise value of Rs 5,666 crore, it added.
The big four global accountancy firms -- PricewaterhouseCoopers, KPMG, Ernst & Young and Deloitte -- are circumventing laws to provide auditing services in the country, says a report of an Institute of Chartered Accountants of India's committee.
Most of the pharma units are failing in documentation, and validation processes, and many don't have full-fledged quality control laboratories.
The Enforcement Directorate on Tuesday questioned former Indian cricket team captain and Congress leader Mohammed Azharuddin for over nine hours in a money laundering case linked to alleged financial irregularities in the Hyderabad Cricket Association, official sources said.
'The focus of the legislation will be to minimise user harm and increase the accountability of platforms, while also promoting innovation.'
Thackeray said the probe will ascertain if the fire was an accident or was the fallout of ignoring an earlier safety report.
The penalty collected from Mazumdar-Shaw will be donated to a charitable organisation of her choice.
There are three Price Waterhouse firms and four Price Waterhouse & Co firms in PriceWaterhousCoopers' network of firms in India. Each firm is a separate partnership firm, with a maximum of 20 partners each, with head offices in the cities in which they are registered. Each of these is registered with ICAI. The Pricewater House registered in Bangalore had audited Satyam.
Infosys said it is also "aware of a securities class action lawsuit" that has been filed against the company in a federal court in the US, based on the generalised allegations in the anonymous complaints. The company intends to defend itself vigorously in such a lawsuit.
"The company has been in touch with the Securities and Exchange Commission (SEC) regarding the anonymous whistleblower complaints (anonymous complaints) and has learnt that the SEC has initiated an investigation into this matter. The company will cooperate with the SEC's investigation," Infosys said in a statement.
In FY24, the net income generated from Waqf properties fell to about Rs 1.26 crore from Rs 150 crore in FY20.
Leading exchange BSE on Wednesday asked Infosys to explain why it did not make a disclosure about a whistleblower complaint which alleged that the company's top executives were following "unethical practices" to shore up profits through irregular accounting ways.
US e-commerce giant Amazon has written to the independent directors of Future Retail Limited (FRL), including Gagan Singh, Ravindra Dhariwal and Jacob Mathew, and its audit committee, providing data and alleging that there have been significant financial irregularities to the prejudice of public shareholders, banks, creditors, and third-party suppliers. Amazon has said this warrants a thorough and independent examination of all relevant facts and related-party transactions, including of past financial years, by an independent agency. Separately, Amazon has written to Securities and Exchange Board of India Chairman Ajay Tyagi, seeking the withdrawal of the regulator's conditional approval granted to FRL related to the merger deal between the Future group and Reliance.
The audit is under progress and the report is yet to be finalised. The information cannot be given under Section 8(1)(C) of the RTI Act as the disclosure would cause breach of Parliament, the CAG said.
Auditors seem to have developed a heightened sense of risk and are not content to tick the boxes and sign the papers.
Rakesh Gangwal had raised concerns that various RPTs involving Bhatia's InterGlobe Enterprises Group were executed without seeking the audit committee's approval and without seeking competitive bids from third parties.
Given the gap between budgetary allocation and use, a parliamentary standing committee has asked the Ministry of Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homeopathy (Ayush) to take steps to prevent underutilisation of funds under the National Ayush Mission (NAM) scheme. According to the data, the ministry was allocated Rs 1,200 crore for the mission in the Budgetary Estimate (BE) for FY24. The Revised Estimate (RE) for the year fell to Rs 815 crore, of which Rs 589 crore, or 74 per cent, has been spent till January.
The Delhi Police on Friday filed a first information report (FIR) under sections related to death by negligence after the collapse of the roof of Delhi airport's Terminal-1 killed one person and injured six others.
The Securities and Exchange Board of India is all set to begin the proposed peer audit review of the companies that form the Sensex and Nifty benchmark indices.
While the Management Committee of KG-D6 block in August agreed to approval of capital spending plans pending for past three years, the resolution has so far not been signed.
Comptroller and Auditor General Vinod Rai on Wednesday rejected reports that there was pressure from Parliament's Public Accounts Committee chairman Murli Manohar Joshi to expedite audit work of 2G spectrum allocation and said no findings were ever shared with the PAC.
Justice Mukul Mudgal was on Thursday elected as head of FIFA's governance committee at the world football governing body's 67th Congress in Bahrain's capital city of Manama.
As CAG found Reliance Industries was being favoured in gas exploration deal to the government's detriment, former Prime Minister Manmohan Singh told the then top auditor Vinod Rai that audit should not hurt the private sector and RIL was one of the biggest and most respected.
PwC one of the big four audit firms, has expressed disappointment at the conviction of two former partners in the Satyam scam.
The Centre on Monday made public the rules under the recently-notified anti-paper leak law, mandating the National Recruitment Agency (NRA) to prepare norms, standards and guidelines for the computer-based tests among others.
Sources said the entire opposition, including the Congress, supported TDP MP CM Ramesh's candidature.
