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.
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.
'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.
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.
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.
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.
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
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 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.
Action against auditors, last of the 276 recommendations of a JPC probing Ketan Parekh scam, is still pending.
The Auditor General estimates that only 13.5 percent of foreign aid was propoerly utilised.
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.
It's tax returns season. Ask our tax experts Mihir Tanna, Hardik Parikh, Tejas Chokshi and Sanjeev Govila.
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.
On July 25 and 26, the regulator's team carried out the surveillance of Air India in the areas of internal audit, accident prevention work and availability of required technical manpower.
He said the benchmark against which the auditors examine and assess the performance of the departments are not created by them, but by the government itself.
'Byju's financials only reflect the core business. At a group level, they are experiencing substantial losses.'
Auditors raise red flags over Jet Air's robust financial status.
Board, audit panel to meet on September 4.
Without naming either the alleged kingpin of the fraud, billionaire jeweller Nirav Modi, or Punjab National Bank, Jaitley questioned the ethics of some businesses in the country and asked as to why the bank's internal and external auditors could not detect the fraud which had been going on for 7 long years.
Price Waterhouse's S Gopalakrishnan was involved in the Satyam case. The other two auditors who have been found guilty by the ICAI's disciplinary committee in the Global Trust Bank case, five years after the bank had collapsed, are Price Waterhouse partner P Ramakrishna and Lovelock & Lewes employee Manish Agarwal. ICAI President Uttam Agarwal said punitive action against the erring auditors would depend upon the gravity of offence.
Company balance sheets could soon acquire a new look, with the government asking ICAI to suggest ways to strengthen reporting norms following Satyam Computer Services scandal 7. ICAI sources said the mandate from the government was to ensure that company managements did not use notes to accounts as a cover-up for misdemeanours. The special group will submit its recommendations over the next few weeks.
"We will ensure that, to any person who has not worked according to our standards and our expectationsm severe punishment be given," ICAI President Ved Jain said after the financial wrong doings by India's fourth largest IT company were unearthed. He added that that under the Indian Penal Code any person party to a fraud or cheating can be convicted.
Three ED officers were injured and several of their vehicles vandalised, as hundreds of supporters of TMC leader Shajahan Sheikh attacked them on January 5, when the team went to conduct a raid at his house in Sandeshkhali in connection with alleged irregularities in the state's ration system.
Singapore's competition regulator CCCS on Tuesday said it has given conditional approval for the proposed merger of Air India and Vistara, more than a year after the announcement of the deal. This was one of the key approvals required for the transaction. The merger of Vistara with Air India under a deal, wherein Singapore Airlines will acquire a 25.1 per cent stake in Air India, was announced in November 2022. Vistara is a joint venture between Singapore Airlines and Tata Group.
Deloitte, MCX's is learnt to have objected to PwC pointing out several irregularities in the exchange's expenditure, donations, etc, in its audit report.
A historian, a retired auditor and a financial executive were among four people named by India's highest court on Monday to run the country's cricket board (BCCI).
Are faulty design, hurried construction and private ownership to be blamed for the incidents of airport roofs crashing?
The Reserve Bank on Monday barred IIFL Finance Ltd from disbursing gold loans, with immediate effect following multiple supervisory concerns, including serious deviations in assaying and certifying the purity of the yellow metal. A leading financial services provider, IIFL Finance offers a range of loans and mortgages. The latest directions from the Reserve Bank of India (RBI) pertain to only the gold loan business.
The Reserve Bank on Thursday proposed tighter norms for treatment of wilful defaulters under which banks and other lenders will be required to examine all accounts with outstanding amount of Rs 25 lakh and more to see if the borrower is deliberately not repaying the loan. The central bank has issued a 'Draft Master Direction on Treatment of Wilful Defaulters and Large Defaulters' on which comments have been invited till October 31. According to Reserve Bank of India (RBI), the draft Master Direction expands the scope for regulated entities which can classify borrowers as wilful defaulters and broadens the definition of wilful default.
Auditor Deloitte flagged three transactions, including recoveries from a contractor identified in the Hindenburg report, as it issued a qualified opinion on the accounts of Adani Ports & Special Economic Zone.
You don't prep for 2028 but for 2040, or even 2044. Sustained sporting excellence is based on mass support, grassroots development, and funding - and it is this trifecta India needs to work on, systematically, asserts Prem Panicker.
"Undue favours" to builders, including Robert Vadra's Skylight Hospitality, by the Haryana government during the Congress regime has come under attack from the Comptroller and Auditor General.
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