The current revision, approved by the ICAI council last week, addresses issues such as effects of laws and regulations in conducting internal audit, responsibility of management for compliance with laws and regulations, responsibility of internal auditor and internal audit procedures.
'Within six months I expect petrol, diesel, and electric vehicles (EVs) to reach cost parity,' says Union Minister for Road Transport and Highways Nitin Gadkari.
On the back of an aggressive asset monetisation push, the government will press the throttle on the build-operate-transfer (BOT) model - under which private developers fund highway construction - for future highway development, Union Minister for Road Transport and Highways Nitin Gadkari said.
One of the major concerns highlighted by the DGCA was about the fact that not all staff had completed mandatory fatigue management training.
The bank is looking to combat financial times.
'Among corporates, about 60% of income is now reported under the new tax regime.'
Customs regimes can lead to labyrinthine legal disputes. Budget 2026 must recognise that an excessively defensive Customs posture can itself become a trade barrier, point out Mukesh Butani and Shankey Agrawal.
Pankaja and O'Sey Balamma bring deeply personal yet universally resonant stories to Sundance. They represent a new wave of South Indian storytelling, blending cultural authenticity with cinematic innovation, and mark an important step in amplifying regional voices on the international stage.
Eighteen new-age technology firms went public during the year, a near triple increase from the five firms that debuted in 2023 and 38 per cent more than 2024's tally of 13.
The board of InterGlobe Aviation, the parent of IndiGo, has already set up a crisis management group in the wake of the significant operational disruptions that started on December 2.
Aviation regulator DGCA intensifies scrutiny of IndiGo following widespread flight cancellations. The airline will offer travel vouchers to affected passengers.
The government is finalising a major GST overhaul with automated refunds, pre-filled returns, and analytics-based scrutiny to simplify compliance and boost liquidity for MSMEs.
'Where rostering systems are automated and duty time software interfaces directly with DGCA, the assertion that they suddenly discovered crew shortages is simply implausible.' 'If adequate crew planning hasn't materialised within 12 to 24 months from inception, how will 45 days -- from December 5 to February 12 -- suddenly resolve matters?'
The average Indian fraudster isn't an outsider exploiting security loopholes. He's usually a man between 26 and 45 years of age, working in operations or procurement, with more than six years at the organisation.
'As the team builds, each of them will bring in a different perspective, new thinking.'
Sack Gambhir before he damages any more careers, if you must. But it cannot stop there. The project ahead must be bigger, more ambitious, and far more urgent: Rebuilding the spine of Indian cricket from the grassroots up, and giving the Test team the seriousness it deserves. Only then will Indian cricket stop lurching from one crisis to another and begin, once again, to imagine greatness, suggests Prem Panicker.
rediffGURU Dr Karan Gupta offers career guidance to young aspirants on how to choose the best course and career in India and abroad.
IOC resumes funding to IOA after "corrective measures" to resolve disputes and governance issues
The Supreme Court acknowledged a clean chit from a special investigation team (SIT) regarding the Vantara zoological rescue and rehabilitation centre in Gujarat's Jamnagar, following allegations of irregularities.
In today's dynamic economic landscape, commerce and management education is crucial for a global career, says Nayagam PP.
Chartered accountants' apex body ICAI may review the financial statements of IndusInd Bank, which is grappling with discrepancies in accounting to the tune of Rs 2,100 crore. The private sector lender, on March 10, disclosed about some discrepancies in its derivatives portfolio which could have an adverse impact of about 2.35 per cent of the bank's net worth as of December 2024 as per its internal review.
The Securities and Exchange Board of India (Sebi) has introduced stricter Key Performance Indicator (KPI) disclosures for initial public offers (IPOs). These new standards, developed in collaboration with industry associations, aim to enhance transparency and provide investors with a clearer understanding of a company's valuation and business performance.
The Pakistan Cricket Board (PCB) has claimed to have earned three billion rupees by hosting the ICC Champions Trophy, exceeding its target of two billion rupees.
HDFC Bank on Sunday said that it will "pursue all lawful remedies" to recover public funds and address the retaliatory actions taken by the Mehta family of the Lilavati Kirtilal Mehta Medical (LKMM) Trust, which has filed a complaint against the bank's managing director (MD) & chief executive officer (CEO) Sashidhar Jagdishan alleging financial fraud.
More than one million cybersecurity incidents were flagged within 10 days.
The Jane Street-Sebi saga is more than a legal dispute -- it's a litmus test for India's ambitions as a global financial hub.
For the first time, the Data Security Council of India assembled a joint task force to source threat intelligence at the origin and ensure coordinated action across the cybersecurity spectrum.
In 2025 alone, at least 50 suicides linked to online gambling losses have been reported across India. According to FIRs, the victims were addicted to betting, largely driven by cricket, rummy and poker.
Reconstruction of the terminal is expected to be completed by September 2028.
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.
External auditor PwC is likely to submit its report to IndusInd Bank's board on Friday regarding accounting discrepancies in its derivatives portfolio, sources said. As per an estimate, Rs 2,100 crore discrepancy in accounting may impact 2.35 per cent of the bank's net worth.
The National Financial Reporting Authority (NFRA) will invite public comments on the revised International Standard on Auditing 600 (ISA 600) proposed to be adopted by publicly listed companies and non-public-sector banks, sources close to the development told Business Standard. The decision to take this "graded approach" for the adoption of the ISA, which is meant to rein in auditors often found hiding behind the audit reports signed off by subsidiary companies, was taken at a meeting of various financial sector regulators at NFRA's board meeting on Monday (August 26). The idea behind upgrading the Standards of Audit 600 currently followed by Indian auditors to ISA 600 is to plug current gaps, which have led to major audit lapses in the recent past.
Implications for capital gains, wealth taxes, and investment strategies require careful consideration, notes Anil Rego, founder and CEO, RightHorizons.
'These firms do not contravene provisions of Chartered Accountants Act, 1949, which bar members of the countries not allowing Indians to practice accountancy in their jurisdiction to become chartered accountants in India,' said the committee, headed by Anurag Agarwal, a joint secretary in the ministry of corporate affairs, and such Indian audit firms cannot be equated with multi-national corporations.
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.
Most of the pharma units are failing in documentation, and validation processes, and many don't have full-fledged quality control laboratories.
The Indian insurance industry is set to focus on customer-centric technological adoption and expansion into rural areas to drive growth in 2025.
With auditing under the scanner and two of the Big Four firms stopping non-audit services for audit clients, auditors will now be subjected to a more stringent standard of reporting.
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