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.
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.
The Indian insurance industry is set to focus on customer-centric technological adoption and expansion into rural areas to drive growth in 2025.
There has been an exponential increase in the use of technology to validate financial numbers, with a greater reliance on electronic evidence, use of live videos where possible, data analytics, and project management software to overcome the physical limitations in verifying transactions and accounts.
'But when we actually express ourselves, sometimes our parents can surprise us, because they just love their children.' 'Sometimes it's just that simple. That is what I wanted to show in this film.'
'We found certain banks having lakhs of such accounts with apparently no valid reason.'
The fast-growing Indian online gaming sector is facing a significant threat from money laundering, necessitating urgent steps to ensure its sustained success and protect the country's robust digital economy, a report said on Thursday. The essential measures outlined in a report by the Digital India Foundation include forming a dedicated task force for illegal operators, creating a whitelist of legal operators, combating misleading advertisements, and incorporating principles of financial integrity and international cooperation.
PwC one of the big four audit firms, has expressed disappointment at the conviction of two former partners in the Satyam scam.
Are faulty design, hurried construction and private ownership to be blamed for the incidents of airport roofs crashing?
'On the set, Ranveer and I got along really well. Ten days after the release, Ranveer messaged me and said, you have killed the scene! For someone like him to message me just says how supportive person he is of newcomers.'
Auditors seem to have developed a heightened sense of risk and are not content to tick the boxes and sign the papers.
'In India, managers and the leadership almost glorify overworking.'
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.
KPMG, the $20-billion global advisory and audit firm, is set to broaden its basket of operations in India as it sees annual growth of 40 per cent in the coming years as well. At present, a significant chunk of KPMG's global client service support is being outsourced to Outsource Partners International, a strategic partner, in India. Going forward, the outsourcing volumes are expected to double.
Amidst rumblings of a crisis within AAP, a letter by its internal Lokpal has pointed to the growth of two camps within the top leadership of the party due to an "abject breakdown in communication and mutual trust" and said it needs to make efforts to address criticisms over inner-party democracy.
The British Safety Coucil has plans to commence a course in Occupational Safety and Health in India this November. Read on to learn more.
India's scores in the ICAO's air safety oversight audit will improve substantially as the international watchdog's just-concluded validation mission was highly successful as per the initial reports, regulator DGCA said on Wednesday. ICAO is the International Civil Aviation Organisation. Under its Universal Safety Oversight Audit Programme (USOAP) Continuous Monitoring Approach, an ICAO Coordinated Validation Mission (ICVM) was undertaken from November 9 to 16.
If the data breach is found to be genuine, and if the company is found guilty on the grounds of dereliction of duty, or misleading the general public and the RBI about the data breach, actions taken against it will be severe, the person quoted above said.
The company said the committee, headed by independent director D Sundaram and assisted by independent legal counsel Shardul Amarchand Mangaldas & Co, and PricewaterhouseCoopers, found that the "allegations are substantially without merit".
'What's sad today is that there are so many people who cannot find work, not because the country is devoid of that opportunity, but because we are not doing enough in the country.'
For the startup ecosystem in India, the scorecard so far has been a mixed bag, observes Akhil Gupta.
The Directorate General of Civil Aviation (DGCA) suspended the licences of 92 pilots in 2022 for violating safety norms, which was more than double the 2021 figure. The number of scheduled flights (domestic and international) in India increased by 32.74 per cent to 1.3 million in 2022, according to data from aviation analytics firm Cirium. A DGCA official stated that the minimum period of licence suspension in 2022 was one month and the maximum was three years.
"We have to improve the institutional framework of companies... (and) need to give more powers and authority to independent directors. Also, the regulations should be enforced much faster," said Infy board member T V Mohandas Pai. Noting that the Satyam case is an aberration and unlikely to affect the domestic IT industry, Pai said the law needs to be amended to ensure that auditing standards are enforceable.
In the first such initiative, the Bharatiya Janata Party has invited the ruling and Opposition parties from around the world to witness the Lok Sabha elections in India first-hand.
A continuation of the highest standard by the FAA will be a relief for Indian airlines especially the Tata group which intends to increase Air India flights on India-US routes. US aviation watchdog Federal Aviation Administration (FAA) has completed the audit of India's aviation regulator DGCA. Sources said that the FAA team was satisfied with the work and changes in regulations by India and is likely to maintain a Category 1 status rating under its International Aviation Safety Assessment (IASA) programme.
'To the believers of crypto regulations, I have only one question to ask, how will you regulate it?'
Believe it or not, the regulator is even stretching its arm to identify stressed borrowers and gauge the 'distance to default' as a measure of a particular bank's fragility, reveals Tamal Bandyopadhyay.
Lt Governor says discoms must cooperate or face cancellation of licences. Ficci cries interference.
189 people working at 59 Indian airports were found drunk on duty in the first half of this year, marking a 32 per cent year-on-year increase.
A number of persons fainted after experiencing 'burning sensation' in their throat and chest. Many people who were asleep woke up in panic and scurried out of their homes and alerted neighbours and all of them soon reached the main roads unsure of what to do.
'The people of Tamil Nadu in particular Chennai know about the double standards of the BJP. Nothing will work for them here.'
The DGCA probe detected serious issues related to safety oversight.
'Most young taxpayers prefer income tax filing to be flexible yet straightforward.'
'Byju's financials only reflect the core business. At a group level, they are experiencing substantial losses.'
'Nobody told me upfront that you are a Marathi girl so we will not cast you.' 'I questioned myself: 'Am I not good enough?' 'Am I not good-looking to be in this industry?''
'The CEO will neither be able to guide the senior team in operational matters nor decide on their appointment, compensation or removal.' 'Yet, the CEO is responsible for the profit and loss of the bank!' 'Why would the senior executives listen to him?' 'Which self-respecting professional would want to be a CEO with these constraints?' asks Tamal Bandyopadhyay.
'The only violence I have had in any film of mine is a slap.' 'When Nikhil narrated the film to me, I was blown away.' 'I was literally screaming out of my chair.'
Sebi is reportedly examining the matter internally and has reached out to the fund house on the matter.
Unease is growing among thousands of Indian students that they could lose their college berths as Australian authorities crack down after an expose that most of these institutions are "very much sub-standard".
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