About 60 per cent of BRIC (Brazil, Russia, India and China) nations anticipate a rise in business activity whereas only two per cent expect a decline. These are the findings of the latest Business Outlook Survey conducted in April by advisory firm KPMG.
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.
A year ago, Sanwalka had on his plate not more than six such cases. Referrals have been rapid in the last few months. Looking ahead, he expects his services to be in great demand. As the economic slowdown worsens and the strain rises on profits of firms, businessmen, investors and auditors have started grappling with a new headache -- attempts by chief executives and other vertical heads to dress up the profit & loss statement.
Companies that have a net worth of at least Rs 500 crore, a turnover of Rs 1,000 crore or a net profit of Rs 5 crore are required to spend 2 per cent of their net profits on corporate social responsibility programmes.
Starting April 1, a non-executive director of 75 years or more can be appointed or re-appointed only by way of a special resolution, which requires 75 per cent 'for' votes.
The revised structure will help to keep airfares down, when airlines already face a triple challenge of rising crude oil prices, rupee depreciation and constrained airport capacity.
According to estimates of KPMG Advisory Services, around $1 trillion is laundered globally, of which $23 billion is remitted to India. The firm's Executive Director Arpinder Singh said that 40 per cent of this amount is routed through the parallel banking system.
The study revealed that 83 per cent of Indian business leaders believe to have fair to good understanding on the issue of climate change. However, just under half of these respondents stated they have a clear strategy in place to respond to these issues. There is a significant gap between good intentions and action as only 21 per cent have measured their current carbon footprint, which is one of the first steps in defining a strategy to deal with the issue, the study noted.
While consulting firms and investment bankers preferred not to participate in the lateral placements as usual, sources say that companies such as KPMG, Aditya Birla Group, Barclays Bank, Microsoft, Infosys and Capgemini have issued the maximum number of offers.
The size of the industry, with over 1,500 property and casualty insurance companies and 1,300 health insurance firms in the US alone, makes insurance outsourcing an attractive market, KPMG said.
The print media's declining share of the media industry is not as worrying as its attitude to the factors critical to growth.
With the wine market in India poised for heady growth, liquor companies are ready to uncork their best wines. Currently, the Indian wine market is estimated at 1.2 million cases (one case has 12 bottles of 750 ml each), with imported wines accounting for a mere 200,000 cases.
M&M for sell-off of PSIDC stake in Punjab Tractor
With Indian banks going global they are increasingly getting conscious of implementing anti-money laundering techniques.
It will bring in more transparency and reduce mis-selling
Last year, there was almost 16 per cent increase in hiring by the Global Capability Centres in India.
In the era of technology-driven crime, when stolen money and intellectual property can be digitally transmitted in seconds, corporates are often handicapped while investigating frauds that occur in other countries, says a survey.
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The Companies Bill asked for promoting gender diversity by specifying induction of a minimum number of women directors
The immediate concern for all companies is to prepare themselves - and their vendors and suppliers - for the new GST return filing mechanism, being test piloted from April 1.
The European Union's push to introduce new capital requirements for banks through the Basel-II (Revised international capital framework) pact may hit specialist commodity traders, such as large oil companies.
Court cases likely over interpretation of the new levy proposed in the Budget for digital economy.
India and China are together expected to equal world's largest jewellery market, the United States, by 2015 when the global gems and jewellery trade is expected to touch $230 billion, states a new industry report.
Analysts believe the GST could boost India's economic growth by up to 2 percentage points
DDT is levied at the rate of 20% on dividend paid by cos to shareholders.
'The DGCA may require airlines to install CCTV cameras on all flights and retain the footage in case of unruly behaviour.' 'Else, it would be left to individual interpretation of the involved parties.'
The ones chosen for operation, management and development through a public-private partnership model are Lucknow, Ahmedabad, Jaipur, Mangaluru, Thiruvananthapuram, and Guwahati.
However, a large number of businesses around the world are unable to quantify accurately the benefits their outsourcing arrangements would bring in for them.
Large companies are targeting niche players in the market to add to their portfolio.
A summary of sports events and sports persons, who made news on Saturday
While the impact on consumer sentiments is obviously positive, the issue is of what this does to under-recoveries of oil companies and competition.
Apart from the main company, five of Air India's subsidiaries and a joint venture firm have been included in the strategic sale plan.
Kirloskar Oil Engines files EoI for PSIDC stake in Punjab Tractors
With more than 100 crore mobile phones in circulation, nearly 25 per cent end up in e-waste annually
Experts say, auditors must not allow themselves to be intimidated by the client management into conducting audits by conversation. It is important for auditors to conduct proper interviews and ask probing and searching questions.
Even though the powers of the board of directors stand suspended once a company's insolvency process begins, it does not absolve the directors from actions taken up to two years earlier.
Only a lack of long-term vision is the biggest roadblock to India's progress.
Asian vehicle brands, including Indian, will increase their global market share significantly in the next five years as customers shift their preferences from North American and European manufacturers, according to a new survey.
India is a land of opportunities for business and investment despite the presence of red tape and complex tax laws and poor infrastructure, Canadian companies say.
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