Indians are more willing to experiment with value-added services, including chatting, video gaming and watching live TV on mobile phones, as compared to their global counterparts, KPMG says.
The lawsuits allege that KPMG LLP assisted in and certified 'materially misstated financial statements', and that KPMG's international parent failed in its watchdog role and is responsible for "the severely reckless and grossly negligent acts of its agent", the report pointed out. New Century had been US's second-biggest sub prime mortgage lender that mainly served people with poor credit histories but had to file for bankruptcy in April 2007.
Leading accounting firm KPMG on Friday said the existing management of beleaguered Satyam Computer Services should go and the government take control of the company board to save the image of India Inc.
According to data analysed by KPMG, 2009 may see personal insolvencies reach record levels, with over 1,50,000 people entering into an individual voluntary arrangement, being declared bankrupt or entering into a debt relief order. IVAs enable an individual in financial distress to approach his creditors with a plan to restructure his debts. This typically involves the debtor making regular affordable monthly payments for a fixed period of time.
"It defies logic, one is not sure whether there is much more to it than is written in the letter and whether the letter contains all the facts," KPMG chief operating officer Richard Rekhy said on the sidelines of a CII function in New Delhi. It is too simplistic at the moment to believe that the kind of thing that has happened in the company is done by Raju alone, he said.
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.
Pratham Barot, CEO and co-founder, Zell Education, explains how specialised courses in finance can help you earn a cushy six-figure salary.
The Railway Budget is progressive and wil ensure growth.
In a relief for foreign firms giving loans to Indian subsidiaries, tax authorities have said goods and services tax (GST) will not be imposed on them, subject to some caveats. Additional fees, commissions, or related payments - over and above the amount charged as interest - on these loans will attract GST at 18 per cent, the Central Board of Indirect Taxes and Customs (CBIC) has said.
At 5.5 per cent, India's GDP growth is better than many countries in the current environment of global economic slowdown though the focus should be on how the current turbulent times are sailed through, advisory firm KPMG India's top executive has said.
US government lawyers decided to settle a tax fraud investigation of KPMG rather than pursue criminal charges.
The Goods and Services Tax (GST) Council, scheduled to meet on June 22, could take a call on ending uncertainty on taxing foreign airlines and shippers as regards certain services, a senior official in the know told Business Standard. He said the Council was expected to decide on exempting the services in question from GST - aircraft lease rentals, maintenance, crew salaries, etc. These services are provided by foreign airlines to their Indian operations.
However, when the market turns positive, most respondents expect the energy sector to be most attractive for Private Equity investors, while infrastructure offers long-term appeal. According to the KPMG survey of global PE players attending a conference in Florida, 43 per cent respondents said the economy would begin picking up next year, while 39 per cent said it would occur after 2010.
The Ministry of Corporate Affairs has been engaging with officials from several audit firms over the past two months to streamline the process for the expansion of audit firms in the country, according to sources familiar with the matter. These discussions have involved representatives from notable firms who have independently submitted their recommendations to the ministry.
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.
Banks in India and some other Asia-Pacific countries should improve skills of their staff to curb money laundering activities as training programmes are relatively unsophisticated and laws outdated, global consultancy firm KPMG has said in a report.
.jpg)
According to KPMG India survey titled 'Managing currency and commodity risks' that was released today, a stronger organisational risk culture and greater support from the management are perceived to be the major areas of improvement for better risk management.
Since KPMG is not registered in India, it cannot undertake auditing work or restate accounts of beleaguered Satyam Computer Services, said Ved Jain, president of the Institute of Chartered Accounts of India.
The fitment committee under the Goods and Services Tax (GST) Council, comprising central and state officials, has begun a rate rationalisation exercise afresh, checking the possibility of dropping some of the rates, particularly the 12 per cent slab, to achieve a revenue-neutral structure, a senior official with direct knowledge of the matter
The Central Board of Indirect Taxes and Customs (CBIC) has stepped up its watch on the import of unbranded gold jewellery amid a spurt in seizures on international borders and from importers. During FY24, the CBIC and Directorate of Revenue Intelligence (DRI) jointly seized about 5 tonnes of gold, 30 per cent more than what they did in FY23. In FY23, 3.5 tonnes of gold was confiscated.
Rejecting the contention of the auditors and others that they cannot be treated as part of the management, which is responsible for managing the affairs of the company and therefore should not be charged as per the said section, the NCLAT said that rules of natural justice are to be followed.
The government is contemplating changes to the Insolvency and Bankruptcy Code (IBC) to deal with environmental claims and liabilities of defaulting companies to make the law future-ready and meet climate action goals, sources told Business Standard. Currently, the IBC has various categories of claims and creditors, including those related to environmental liabilities.
Indian banks are still in the early stages of understanding the complexities and opportunities arising from the proposed revised capital adequacy framework, popularly known as Basel II.
The Indian M&A scenario has begun to reflect a change in sentiment with a fall in the value of transactions consummated, KPMG said in its latest report. The report has highlighted that there would be a decrease in both appetite and capacity for M&A activities and there would be a continued fall in global merger and acquisition in the second half of this year.
The Big Four accounting firms have increased the hiring of people from technology backgrounds in India amid an increased focus of clients on digital transformation, especially after the Covid-19 pandemic. EY India said that it has expanded its overall tech talent pool by 3x in the last three years across service lines including consulting, tax, assurance, and strategy & transactions. "Today over 50 per cent of our workforce is from STEM (science, technology, engineering and mathematics) and technology background," it said, adding that it continues to hire significantly in the areas of AI, cloud computing, data analytics and cybersecurity to help its clients in transformation.
The social media usage is primarily driven by the rising number of active Internet users
India's economic growth had slumped to decade low of 5 per cent in 2012-13
Majority of banks in the country are yet to set up specific budgets for Basel II guidelines, although the industry is confident of meeting the RBI guidelines in this regard, a new study reveals.
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.
.jpg)
A non-compliance with FATCA entails 30 per cent withholding tax on certain US source payments.
Illegal and unlicensed software installations continue to be a problem and source of revenue loss for software companies worldwide.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances