Audit Firms

Group says it is evaluating Big-6 firm to audit Adani Total Gas; Hindenburg, by its own admission, is stands to gain from a slide in Adani shares

The firm did not maintain inventory records for receipts and issuance of goods directly received by the customers

Kirloskar Industries, a key investor in KBL, had sought the audit over legal fees of Rs 70 crore incurred by the latter. An EGM to consider this issue will be held on Dec 8

The National Financial Reporting Authority (NFRA) will carry out audit quality inspections of five audit firms, including the network entities of the Big 4, and the onsite inspections are expected to be done next month, according to a top official. "Audit quality inspections will be mutually beneficial for the audit firms as well as NFRA. It will help an independent regulator like NFRA to get feedback and also help in overall improvement of the audit profession," the watchdog's Chairperson Ajay Bhushan Prasad Pandey told PTI in an interview. To begin with, he said the regulator "will carry out inspections of five audit firms, the Big 4 network firms -- Deloitte, Haskins & Sells LLP, BSR & Co LLP, SRBC & Co LLP and Price Waterhouse Chartered Accountants LLP -- and Walker Chandiok & Co LLP". BSR & Co LLP and SRBC & Co LLP are the network firms of KPMG and EY, respectively. PwC, Deloitte, EY and KPMG are the four major global entities in the auditing space and ...

Inspections will consist of firm-wide review of audit quality and individual file reviews on test-check basis to evaluate the level of compliance with applicable auditing standards

India's edtech startup BYJU's has finally received a clean report from auditor Deloitte on its financial results for FY21 that will be shared with the equity and debt investors next week

Move will improve corporate governance, address conflict of interest concerns

Audit regulator NFRA on Friday flagged serious lapses in the statutory audit of Jaiprakash Associates Ltd (JAL) for 2017-18, including that transactions violative of accounting and auditing standards would have resulted in more than Rs 3,200 crore loss instead of a profit before tax in the particular financial year. The infrastructure company's statutory audit for 2017-18 was conducted by Rajendra K Goel & Co. In its 207-page Audit Quality Review Report (AQRR) issued on Friday, NFRA has listed out the lapses and said the audit firm failed to comply with requirements of various Standards on Auditing (SAs) and provisions of Standards on Quality Control (SQC). "The audit firm's reporting in the 'Basis of opinion' section of Independent Auditors Report is false and misleading. "The impact of the transactions violative of accounting and auditing standards, as identified in this AQRR are such that the profit before tax of Rs 351.71 crores, as reported in the financial statements, would .

RBI must consider the concerns of financial services players

Here are the best of Business Standard's opinion pieces for Wednesday

The central bank's tough new rules spell major changes in the competitive landscape for financial services audits

Any bank with a balance sheet of less than Rs 15,000 crore can have one statutory auditor. However, in all cases, concurrent auditors cannot be appointed as statutory auditors

The chartered accountants' apex body ICAI will soon come out with a revised set of networking guidelines that will provide a stronger framework for pooling of resources.

We would continue to focus on building the trust equation, said Chairman Krishan

The National Financial Reporting Authority (NFRA) has said that appointment of Deloitte Haskins and Sells LLP as the statutory auditor of IL&FS Financial Services Ltd (IFIN) for 2017-18 was "illegal". The latest conclusions are part of the Supplementary Audit Quality Review Report (SAQRR) dated December 7, 2020. The watchdog conducted an Audit Quality Review (AQR) of the statutory audit of IFIN for 2017-18 period. The AQR Report was issued on December 12, 2019. The SAQRR covers issues which were not covered in the AQR Report. According to the SAQRR, the appointment of Deloitte Haskins and Sells LLP (DHS) as the statutory auditor of IFIN for the year 2017-18 was "illegal", since the entity was not eligible to be appointed as an auditor due to violations. Those are "subsisting business relationships on the date of appointment" and "provision of non-audit services directly or indirectly" of the Companies Act, 2013. The watchdog said that DHS failed to comply with the requirements of .

Auditors and business are wary of the new audit guidelines

So far this year, nearly 12 firms have reported resignations by their auditors due to disagreement over fees

The latest move of Trump Administration is part of its effort to crackdown on Chinese companies

Institute suggests engaging internal auditor or another CA in cases where physical verification of stocks is not possible for statutory auditor

To protect the credibility of the firm and the profession, auditors are likely to take a conservative view in making professional judgements