Auditors

Salaries of partners; audit, non-audit fees; details of network firms among information to be shared

Auditors in Iraq have uncovered a massive scheme in which a network of businesses and officials embezzled some $2.5 billion from the country's tax authority, despite layers of safeguards. The scandal poses an early test for Iraq's new government, which was formed late last month after a prolonged political crisis. Prime Minister Mohammed Shia al-Sudani has vowed to crack down on corruption, but few expect any senior officials or political leaders to be held accountable. The scale of the embezzlement is remarkable, even for an oil-rich country where corruption has been rampant for decades. Transparency International, a global watchdog, rated Iraq 157th out of 180 countries on its 2021 index for clean governance. The auditors' report, obtained by The Associated Press and first reported by the Guardian, suggests the theft was orchestrated by a broad network of officials, civil servants and businessmen. In Iraq's deeply-rooted patronage system, such individuals often have links to ..

Many financial misdoings could have been detected and averted at an early stage if the auditors concerned had pointed out such instances to stakeholders in time, a top NFRA official has said. The National Financial Reporting Authority (NFRA) was set up in October 2018 and has more than 8,000 listed and other companies under its purview. "Not only in hindsight but otherwise also, I believe that had many of the violations that we observe in our proceedings been pointed out by the auditors to the shareholders and other stakeholders in time, many of the financial misdoings could have been detected and averted at an early stage," NFRA Chairperson Ajay Bhushan Prasad Pandey told PTI in an interview. He was responding to a query about corporate misdoings in the country over the years. In many cases, auditors have come under the regulatory scanner. The regulator has been taking measures to further strengthen the auditing system and processes. It has issued various audit quality review repo

The FY21 revenue figure of Rs 2,428 cr is similar to the revenue figure of Rs 2,434 cr in the previous year, though the difference is that the bottom line in 2019-20 showed a profit of Rs 51 cr

The new rules, according to experts, will widen the responsibility of directors to the statutory auditors. They came into effect on August 29

Seeks approval for revision in remuneration payable to Marico's cost auditors

Srei Equipment Finance said its administrator has received a report from the transaction auditor about certain fraud transactions in FY20 and FY21, bearing a monetary impact of over Rs 3,025 crore

Over the past decade, rapid structural changes in the economy have radically altered what was once a low-profile department

Auditors to certify that transactions are not violative of PMLA/FEMA rules, according to ICAI guidelines

Prime Minister Narendra Modi will address an event on Tuesday to mark the first Audit Diwas at the CAG office.

On average, one auditor of a listed company has prematurely resigned every two weeks this financial year; pace seems to have picked up in September with 5 departures

Industry lobbies have called for a review of the circular issued on April 27

Markets regulator Sebi is looking to appoint auditors for conducting forensic audits of financial statements of listed companies as part of efforts to curb frauds.

The central bank has asked most banks and NBFCs to immediately appoint new auditors.

Some prime slots are at best held by Indian arms of foreign firms with roots in Europe; govt itself favours the big four for mega advisory roles like disinvestment or asset monetisation

The Centre for Audit Quality has already prepared an approach paper for the audit quality maturity model

It said the due dates of filing audit reports have already been extended thrice till January 15 this year.

Move comes as relief to companies, which will be able to use the additional time to prioritise allocation of resources and better prepare for enhanced requirements

Auditors and business are wary of the new audit guidelines

DHFL is undergoing resolution process under the Insolvency and Bankruptcy Code