Audit

Kempner reviews $250 million loan to edtech firm Byju's amid crises

The firm is reviewing its lending decision after the company lost its auditor and three board members in the same week

China fines Beijing office of Deloitte $30.8 mn over audit failings

The Beijing office of Deloitte Touche Tohmatsu has been fined USD 30.8 million for failing to adequately audit a Chinese state-owned asset management company whose former head was sentenced to death on corruption charges. The office also was ordered to suspend operations for three months for mishandling audit and other work at China Huarong Asset Management Co. in 2014-19, the Ministry of Finance announced Friday. Deloitte was fined 211.9 million yuan (USD 30.8 million), the ministry said. It said Huarong was fined a total of 800,000 yuan (USD 116,000) and 13 employees were fined a total of 250,000 yuan (USD 36,000) for their role in faulty audits. Huarong is one of four entities created in the 1990s to buy nonperforming loans from state-owned banks. They expanded into banking, insurance, real estate finance and other fields. Huarong's former head, Lai Xiaomin, was sentenced to death on 2021 on charges of embezzlement and taking bribes in exchange for investments, construction ...

KPMG stands by audits of Silicon Valley Bank and Signature Bank

Global markets have been bumpy since the collapse of SVB, the biggest U.S. bank failure since the 2008 financial crisis, and Signature Bank

Safety audit of 19,300 km of national highways completed till Dec

During FY22, safety audit of 16,500 km of national highways was undertaken

Audit led to vacating of 1.1 mn sq ft space in I&B arms across cities: Min

Union Minister Anurag Thakur on Tuesday said a space audit of buildings of the Ministry of Information and Broadcasting led to vacating space of over 11 lakh square feet across 20 cities. During an informal interaction with reporters, Thakur said a space audit and efficient management of buildings carried out as part of the Swachh Bharat Abhiyan also led to earnings of about Rs 22 crore. The space audit was started on September 29 by Thakur's visit to Doordarshan Kendra in Ahmedabad and concluded in Bhopal on Monday. Personal inspection by Thakur in buildings housing offices of the ministry in Mumbai led to clearing of 90,000 square feet of space at prime locations which, if rented out, could earn the government crores in revenue. The vacated space is spread across 20 cities - Delhi, Mumbai, Bengaluru, Hyderabad, Kurnool, Chennai, Thrissur, Thiruvananthapuram, Jabalpur, Chandigarh, Lucknow, Coimbatore, Panaji, Amritsar, Sambalpur, Bhawanipatna, Puducherry, Mangaluru, Berhampur and

US speeds up timeline in delisting threat for Chinese firms over audits

China and the US had been at odds over the issue for years, with Beijing citing national security concerns in opposition

IRS policy mandatory presidential audit policy goes under spotlight

An IRS policy governing the audits of tax returns filed by US presidents is under new scrutiny after a report published by a congressional panel found the agency failed to perform the mandatory inspection of Donald Trump's returns until Congress pressed for information about the process. The three-point policy states that individual returns for the president and the vice president are subject to mandatory review, should always be kept in an orange folder, should be kept from the eyes of IRS employees, and should be locked in a secure drawer or cabinet when the examiner or reviewer is away from the work area. The report released on Tuesday by the Democratic majority on the House Ways and Means Committee said the process, which dates to 1977, was dormant, at best during the early years of the Trump administration. Democrats in Congress are responding by introducing legislation that would codify the IRS policy into law with more stringent requirements. Tax experts say the failure to .

IRS didn't audit Trump for two years in office, reveals Jan 6 committee

Paid $1.1 million in tax during his presidency, but $0 in 2020

$1-million penalty: KPMG India settles with US audit regulator PCAOB

The PCAOB found that Lakhani and certain other engagement team members signed off on blank placeholder work papers in KPMG India's electronic audit software

Kirloskar Bros shareholders to vote on forensic audit starting Tuesday

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

36 bridges in Uttarakhand found unfit for traffic; most in Pauri district

A safety audit of bridges in Uttarakhand has found that 36 of them are unfit for traffic. The audit was ordered in the wake of the bridge collapse in Gujarat's Morbi that left 135 dead. A Public Works Department (PWD) official here said Pauri district has the highest number of 16 unsafe bridges followed by eight in Tehri, five in Udham Singh Nagar, three in Haridwar and one each in Dehradun, Pithoragarh, Chamoli and Rudraprayag. Immediately after the submission of the PWD's safety audit report, a government order was issued asking the department to repair or replace the bridges at the earliest. Priority will be accorded to the reconstruction or replacement of bridges that are more frequently used by commuters, the official said. Soon after the Morbi incident, Chief Minister Pushkar Singh Dhami had asked the PWD to conduct a safety audit of all the bridges in the state within three weeks The British-era bridge on Machchhu river in Gujarat's Morbi collapsed on October 30.

NFRA to carry out conduct audit quality inspections of Big 4 network firms

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 ...

NFRA aligning to global standards but industry awaits more clarity

Experts want the authority to set some limit on the time it would spend on on-site visits

CAG calls upon supreme audit institutions to work for mutual benefits

He sought innovative suggestions from members to shape Knowledge Share Committee strategies for the next three years

ICAO audit of India's aviation sector to commence from November 9

The International Civil Aviation Organization (ICAO) will start its comprehensive audit of India's aviation sector from November 9, according to official sources. The audit will cover various areas, including flight standards, licensing and airworthiness, the sources told PTI. The sources said the audit will start from November 9 and go on till November 15. The ICAO, a specialised agency of the United Nations, had carried out a comprehensive safety audit in 2018. The audit starting next week will be the first ICAO audit of the Indian aviation sector post the coronanvirus pandemic. India's civil aviation sector is on the recovery path after being significantly impacted by the pandemic and air traffic is gaining momentum. Scheduled international flights to and from India re-commenced after remaining suspended for little over two years in March this year. Also, Indian carriers are expanding their services to cater to the rising traffic demand.

Masani re-elected as Prez of Asia Pacific Audit Bureaux of Certification

Masani was unanimously re-elected as the President of Asia Pacific Audit Bureaux of Certification as well as Executive Board Member of IFABC (Hon Treasurer)

Deloitte sought two key changes to Byju's FY21 financials: Report

In the results, declared on Wednesday after a delay of over 18 months, Byju's recorded a revenue of Rs 2,280 crore. The loss for FY21 stood at Rs 4,500 crore

BYJU's receives clean FY21 audit from Deloitte, to make it public next week

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

Rajasthan okays formation of audit authority to assess performance of depts

The Rajasthan Cabinet on Saturday cleared a proposal to form an audit authority that will assess the performance of government departments and agencies implementing welfare schemes. The Cabinet also gave approval to the Rajasthan Handicrafts Policy-2022 besides the new rules for appointment of dependents of martyrs. According to a release, the Cabinet approved the formation of the Rajasthan Social and Performance Audit Authority to ensure transparency, public participation and quality services. "The performance of government departments and agencies implementing schemes/programmes will be assessed. Benefits of schemes will reach beneficiaries more easily, conveniently and in a time-bound manner," the release said. Doctors, engineers, architects, economists, professors, information technology specialists and other experts will be part of the authority. The new handicrafts policy will help uplift the condition of artisans, the release said. "By empowering them, participation in the

Govt seeks Byju's reply on delayed filing of audited accounts: Report

Earlier this month, the Ministry of Corporate Affairs sent a letter to Byju's parent company asking them to explain the 17-month delay in filing audited accounts, say people familiar with the matter