Auditing

Companies must have audit trail of transactions from next financial year

Will also have to maintain edit log of changes made in books of accounts; experts say no firm will be able to delete an entry, will only be able rectify it

Adani Group denies reports of hiring Grant Thornton for audits amid crisis

Adani Group | Grant Thornton: Media reports suggested that embattled Adani Grpup had appointed accountancy firm Grant Thornton for an independent audit of a few of its companies in a bid to come clean

Artificial Intelligence to be a game changer in govt audit space: CAG

Artificial Intelligence (AI) is going to be a game changer in the public audit space as it will help in quicker and more detailed analysis during both planning and execution stages, Comptroller and Auditor General of India (CAG) G C Murmu said on Tuesday. The potential benefits of applying AI techniques to the audit processes are substantial/ and have already been identified through several use cases, he said in his closing remarks at the SCO SAI Leaders meeting here. High-level delegations from eight Shanghai Cooperation Organisation (SCO) member countries participated in the 6th meeting of Supreme Audit Institutions (SAI) to deliberate on issues related to cyber security and artificial intelligence, and the role of auditors of the SCO nations. "Our intent is to use AI not as a one-time solution for a specific audit, but to build an evolving AI model that will allow for quicker and more detailed analysis during both the planning and execution stages through risk assessment straddli

Auditing of local bodies key as India aims to touch $5 trn economy: CAG

Murmu also pointed out that digitisation and expanded use of technology and artificial intelligence have brought its own challenges

Sequoia emphasises 'zero tolerance' for irregularities after GoMechanic row

Venture capital firm writing off investment in GoMechanic and may take action against company's founders: Sources

50K show-cause notices sent to companies, partnership firms after GST audit

It's first comprehensive audit exercise by GST authorities

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

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

HC asks GST dept to drop notices against firm facing audit proceedings

Calcutta High Court says not clear how parallel proceedings can be conducted by three wings of same department

NFRA issues inspection guidelines to improve quality control at audit firms

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

Kirloskar Industries' Board seeks forensic audit on Kirloskar Brothers

KIL raised questions whether the KBL Board, especially the independent directors of KBL, verified the claims made by Sanjay Kirloskar in relation to the Deed of Family Settlement

Sebi directs credit rating agencies to up firewall with non-rating entities

The monitoring of the circular will be required to be done through half-yearly internal audits

US, China reach agreement in dispute over Chinese company audits

The US and China have reached a tentative agreement to allow US regulators to inspect the audits of Chinese companies whose stocks are traded on US exchanges. In a long-festering dispute, US regulators have threatened to boot a number of Chinese companies off the New York Stock Exchange and the Nasdaq if China didn't permit inspections. The deal announced Friday by market regulators in the US and China is preliminary, and Securities and Exchange Commission Chairman Gary Gensler said, The proof will be in the pudding. While important, this framework is merely a step in the process, Gensler said in a prepared statement. This agreement will be meaningful only if (US regulators) actually can inspect and investigate completely audit firms in China. If (they) cannot, roughly 200 China-based issuers will face prohibitions on trading of their securities in the US if they continue to use those audit firms. An agreement would mean that US investors will maintain access to shares of important

Govt asks Byju's to explain delay in filing audited financial accounts

Ministry of Corporate Affairs sent a letter to Byju's parent company asking them to explain the seventeen-month delay in filing audited accounts

Vote against reappointment of Harsh Mariwala: SES to Marico's shareholders

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

Shining a light on audit reforms

Cost cannot be an overwhelming consideration if joint audits lead to improvement in quality

Regulator cracks whip on flying schools after audit finds violations

Thirty of the 32 schools in the country have been inspected in the audit beginning March.

Auditing officers lose adjudicating notice power under GST system

Experts allege that auditing and investigating officers were not adjudicating the notices judiciously and were retaining the demands made in them

India files complaint against ABG Shipyard alleging $3 billion bank fraud

The report, posted on the Central Bureau of Investigation's website, said a forensic audit report it received from the banks two years ago had found instances of fraud in April 2012 and July 2017