Page 2 - Auditing

Sebi directs AMCs to set up audit committee with minimum three directors

At least two-third of the directors will be independent directors of the AMC

ICAI seeks waiver of penalty till March 31 for filing tax audit reports

The last date for furnishing report of audit under any provision of the Income Tax Act for AY 2021-22 is January 15

Reform in three Acts with long-overdue Bill to improve audit discipline

The government introduces a long-overdue Bill to improve the audit discipline

Book-keeping to actuarial: Govt may ban non-audit services to audit clients

Move will improve corporate governance, address conflict of interest concerns

Who is my regulator?

RBI's recent actions against auditors highlight the need for role clarity as well as coordination among regulators

Related-party deals on the rise, auditors must be alert: RBI governor Das

RBI governor's statement follows two-year ban on Haribhakti & Co from conducting audits

Supreme audit institutions can become partners in evaluating economy: CAG

Supreme audit institutions can become valued partners in objectively evaluating resourcesand effectiveness of public expenditure to provide insight for optimising public finance management

CAG urges for greater use of new age tech for optimal use of resources

CAG Girish Chandra Murmu stressed on greater use of new age technologies such as data analytics, artificial intelligence and machine learning to enable auditors make optimum use of resources.

New auditors: Reserve Bank of India clarifies on tenure, eligibility norms

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

RBI's new norms to help enhance audit quality, transparency: Experts

The Reserve Bank's new norms for auditors will help enhance the overall audit quality as well as transparency, apart from adding to the value to the businesses rather than wasting resources

Reserve Bank of India digs in heels on auditor appointments at banks, NBFCs

The para banks, however, were allowed to do the change from the second half of the fiscal year.

Rating of audit companies may get more tangible to check frauds

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

Corporate affairs ministry defers implementation of CARO order

This comes amid the disruptions caused by the coronavirus pandemic

Compliance with new rules for audit reports deferred to April 2021-22

CARO 2020 requires auditors to comment on 50 matters as against 21 in the 2016 version of the order

Trump expected to sign bill that may delist Chinese companies: White House

The move could hit companies such as Alibaba, tech firm Pinduoduo Inc and oil giant PetroChina Co Ltd

NMC Health administrator sues auditor Ernst & Young for $4 billion fraud

NMC Health is the largest private healthcare provider in the UAE, operating more than 200 facilities including hospitals, clinics and pharmacies

Covid-19 impact: Media auditing grows as firms scrutinise budgets

Deloitte enters fray; others strengthen expertise

GVK group auditors offer to resign, cite non-cooperation from company

The auditors alleged that despite several communications to GVK, the group did not provide them with necessary information

ICAI working on audit quality norms to boost Indian firms' global standing

Quality parameters can be applied suo moto by ICAI's 80,000 member firms; best practices to include creation of supervising partner position, audit rotation, among others

ICAI issues norms for auditors to assess going concern, key audit matters

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