Page 3 - Auditing

Audit companies exploring digital options to clear lockdown hurdle

While many companies are sharing documents digitally, some have also opened their servers to auditors to access the data they require

With more disclosures, auditors may seek higher compensation for their work

Audit companies are still assessing the increase in their workload because of the new rules

Govt moots revision in rules to enhance audit independence, accountability

The paper has suggestions for curbing five 'threats' for the independence of auditors. The threats pertain to self-interest, self-review, advocacy, familiarity and intimidation

Five trends that will shape governance in 2020s

Governance is a journey, not a destination

NFRA finds huge gaps in Deloitte's audit of IFIN, says will examine further

The audit and accounting regulatory body has advised Deloitte to take action to revamp its processes and ensure compliance

Govt plans additions to auditors' rulebook; stricter norms on the cards

Govt plans to revise the Company Auditors Regulation Order 2016 to expand scope of audits and improve scrutiny

PwC-Satyam case: SC restores Sebi's power to restrain erring auditing firms

The apex court move comes as a big relief to Sebi as the SAT order had led to jurisdictional ambiguity

SAT quashes Sebi's order against Price Waterhouse in Satyam scandal

The scandal involving overstatement of bank and cash balances by over Rs 3,300 cr had come to light in January 2009

NCLT rejects IL&FS Financial Services auditors' plea challenging 5-year ban

It will hear the arguments of the Ministry of Corporate Affairs (MCA) on banning the former auditors of IFIN on September 5

Discussion on to cap fee of non-audit services: Corporate Affairs Secretary

This comes when auditors are being pulled up after discrepancies were found in companies

Truth & fairness of the auditing profession

The audit report is merely an opinion, not a certificate or a guarantee of anything

Can a broken songbird sing?

From principles of prudence and conservatism, which enabled auditors to certify that the numbers are "true and fair", there is a shift to "fair value"

Why the UK CMA report is relevant for India

The report gives a pragmatic framework that calls for a shift if statutory audit is to survive as a private sector activity

Audit companies get a breather on FDI front from SC-appointed committee

The report by the SC-appointed committee would help clear the confusion over a grant received by an Indian audit firm from its overseas network

Auditing is an age-old profession - what is in the future?

The moot question is whether all these measures will improve audit quality