Page 3 - Auditors

Sebi mulls new whistle-blower mechanism to stem auditor exits

The proposed move assumes significance in the wake of several auditors in the recent past decided to exit from their audit mandate

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

Trouble for Anil Ambani: BSR resigns as RPower, RInfra's statutory auditor

Cites concerns raised in FY19 audit reports as reason

Auditor: A watchful guardian

The auditing profession should consider whether some elements of forensic audit be included in audit procedures

Centre to pose tough questions to auditors for quitting companies

There has been a spate of resignations by auditors who want to derisk themselves from companies whose accounting practices may be questionable

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

Govt flags concern over concentration, lack of competition in auditing

Srinivas said that when it comes to auditing of listed firms, there appears to be a lot of concentration

Letter to BS: The audited documents and reports must maintain quality

Keeping aside the auditing, if auditors go for investigations to unearth the criminal conspiracies, they will fail to report within specified time

A raw deal for auditors

There is a distinction between audit negligence and criminality. The government and the leaders in the auditing profession must have a clear dialogue

Bankruptcy hits employees: Another scandal is brewing in IRP process

The employees are yet to receive the salaries which have been delayed by over a year

NFRA has its task cut out to bring in more accountability in audit services

For improvement in audit quality, corporate India, too, has to become more accountable to its auditors for business decisions

Breaking up the Big Four: Will having multiple auditors work for India?

Auditors are divided over one of the key recommendations to make joint audits mandatory for certain section of companies

RBI fiat on penalties makes auditors see red; banks may have to pay more

The RBI's June 29 circular said it would take punitive action against auditors, mainly in case of divergence in provisioning norms and asset classification

Auditors: Signing out

Unfortunately, regulations today do not permit a more open dialogue between auditors and investors

Why are auditors silent?

The reason for the decision was almost identical: The failure of managements in providing adequate relevant information on time

Investors backing off as auditors continue to resign from leading firms

When auditors resign, it is a clear sign of trouble. It makes sense to cut losses in such firms

Under regulatory glare, Auditors raise decibels on gaps at listed firms

Auditors seem to be getting more vocal about financial gaps at listed companies, possibly due to an enhanced regulatory glare, as independent audit reports for a number of publicly traded companies have begun flagging issues like net-worth erosion and lack of necessary disclosures. In some cases, the auditors have even begun quitting the audit mandate, while in many others they have expressed their reservations about whether their clients can continue operating on "going concern" basis with net-worth turning negative, losses mounting and diminishing prospects of required revenue and cash flow generation. The companies that have seen auditors flagging various issues include Jet Airways, L&T's shipbuilding arm, Manpasand Beverages, Vakrangee Ltd and Atlanta Ltd. Experts believe this trend may get even more prominent going forward with several sectors facing financial difficulties at a broader level and also due to corporate governance related issues at individual levels. Experts ...

Rising level of scrutiny: Auditors take guard on corporate breaches

The Centre has already proposed to establish an independent National Financial Reporting Authority for the auditing

When auditors raise the red flag against certain questionable business

However, there are many in the fraternity, like former ICAI president Amarjit Chopra, who feel one may be making too much out of the observations made by auditors

Cabinet nod for setting up of NFRA as independent regulator for auditors

The regulator would have a chairperson and three full-time members. Besides, there would be a secretary