Indian Auditory

CAG says 3 state-owned oil firms ignoring own software for logistics

National auditor says state-owned companies make monthly adjustments that aren't best for saving costs, efficiency

BS BFSI Insight Summit 2022: Fireside chat with SIDBI Chairman S Ramann

Ramann joined Sidbi in the midst of the second wave of Covid-19 pandemic, he has been involved in crafting policies for providing timely liquidity, and schemes for restructuring support to MSME sector

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 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

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

CAG set to conduct comprehensive audit of country's health sector

Current approach to be based in common parameters, goals and analysis, as opposed to earlier exercises done on the basis of some research or state-specific issues

MCA tweaks rules about company deposits, enhances statutory auditors' role

The new rules, according to experts, will widen the responsibility of directors to the statutory auditors. They came into effect on August 29

Social Stock Exchange: What kind of organisations can list on it?

Sebi says non-profit organisations that work on eradicating hunger, poverty, and inequality, among other activities, can list on exchange

Telecom ministry accounts officers reach out to PM, seek merger with IA&AS

Accounts and finance wing officers under the telecom ministry have approached Prime Minister Narendra Modi for merger with the Indian Audit and Account Services as part of administrative reforms. The merger will bring in more efficiency, transparency and equal opportunity for all officers involved in handling audit and account services related work irrespective of the ministry or department they have been deployed at, according to a letter by IP&TAFS Group A Officers Association dated August 28. The India Post and Telecommunication Accounts Finance Services (IP&TAFS) officers are selected through civil services exam conducted by UPSC. They handle all revenue related matters at the departments of telecom and post, including adjusted gross revenue liabilities, spectrum price, licence fees, spectrum usage charges, among others. According to sources, the association has requested the Prime Minister to merge "various organised account services in government of India" either with ...

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

Challenges in enhancing audit quality

Key concepts that impact audit quality, the central theme of the MCA paper

Audit rot

There is structural problem with auditing in India