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Government Aims to Improve Audit-Related Transparency asks Auditors to Reveal their Findings Separately

6Sep

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Corporate

Government Aims to Improve Audit-Related Transparency asks Auditors to Reveal their Findings Separately

Auditors of companies supervised by the National Financial Reporting Authority (NFRA) will have to reveal their findings distinctly as government seeks to focus on audit-related concerns and transparency. The government has decided to notify a new form where auditors will require to file key findings in respect of companies and any unfavourable remarks and observations including other details. The form has been designed along the lines mandated by the Public Company Accounting Oversight Board in the US. This move came into action by judging the scam at IL&FS that unearthed massive shortcomings and questions over the audit quality and interference of management were raised. All listed companies, unlisted public companies All listed companies, unlisted public companies wi...

Ministry of Corporate Affairs begins Proceedings to Prohibit 9 Auditors & Audit Partners

2Jun

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Corporate

Ministry of Corporate Affairs begins Proceedings to Prohibit 9 Auditors & Audit Partners

Highlights: The Ministry of Corporate Affairs (MCA) has handed over the authority to its regional unit to begin the proceedings against 9 auditors and audit partnersCharges against DHS, BSR, Udayan Sen, Sampath Ganesh, Rakesh Jain, Kalpesh Mehta, Nishit Udani, Shrenik Baid, Payal Rathod, Anju Rawat, AP Shah and AP Shah AssociatesThe Regional Director was informed to look into the attachment of their movable and immovable assets that include “Lockers, bank accounts and jointly held properties.” The Ministry of Corporate Affairs (MCA) has handed over the authority to its regional unit to begin the proceedings against 9 auditors and audit partners that include BSR Co. and Deloitte Haskins & Sells (DHS) to bar them, as they were charged with conspiring with the IL&FS Financial S...

MCA Looks Forward to Reinforce Audit Reporting Standards

22May

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Corporate

MCA Looks Forward to Reinforce Audit Reporting Standards

Highlights The MCA plans to offer changes to the Companies Auditor’s Report Order (CARO). The proposal will make a move as soon as the next government comes into powerMinistry of Corporate Affairs (MCA) looks all set to reinforce audit reporting standards, after several number of corporate frauds reportedThe MCA is also seeking to operationalise National Financing Reporting Authority (NFRA). The NFRA will monitor oversight of audits of large corporations Ministry of Corporate Affairs (MCA) looks all set to reinforce audit reporting standards, after several number of corporate frauds reported recently and role of auditors has been a big concern assisting these kind of frauds. The MCA plans to offer changes to the Companies Auditor’s Report Order (CARO). The proposal will make a m...

NCLAT Authorizes Banks to Reveal Defaulting IL&FS Accounts as NPAs

3May

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Corporate

NCLAT Authorizes Banks to Reveal Defaulting IL&FS Accounts as NPAs

Highlights The National Company Law Appellate Tribunal (NCLAT) on Thursday permitted the banks to reveal the accounts of IL&FS and its set of companies as non-performing assetsCurrently, the IL&FS Group companies have a cumulative debt of over INR 90,000 croreThe RBI urged the NCLAT, filing an appeal to tweak the order allowing the banks to reveal the defaulting accounts of IL&FS as NPAs The National Company Law Appellate Tribunal (NCLAT) on Thursday permitted the banks to reveal the accounts of IL&FS and its set of companies as non-performing assets (NPAs) regarding the defaulted payments. Chairman Justice SJ Mukhopadhaya elevated the ban on the banks to reveal the in-debt accounts of IL&FS and its group of 300 entities. The NCLAT has made it clear that the b...