Audit

Quality of audits has improved in the past few years: NFRA Chairman

Tax audit is the forte of chartered accountants: ICAI President Nanda

The finance ministry has asked the chartered accountants' body to review the new Income Tax Bill 2025 and suggest improvements

NFRA looks to enhance communication between auditors and audit panels

The first part of the interaction series draws auditors' attention to potential questions that audit committees or boards of directors may ask regarding accounting estimates and judgements

EEPC India proposes 'faceless' GST audit system to boost ease of doing biz

The Engineering Export Promotion Council (EEPC), India on Sunday proposed the introduction of a faceless GST audit system to boost ease of doing business in the country. The apex engineering exports promotion body's proposal comes following the successful implementation of faceless assessment' by the Income Tax department. The faceless GST audit system, by using technology and ensuring anonymity, will reduce compliance costs. A faceless system will streamline procedures allowing MSMEs to focus on growth and innovation," said Pankaj Chadha, chairman of EEPC India. The proposal is a part of EEPC India's Budget 2025 recommendation. By introducing a faceless GST audit system, India can further improve its ranking in the Ease of Doing Business index, making it a more attractive destination for foreign investors, it said. It also proposed that Reverse Charge Mechanism (RCM) related liabilities should be eligible for the Amnesty Scheme' to address challenges faced by exporters, who may b

IMF's handling of large loans to troubled nations under scrutiny

The fund's Independent Evaluation Office studied roughly 20 years of lending under the so-called Exceptional Access Policy and prepared a set of recommendations

74% companies want govt to enable real-time audit reporting, says Deloitte

About 74 per cent of high-end corporate taxpayers want the income tax department to enable near real-time reporting and compliance monitoring, Deloitte India said on Tuesday. Deloitte India's Income Tax Digitalisation in India survey, which took views of about 250 highest corporate taxpayers, also found that 67 per cent of businesses seek tax e-wallets to promptly credit refunds on passing orders, enabling adjustment against outstanding demands or future tax liabilities. The survey said the respondents requested to adopt Standard Audit File for Tax (SAF-T), which would enable near real-time reporting and compliance monitoring. This signalled their intention to make the tax function tech-enabled. Additionally, 63 per cent of the survey respondents said that taxpayers expect issuance of automated programming interface (API) to fetch data from income tax portals. Opening up of API by the administration would help taxpayers have seamless connectivity with I-T portals to enable efficien

Concerns about new audit norms misplaced: NFRA's Ajay Bhushan Pandey

For a Viksit Bharat, India cannot afford audit standards that are inferior, NFRA Chairperson Ajay Bhushan Pandey said

ICAI to knock on MCA door against proposed audit standard revision

The NFRA, after its board meet, has suggested revisions to 40 Standards on Auditing

Boeing cleaned up on Air Force parts, including soap dispensers: Pentagon

Boeing overcharged the Air Force nearly USD 1 million for spare parts on C-17 cargo planes, including an 8,000 per cent markup for simple lavatory soap dispensers, according to the Pentagon's inspector general. The Defense Department's auditor reviewed prices paid for 46 spare parts on the C-17 from 2018 to 2022 and found that 12 were overpriced and nine seemed reasonably priced. It couldn't determine the fairness of prices on the other 25 items. The Office of the Inspector General said it reviewed the soap dispenser prices after getting a hotline tip. Boeing disputed the findings. We are reviewing the report, which appears to be based on an inapt comparison of the prices paid for parts that meet aircraft and contract specifications and designs versus basic commercial items that would not be qualified or approved for use on the C-17," Boeing said in a statement. We will continue to work with the OIG and the US Air Force to provide a detailed written response to the report in the .

NFRA chairman Pandey stresses the need to adopt global audit standards

Pandey said that NFRA is trying to educate people about the need for adherence to global standards such as ISA 600

NFRA to seek views from Big 5 audit cos on second draft inspection report

The NFRA report highlights serious violations of Section 144 of the Companies Act, which bans firms from offering certain non-audit services to their audit clients

Govt extends income tax audit report deadline to Oct 7: Check details

The move comes in response to challenges taxpayers faced with electronic submission

PwC considers halving China financial services audit staff: Report

The move follows Chinese regulators' scrutiny of PwC this year for its role as the auditor of troubled property giant China Evergrande Group, which, in turn, triggered the exit of some clients

Each NFRA order a case study for audit committees: Ajay Bhushan Pandey

NFRA has issued orders against several audit firms in India in the past, including the "Big Four", around the auditors' independence and their non-audit work

Sebi comes out with standard reporting format for AIF PPM audit report

In order to have uniform compliance standards and for ease of compliance, markets regulator Sebi on Thursday came out with a standard reporting format for alternative investment fund (AIF) pertaining to Private Placement Memorandum (PPM) audit report. The reporting format has been prepared in consultation with pilot Standard Setting Forum for AIFs (SFA). Under the rules, AIFs are required to submit their annual PPM audit reports to the trustee, board of directors, or designated partners of the AIF, as well as to the board of directors or designated partners of the manager and Sebi, within six months after the end of the financial year. In a circular, Sebi said that the new reporting format will be hosted on the websites of the AIF associations which are part of SFA within two working days of issuance of this circular. The reporting requirement would be applicable for PPM audit reports to be filed for the financial year ending March 31, 2024 onwards. The associations would assist a

RBI's special audit to probe regulatory breaches of IIFL Finance, JMFPL

Banking regulator seeks interest from Sebi-empanelled audit firms to conduct the audit

Zee board expands scope of advisory panel to include probe assessment

Zee Entertainment Enterprises Ltd on Tuesday said its board has expanded the scope of independent advisory panel to include investigation assessment. The announcement by the company comes amid the ongoing probe by market regulator Sebi against its promoters for fund diversion. Last week, the company announced constituting of independent advisory panel to curb erosion of its investor wealth in the wake of speculations leading to negative public opinion of the company. In a regulatory filing, Zee Entertainment Enterprises Ltd (ZEEL) said, "On recommendation of the Audit Committee, the Board of Directors of the Company, in its meeting held today, has considered and approved to further expand and strengthen the role of the 'Independent Advisory Committee' by including 'Investigation Assessment' as a primary responsibility of this Committee.

Audit of Rs 22.7K cr microloans due to large claim amount: Bandhan CEO

The maximum eligible amount a bank can claim under the CGFMU insurance is 15 per cent of the total insured amount

RBI asks banks' audit heads to take pre-emptive steps to mitigate risks

Swaminathan J, Deputy Governor, RBI outlined the Reserve Bank's supervisory expectations and asserted that supervision is effective when supported by effective Assurance Functions

NFRA finds deficiencies in audit quality inspection of Big four firms

In its firm-wide review of audit control systems of BSR & Co, the Authority found that the firm's claim of being independent from KPMG India entities was unacceptable