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President Droupadi Murmu calls for timely audit of public finance

Underscoring the importance of timelines in auditing public finance, President Droupadi Murmu on Tuesday said if a wrong is pointed out well within time, it can be corrected and help save huge amount of public money. She emphasised the need for audit bodies keeping pace with technological evolution in order to be able to perform its oversight functions effectively as more and more public services are being delivered using technology. "What is equally important for effective auditing of public finances is timeliness. If a wrong is pointed out well within time, it can be corrected," she said while addressing the 16th Assembly of Asian Organization of Supreme Audit Institutions (ASOSAI) here. This implies that an auditor is entrusted with the task of not only pointing out faults but also suggesting a way out to improve the quality of governance, she said. The mandate of public sector audits has expanded beyond traditional auditing to include assessing the effectiveness of public welfa

President Droupadi Murmu calls for timely audit of public finance
Updated On : 27 Sep 2024 | 11:49 PM IST

SC rejects Amit Goenka's plea against KPMG as auditor in Shirpur Gold case

The bench consisting of Justice Hrishikesh Roy said they found no infirmity with the Bombay High Court order of August 14, which had dismissed Goenka's plea

SC rejects Amit Goenka's plea against KPMG as auditor in Shirpur Gold case
Updated On : 24 Sep 2024 | 8:36 PM IST

Auditors must do basic groundwork, not rely too much on AI: NFRA Chairman

If one reads the Companies Act, Code of Ethics, and Standards of Audit and Quality Control in a harmonious manner, then one would not have any confusion about definition of non-audit services, he said

Auditors must do basic groundwork, not rely too much on AI: NFRA Chairman
Updated On : 24 Jan 2024 | 11:18 PM IST

Will file much-delayed March 2022 financial results this week, says Byju's

Byju's, which has missed payment on a $1.2 billion term loan, said it's completed a long-awaited audit of all group units. Parent Think & Learn Pvt Ltd

Will file much-delayed March 2022 financial results this week, says Byju's
Updated On : 16 Oct 2023 | 11:15 PM IST

Top headlines: SBI beats RIL, becomes most profitable firm, and more

Business Standard brings you the top headlines at this hour

Top headlines: SBI beats RIL, becomes most profitable firm, and more
Updated On : 08 Aug 2023 | 9:32 AM IST

NFRA slaps 10-year ban, imposes Rs 5 lakh fine on auditor for lapses

The National Financial Reporting Authority on Thursday slapped a penalty of Rs 5 lakh and a 10-year ban on an auditor for alleged professional misconduct in the audit of Bartronics India Ltd for 2013-15. Bartronics India Ltd (BIL) is listed on BSE and NSE. In its order, NFRA said that it had imposed a fine of Rs 5 lakh on T Raghavendra, proprietor of T Raghavendra & Associates and he was the engagement partner (EP) for the statutory audit of BIL for FY2013-15. Besides, Raghavendra was also barred for a period of 10 years from undertaking any audit in respect of financial statements or internal audit of the functions and activities of any company or body corporate, it added. The following penalty and prohibition will take effect after 30 days from the date of issuance of this order. The order came after the regulator received information from the ministry of corporate affairs (MCA) regarding irregularities observed by financial reporting review board (FRRB) of ICAI in the financial

NFRA slaps 10-year ban, imposes Rs 5 lakh fine on auditor for lapses
Updated On : 03 Aug 2023 | 11:30 PM IST

Auditors must follow process, auditing must not be ticking exercise: NFRA

Audit regulator NFRA's chief Ajay Bhushan Prasad Pandey on Friday said auditors should follow the due process and auditing should not be just a "ticking" exercise. Highlighting the importance of financial reporting, he said that audit documentation should speak for themselves. "Audit should not be just ticking audit... It should be thinking audit," Pandey said. The National Financial Reporting Authority (NFRA) chief also said that trust in the reporting system is very important. He was speaking at a conference here organised by industry body Assocham.

Auditors must follow process, auditing must not be ticking exercise: NFRA
Updated On : 21 Jul 2023 | 12:36 PM IST

TCS gets external auditor to assist investigation of jobs-for-bribe scandal

Sources say probe will take 45 days to complete; company tells exchanges scam had no financial impact

TCS gets external auditor to assist investigation of jobs-for-bribe scandal
Updated On : 27 Jun 2023 | 2:12 PM IST

CAG for change in recruitment rules to make public auditor future-ready

Comptroller and Auditor General of India Girish Chandra Murmu said on Tuesday that his office is in process of becoming future-ready and has proposed to the government to change the recruitment rules for auditors so as to make IT proficiency an eligibility criteria. Talking to reporters after the conclusion of the SAI20 Summit meeting under the Indian Presidency of G20 here, Murmu also said the apex government auditor was making constant upgrades in its IT infrastructure with the help of technology experts. We have already proposed to the government, some exercise is going on, for change in recruitment rules, so that we can make an IT proficiency a priority in the recruitment eligibility. So I'm taking up with the DoPT and the UPSC to approve this proposal. I cannot make it compulsory for the existing staff right now. But the future-ready capacity will be there, he said replying to queries. Murmu also said the CAG has started end-to-end digital audits from this year onwards. He ...

CAG for change in recruitment rules to make public auditor future-ready
Updated On : 13 Jun 2023 | 10:00 PM IST

CAG Girish Murmu reelected as external auditor of WHO for 4-year term

Comptroller and Auditor General of India Girish Chandra Murmu has been reelected as the external auditor of the World Health Organization (WHO) for a four-year term from 2024 to 2027. CAG is already holding this position in WHO for a four-year term from 2019 to 2023. "The present election was held on May 29, 2023 in the 76th World Health Assembly in Geneva, where the CAG of India was reelected with an overwhelming majority (114 out of 156 votes) in the first round of voting itself," the CAG said in a statement. CAG's appointment is a recognition of its standing among the international community as well as its professionalism, high standards, global audit experience and strong national credentials, it added. "This resounding victory was made possible by the sustained support and tireless efforts of the Permanent Representative of India to The United Nations at Geneva, his officers and a special team of handpicked officers from CAG," it said. CAG was present in the meeting and in h

CAG Girish Murmu reelected as external auditor of WHO for 4-year term
Updated On : 29 May 2023 | 4:12 PM IST

Adani says appointment of Grant Thornton as auditor 'market rumour'

Adani group's flagship firm on Thursday termed as 'market rumour' reports of the embattled group hiring Grant Thornton to audit books in the aftermath of the Hindenburg crisis. In a stock exchange filing, Adani Enterprises said the reports "appears to be a market rumour and hence it would be inappropriate on our part to comment on it." On Tuesday, sources had stated that the group has appointed accountancy firm Grant Thornton for an independent audit of a few of its companies to come clean after the allegations levelled by US short-seller Hindenburg Research and to assure investors and regulators. The audits, the sources had said, was to specifically look into if there was any misappropriation or repatriation of funds and if loans were used for any purpose other than the one they were intended for. The market value of the group's listed companies has halved since the January 24 report by Hindenburg Research alleging that Adani pulled the largest con in corporate history using offsh

Adani says appointment of Grant Thornton as auditor 'market rumour'
Updated On : 16 Feb 2023 | 11:12 PM IST

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

CAG says 3 state-owned oil firms ignoring own software for logistics
Updated On : 27 Dec 2022 | 3:23 PM IST

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 aligning to global standards but industry awaits more clarity
Updated On : 15 Nov 2022 | 5:25 PM IST

Ajay Singh-owned SpiceHealth's auditor resigns, says busy with other work

On August 1 this year, Bubber Jindal and Company tendered its resignation as statutory auditor of SpiceHealth

Ajay Singh-owned SpiceHealth's auditor resigns, says busy with other work
Updated On : 03 Oct 2022 | 10:19 PM IST

ABG Shipyard's Rs 23k-cr fraud: Auditor failed to red-flag fund diversion

Audit firm partner junked Indian citizenship; paid Rs 27.5 lakh to settle Sebi probe

ABG Shipyard's Rs 23k-cr fraud: Auditor failed to red-flag fund diversion
Updated On : 21 Feb 2022 | 6:09 AM IST

CAG Murmu becomes external auditor of International Atomic Energy Agency

India's Comptroller and Auditor General G C Murmu was on Friday selected as the external auditor of the International Atomic Energy Agency

CAG Murmu becomes external auditor of International Atomic Energy Agency
Updated On : 24 Sep 2021 | 7:23 PM IST

Price Waterhouse quits as GVK Infra auditor, cites lack of information

"Details of information and explanations sought and still not provided is reiterated in our letter dated August 12, 2020 to the management," Price Waterhouse said in its letter

Price Waterhouse quits as GVK Infra auditor, cites lack of information
Updated On : 15 Aug 2020 | 12:59 AM IST

Coffee Day board likely to deliberate on investigation report on Friday

Sources said the management and BSR & Associates had several differences over valuation of subsidiaries

Coffee Day board likely to deliberate on investigation report on Friday
Updated On : 23 Jul 2020 | 9:18 PM IST

YES Bank auditor red-flags multiple breaches of RBI's norms in FY20

Bank sets aside Rs 334 cr for expected penalty for SLR breach

YES Bank auditor red-flags multiple breaches of RBI's norms in FY20
Updated On : 08 May 2020 | 1:36 AM IST

Auditor flags doubt on McLeod Russel's ability to stay in business

The auditor has also stated that the financial statement prepared by the company is not in accordance with the requirements of Regulation 33 of the Sebi

Auditor flags doubt on McLeod Russel's ability to stay in business
Updated On : 30 Jun 2019 | 11:30 PM IST