Indian Auditory

Upgrading India's auditing standards will boost credibility: NFRA chief

Aligning India's auditing with global standards will help boost investors' confidence, attract more funds and ensure greater credibility to the financial data, National Financial Reporting Authority's chief Ajay Bhushan Prasad Pandey has said. He also asserted that the country cannot have "inferior standards" when the pursuit is to become a "Viksit Bharat". NFRA was constituted under the company's law in October 2018. The watchdog has passed more than 80 orders. In a recent interview, Pandey told PTI that there are certain gaps in existing auditing standards and that internationally, many standards were updated to address loopholes that had led to various scams. "In India, we are yet to update the standards in various areas. In the last 20 years, many of these standards are there in most parts of the world. We want to become Viksit Bharat, and our standards should also be aligned with global standards. We cannot have inferior standards," the NFRA Chairperson said. According to him

Robust, transparent audit system helps strengthen democracy, says Om Birla

Lok Sabha Speaker Om Birla on Saturday said a robust and transparent audit system helps strengthen democracy and takes the country on the path of all-round development. Addressing an 'Audit Diwas' event of the Comptroller and Auditor General (CAG) here, he asserted that a strong and transparent audit brings fiscal discipline and monetary prudence which ensures that funds passed by Parliament for various schemes are utilised appropriately. Birla also underlined that to ensure fiscal discipline and transparency in Indian democracy, a senior member of the principal opposition party is conventionally appointed as head of Parliament's Public Accounts Committee (PAC). "This is the strength of Indian democracy," he asserted, noting that the audit report of CAG on public money spent is scrutinised by the Public Accounts Committee (PAC) where members from both sides share their views on paragraphs of audit reports. Addressing the gathering, Birla said enhanced transparency in the audit ushe

NFRA slaps penalty of Rs 2 crore on Coffee Day auditors, bars CAs

NFRA found that the auditors deliberately chose to shy away from their statutory duty to report the fraud and protect the public interest

NLC India eyes critical mineral mining capacity of 1 MTPA by FY30

State-owned NLC India has said it is in the process of participating in the upcoming auctions of critical mineral resources and aims to achieve the annual capacity of mining one million tonnes of such materials by 2029-30. NLC India's core business include mining of coal and lignite as well as power generation. Having critical mineral capacity assumes significance amid increasing demand of these resources for a wide range of activities from semiconductor manufacturing to renewable energy projects, including those related to production of solar panels, wind turbines and advanced batteries for storage and transportation. "With the recent developments in renewable energy sector and the strategic importance of the critical minerals required for RE (renewable energy), we are in the process of participating in upcoming auctions and envision achieving a critical mineral mining capacity of 1.0 MTPA by 2029-30," the company said in its recent report. The company had earlier said that once i

Audit bodies must address risks of privacy breaches, exclusion: CAG Murmu

Public audit bodies must address growing risks such as -- privacy breaches, algorithmic biases, and social exclusion, as governments are increasing adopting AI and emerging technologies to deliver services, CAG of India Girish Chandra Murmu said on Tuesday. Supreme Audit Institutions (SAIs) have the responsibility to scrutinize whether these advancements serve all citizens fairly and inclusively, ensuring no one is left behind, he said in his address to the 16th Assembly of Asian Organization of Supreme Audit Institutions, or the ASOSAI. The impact of climate change alone, expected to cause trillions in economic losses, demands urgent SAI-led audits of adaptation and mitigation strategies, he said. Today more than ever, Supreme Audit Institutions (SAIs) are at the forefront of critical oversight, ensuring public funds are safeguarded, particularly in times of unprecedented crises, he said. "Whether during the pandemic, in the fight against climate change, or in advancing the ...

Kulwant Singh takes charge as Executive Director of regulatory body IBBI

Kulwant Singh, a 1999 batch officer of the Indian Audit and Accounts Service, has taken charge as Executive Director of the Insolvency and Bankruptcy Board of India (IBBI), according to a release. Earlier, Singh has served as the Director General of Audit, East Coast Railway. "Kulwant Singh took charge as Executive Director, Insolvency and Bankruptcy Board of India (IBBI), on 11th September 2024," a release dated September 11 by the IBBI said. Singh has a graduate degree in law. He has completed more than 25 years in various capacities in the office of Comptroller & Auditor General of India (C&AG). He was also posted as Principal Director of Audit in Embassy of India, Washington DC and Director of Audit in High Commission of India, London. Last year in December, IBBI announced that Jithesh John has taken charge as an executive director. Prior to that, IBBI in October had announced that Sandip Garg has assumed charge as a Whole Time Member in the Bankruptcy Board. IBBI is a key

ISA 600 dispute: NFRA, ICAI can find common ground, says official

The senior official said that ICAI is not opposed to implementing the revised ISA 600 but is trying to figure out the path to do so. ICAI would be taking up this issue in its next council meeting

Once Satyam, twice shy: Why auditors quitting big clients is complicated

The auditing community feels the burden of increased regulatory oversight, user expectations, and media activism

AI to help chartered accountants deliver high quality audits: ICAI Prez

Artificial Intelligence will help chartered accountants deliver high quality audits as well as increase the number of transactions being looked at, ICAI President Aniket Sunil Talati has said and highlighted that efforts are on to provide the best skill sets to its members. The Institute of Chartered Accountants of India (ICAI) has more than 3.80 lakh members and over 8 lakh students. Artificial Intelligence (AI) and Machine Learning (ML) are being used in various sectors. In a recent interaction with PTI, Talati said he sees AI as a big change that is coming into the audit profession. "If there is a good AI system, then there is so much one can look at in terms of transactions. AI will report back to you in terms of any deviations, red flags... and will play a huge role in assisting chartered accountants to deliver high quality audit. "We are working with our members to train and upskill them to have the best skill sets to understand AI," he said. Over the years, the accounting

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