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COST AUDIT BRANCH
The safe keepers: Inside India's booming locker economyIndia’s locker economy is booming amid rising gold prices and household wealth. While banks remain the preferred repository, private vault ...- Tax vs Customs: Why MNCs face a growing valuation and compliance battleMNCs face rising conflict between tax and customs rules on related-party pricing, as India’s tighter digital scrutiny raises compliance ris...
- Six companies, six tricks in Indian balance sheets, and how investors get taken for a rideWhenever an Indian company imports goods, borrows in foreign currency, earns overseas revenue, or runs a foreign subsidiary, forex accounti...
- The off-balance sheet trick didn’t die in 2019: How Indian managements still hide obligations from investorsThis is one of the most judgement-heavy corners of an Indian balance sheet and one of the easiest to stretch. This part of the series is ab...
- IDFC First Bank fraud: How a Rs 590 crore hit erased Rs 14,000 crore in investor wealthIDFC First Bank's market capitalization plummeted by Rs 14,438 crore after a Rs 590 crore fraud at its Chandigarh branch. Employees alleged...
- PwC to bring UK partner for help after Evergrande scandal hurts operations in China: ReportPwC is set to appoint UK partner Hemione Hudson to lead its China business following the Evergrande fallout. Chinese regulators are expecte...
- Corporate affairs ministry bats for effective cost audits to curb corporate fraudsCorporate Affairs Ministry highlights the importance of cost audits in preventing manipulation by companies, such as misleading banks and e...
- Tax department wants to impose 18% GST on CXO salariesThe taxman wants companies to treat services as supply, meaning the people providing the service will pay GST.
- How did everyone miss the PNB scam? An accountant explains what could have gone wrongAccording to the PNB, the alleged fraud was carried out by two staffers by not entering the transactions in the bank's core banking solutio...
- Rules may be eased for banks and NBFCs under GSTThe centralised auditor, and not the banks, NBFCs and insurance companies, would be responsible to disseminate the tax to the states.
- RMC first civic body in Gujarat to introduce water audit systemRajkot Municipal Corporation (RMC) has become the first civic body in Gujarat to introduce Real Time Bulk Water Audit System
- Accountants’ battle flares up with Companies ActChartered & cost accountants lobbying to sway decision-making with Act’s provisions seemingly limiting scope for the latter.
- Govt may rethink compulsory cost audit as industry not keenThough the mechanism can help curb profiteering, cos have opposed it citing compliance costs and data theft.
- Government may rethink compulsory cost audit as industry not keenOne of the industry representative bodies confirmed on condition of anonymity that no study has been conducted to estimate the cost of comp...
- Gold loan firm Manappuram Finance can't collect money for chit fundsPE firms have barred the firm from using its branches to collect money for chit funds run by promoter; less than 5% of branches were used f...
- Govt mandates cost audits of over 100 companiesThe government has mandated cost audits for over 100 companies, covering a host of sectors including pharmaceuticals, fertilisers, steel an...
- Panel to recast cost audit setupThe government is all set to recast its cost audit framework-the system of scrutinising cost of production and profit margins of individual...
- Mandatory cost auditing norms may be revisedThe ministry of corporate affairs has started reviewing the way it orders mandatory cost audits on companies to optimise the coverage of ea...
- Cost accountants set to venture into CAs' territoryChartered Accountants (CAs) would soon face competition from their professional cousins - the cost accountants.
- Govt orders cost audit of pharma cos to check hefty trade marginsDrug makers who charge hefty margins will soon have to admit that.
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