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NFRA AUDIT PRINCIPLES
Technology can't substitute professional judgement, audit quality responsibility lies with auditor: NFRAThe National Financial Reporting Authority has introduced new principles for technology adoption by auditors. These guidelines promote the ...- Failure of Internal Financial Controls: Management’s accounting manipulation, and fraud perpetrationInternal Financial Controls are far more than a compliance formality. They often separate reliable accounts from misleading numbers. This s...
- Financial sector stakeholders must go beyond technical compliance, says Sebi chiefSebi chief Tuhin Kanta Pandey stressed the need for professional conscience over mere technical compliance in the financial sector. Corpora...
- Fin sector stakeholders must go beyond technical compliance, says Sebi chiefSebi chief Tuhin Kanta Pandey urged financial sector stakeholders to prioritize professional conscience over mere technical compliance, emp...
- Audit committees need to ensure independence of auditors: NFRA ChairpersonNFRA Chairperson Nitin Gupta emphasized the importance of audit committees ensuring auditor independence and good corporate governance. He ...
- Delhi HC rejects pleas by CAs, audit firms against NFRA's powersThe Delhi High Court upheld the validity of the NFRA's power to investigate and penalize chartered accountants. It dismissed objections by ...
- Supreme Court upholds NFRA's 10-year ban and Rs 20 lakh fine for auditor Anil Chauhan over Seya Industries' misconductThe Supreme Court upheld the National Financial Reporting Authority's 10-year audit ban and Rs 20 lakh penalty on Anil Chauhan for miscondu...
- Audit panels of companies should step up engagement with auditors: NFRA chief Ajay Bhushan Prasad PandeyThe primary responsibility of corporate boards is to protect shareholders’ interests and ensure good governance, the chief of the audit reg...
- Banking sector in good financial health to support growth: RBI dy guvThe banking sector in India has reached a decadal high in terms of financial parameters and is poised to support the country's economic gro...
- Audit panels of companies can’t escape blame by citing auditors’ failure: NFRA chiefNFRA chairman Ajay Bhushan Pandey emphasized the audit committee's responsibility in ensuring accurate financial statements, even if audito...
- Auditors’ foremost obligation is to uphold public interest: Larry Bradley, KPMGIn order to serve the most complex and sophisticated organisations globally, generating critical mass and capabilities across the entire wo...
- Deloitte focused on quality of growth: N Venkatram, CEO, Deloitte IndiaIn a chat with Vinod Mahanta, Venkatram, who ends his tenure on March 31, spoke about losing 617 clients during audit rotation, dealing wit...
- National Financial Reporting Authority planning audit advisoriesThis, Pandey said, is aimed at bringing more awareness among companies and chartered accountants about the regulatory requirements of audit...
- IL&FS case: NFRA slaps Rs 15 lakh fine, five-year ban on a Deloitte partnerThe Tuesday order was issued over allegations of professional misconduct by Shrenik Baid, partner at Deloitte and review partner on the IFI...
- Audit firms examine NFRA order in ILFS case, to plan for future implicationsThe NFRA report has again put a spotlight on the confusion on what services can be provided by an auditor to its audit clients.
- No need to further curb 'non-audit' services of auditors: Industry bodies tell govtSeveral industry bodies have told the government that the existing framework in this regard is adequate and benchmarked with the best globa...
- NCLT lacks jurisdiction to ban us, say Deloitte, KPMGAuditors can’t be put in the same category as independent directors and senior management, they argued.
- Corporate governance: How new rules will change Indian companiesET breaks down the new legislation to show how things will change for companies—and, by extension, their stakeholders like investors, credi...
- I think it’s wrong to equate lobbying with bribery: Sachin PilotCorporate Affairs Minister Sachin Pilot outlines the role of auditors and the need to distinguish between lobbying and advocacy. Excerpts:
- Companies Bill for independent regulator for auditorsThe authority would formulate accounting and auditing standards as well as monitor and enforce them among other things, Sachin Pilot said i...
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