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COMPULSORY STATUTORY AUDIT
Rs 7 crore held as unexplained cash credit; man fights and wins case in ITAT Mumbai as it rules loose papers, chats can’t be treated as evidenceThe Income Tax Appellate Tribunal in Mumbai has ruled in favour of Mr. Nilawar. The tribunal cleared him of unexplained cash credit charges...- UN aviation watchdog auditing India’s security readinessThe International Civil Aviation Organization (ICAO) has commenced a nine-day audit of India's aviation security, focusing on the Bureau of...
- From BNPL schemes, gold hallmarking to new auto debit mandate: 11 personal finance changes, trends seen in 2021Here is a look at major trends and changes that impacted our personal finances in 2021.
- NFRA has no jurisdiction over small, medium cos: ICAI.The Institute of Chartered Accountants of India (ICAI) also stressed that "there is no direct nexus between the quality of the audit and t...
- NFRA has no jurisdiction over small, medium cos; no direct nexus between quality, cost of audit: ICAIThe latest comments from ICAI President Nihar N Jambusaria come less than two weeks after the National Financial Reporting Authority (NFRA)...
- Small companies can be spared statutory auditThat said, proper audits help small companies secure formal credit, which eludes about 85% of them. The new kids on the block, the Account ...
- NFRA proposes to revisit compulsory statutory auditMajor economies of the world require statutory audit for small companies only in case some minimum criteria of public interest are satisfie...
- ICAI says Reserve Bank's new auditor norms to enhance audit qualityIn April, the Reserve Bank of India (RBI) came out with the norms for appointment of Statutory Central Auditors (SCAs) and Statutory Audito...
- View: Auditors should be made the frontline warriors of Ministry of Corporate AffairsRegulators in Europe have issued new regulations. The Competition Commission in Britain has submitted strong recommendations to lawmakers t...
- 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...
- Forensic audit professional see good time in bad debtThere is a sudden spurt in demand for chartered accountants with skills to do forensic audit with regulators announcing plans.
- NFPIL to appoint Deloitte Haskins and Sells as a joint auditorThis marks the beginning of the compulsory audit rotation that is set to hit the Indian companies within next two years.
- McDonald’s-Vikram Bakshi dispute: Legal clauses in JV agreement to play pivotal role in settlementIn the ongoing spat between McDonald’s India and Vikram Bakshi, the JV agreement drawn up by the two sides will come to play a pivotal role.
- Why it is a good idea to mandate corporate social responsibilityA debate has started on the subject of a mandatory 2% of average net profit to be allocated towards CSR.This has aroused interest and scept...
- Satyam fallout: Investors demand rotation of auditorsIndian institutional investors are seeking a rotation of auditors to ensure that auditors don’t act in “collusion” with the company promote...
- ICAI must assert itselfGuilty auditors usually get away with reprimand, and in serious cases, with a fine of up to Rs 1 lakh or three months suspension for their ...
- New Companies Bill would not dilute regulationThe self-regulation would be fortified with more mandatory disclosures, enhanced shareholder democracy, greater protection of shareholder r...
- New Companies Bill would not dilute regulationThe self-regulation would be fortified with more mandatory disclosures, enhanced shareholder democracy, greater protection of shareholder r...
- MNCs oppose bigger role for independent directorsThe Naresh Chandra Committee recommendations on corporate governance, which had called for greater role for independent directors on the co...
- Audit panel calls for tighter norms, more independentsThe Naresh Chandra Committee on Corporate Audit and Governance, appointed by the government to enhance corporate reporting and accountabili...
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