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PROFESSIONAL SCEPTICISM IN AUDITING
NFRA's next inspection to target audit firms with large client baseThe NFRA plans to focus on auditing firms with significant listed company audits, using data analytics to detect potential issues. Chairman...- NFRA slaps Rs 10-cr penalty on BSR & Associates in Coffee Day case, debars two auditors“The foregoing discussion in this order is replete with the instances of the lapses in audit, the infraction of the law and non-adherence t...
- NFRA penalises 3 auditors in Reliance Home Finance caseNFRA penalizes audit firm and auditors Rs 1.6 crore for Reliance Home Finance audit misconduct. Issues with risk assessment, fraud suspicio...
- GenAI can be a gamechanger for tax compliance: PwC studyAt present, there is usually a time gap between the specific regulatory requirements and readiness of an organisation to be able to correct...
- Audit panel meetings of listed firms must not be reduced to a formality: NFRA chairman Ajay Bhushan PandeyThe National Financial Reporting Authority (NFRA) plans to conduct annual inspections of major audit firms to ensure compliance with standa...
- NFRA levies Rs 15 lakh fine on two auditors for lapses in Lexus Granito India auditIn its order on Wednesday, the regulator found that Lexus Granito India Ltd (LGIL) had unilaterally written back substantial amounts of its...
- NFRA slaps Rs 1.10 crore fine on three entities in Coffee Day Enterprises subsidiary matterThe regulator said it has taken a stern action against the three entities for professional misconduct and failure to report irregularities ...
- NFRA slaps Rs 1.10 crore fine on three entities in Coffee Day Enterprises subsidiary matterThe National Financial Reporting Authority (NFRA) has fined three entities, including two individual auditors, a total of Rs 1.10 crore for...
- Coffee Day Global case: NFRA slaps Rs 2.15 cr fine, imposes ban on 2 auditors, 1 audit firmIn its probe, NFRA found that the auditors (ASRMP & Co, Sundaresha and Madhusudan) failed to exercise professional judgement and scepticism...
- The NFRA's latest diktat needs more clarity in its implementationNFRA has noticed that auditors are not fulfilling their statutory responsibilities of reporting fraud as mandated under the Companies Act, ...
- Exercise professional scepticism while evaluating fraud at cos: NFRA tells auditorsReiterating various provisions under the company's law and auditing standards, NFRA stressed that a "statutory auditor shall exercise his/h...
- 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...
- View: Auditors need to demonstrate professional scepticismListed companies have until May 31 to file their audited results — although, in practice, many large companies have opted or will opt to di...
- How to improve the quality of audit in Indian companies‘Audit’ is derived from the Latin word ‘audire’, or ‘to hear’. Recently, it is not the hearing ability but the smell test and the ability t...
- Satyam, IL&FS, Enron and Wirecard frauds brought auditors’ independence and professional scepticism to the fore: NFRA ChairmanSridharan said that problems cited in the FRC’s latest report included an overreliance on letters from management without further audit che...
- Here’s how to strengthen ecosystem for quality Fin reporting and auditsRobust regulatory mechanism is required to monitor financial reporting and governance compliance.
- ED summons IL&FS’ auditors in money laundering caseThey have been asked to bring certain documents pertaining to the audit which are relevant to the probe.
- Lesson from global ATM heist: India Inc is a sitting duck for cyber crooksOnce business leaders start looking for weak spots in their IT systems, they will figure out the inherent and not-so-obvious gaps in the sy...
- Satyam auditing not the only slip-up in India, admits Price Waterhouse IndiaFive audit firms of PW India have admitted to US markets regulator that deficiencies in their auditing process were not restricted to Satya...
- 'Audit firms, not just CEOs, must be pulled up for fraud'Independent board directors must have proper orientation on companies. Also the term of external audit firm must be limited to three years ...
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