Audit News

CA Claims to be Whistleblower in Torres Jewellery Fraud, Seeks Police Protection

13 January 2025 at 09:28

Days after Mumbai police initiated an investigation into the alleged multi-crore Torres Jewellery fraud case, Abhishek Gupta, a 31-year-old chartered accountant, has approached the Bombay High Court seeking police protection.

Posted in Audit | 4494 Views

Chartered Accountants to Report FCRA Breaches in NGO Audits: MHA Directive

07 January 2025 at 08:49

The Foreigner's Division of the MHA has introduced new regulations requiring Chartered Accountants (CAs) to include specific declarations regarding compliance with the Foreign Contribution (Regulation) Act, 2010 (FCRA) when filing audit returns for NGOs.

Posted in Audit | 2943 Views

ICAI Set to Finalize International Networking Guidelines for CA Firms by FY 2024-25

06 January 2025 at 08:54

The Institute of Chartered Accountants of India (ICAI) is gearing up to finalize its international networking guidelines for Indian chartered accountant (CA) firms by the end of this fiscal year.

Posted in Audit | 1 comments | 7302 Views

NFRA Slaps Rs 2 Crore Fine on Deloitte for Audit Lapses in ZEEL

26 December 2024 at 10:55

The National Financial Reporting Authority (NFRA) has imposed a penalty of Rs 2 crore on Deloitte Haskins & Sells LLP for lapses in its audit of Zee Entertainment Enterprises Ltd (ZEEL) during the financial years 2018-19 and 2019-20.

Posted in Audit | 4452 Views

NFRA Pushes for Global Alignment in Auditing Standards to Boost Investor Confidence

11 December 2024 at 09:07

The NFRA Chairperson, Ajay Bhushan Prasad Pandey, emphasized the urgent need for India to align its auditing standards with global benchmarks to bolster investor confidence, attract funds, and enhance the credibility of financial data.

Posted in Audit | 1 comments | 1554 Views

Lok Sabha Passes Banking Laws (Amendment) Bill 2024

04 December 2024 at 10:28

On December 3, 2024, the Lok Sabha passed the Banking Laws (Amendment) Bill, 2024, with a voice vote. The bill, introduced by Union Finance Minister Nirmala Sitharaman, aims to bring significant changes to improve governance in the banking sector

Posted in Audit | 4317 Views

NFRA Chief Highlights Significant Improvements in Company Auditing Over Last 3-4 Years

03 December 2024 at 08:59

The auditing landscape in India has seen significant improvement over the past three to four years, according to Ajay Bhushan Prasad Pandey, Chairperson of the National Financial Reporting Authority (NFRA).

Posted in Audit | 2157 Views

ICAI Proposes Mandatory Qualifications for Forensic Audit Professionals

27 November 2024 at 09:14

The Institute of Chartered Accountants of India (ICAI) is taking a significant step toward strengthening forensic auditing practices by drafting guidelines to introduce mandatory qualifications for forensic auditors.

Posted in Audit | 14181 Views

NFRA Chairperson Justifies Audit Standards Revision Amid ICAI Opposition

16 November 2024 at 07:00

National Financial Reporting Authority (NFRA) Chairperson Ajay Bhushan Pandey has dismissed concerns that revising audit standards for group company audits will lead to audit concentration among a few large firms.

Posted in Audit | 4962 Views

ICAI Urges MCA to Reconsider NFRA's Audit Standard Amendments

15 November 2024 at 14:23

The Institute of Chartered Accountants of India (ICAI) has urged the Ministry of Corporate Affairs (MCA) to reconsider recent amendments to auditing standards proposed by the National Financial Reporting Authority (NFRA).

Posted in Audit | 6663 Views