Auditing and Assurance

IL&FS fraud case in brief : Charge on Deloitte and KPMG

In the IL&FS fraud case, Rs.90,000crores scam. SFIO detected at least 22 violations of auditing standards by Deloitte Haskins & Sells and a KPMG affiliate BSR & Co. while investigating a fraud at a financial company, leading it to seek a five-year ban pusuant to section 140(5) of the Companies Act, 2013 on the auditors, according …

IL&FS fraud case in brief : Charge on Deloitte and KPMG Read More »

UDIN mandatory w.e.f 1st July’19 for all types of Audit/Assurance/Attest function as per the ICAI

It was brought to the notice of the Institute of Chartered Accountants of India that Financial Documents / Reports / Certificates are being signed by Non-CAs misrepresenting themselves as CA Members thereby misleading the Regulators, Authorities and Stakeholders. To reduce such malpractices, ICAI has conceptualised and implemented an innovative concept called Unique Document Identification Number …

UDIN mandatory w.e.f 1st July’19 for all types of Audit/Assurance/Attest function as per the ICAI Read More »

No threat to the Auditor`s Independence as per the ICAI President

The CA profession continues to rest on the foundation of ‘independence’, says the ICAI President Shri Prafulla Chhajed, asserting to the fact that the Auditor`s independence is not under any threat. He, further stated that, there have been instances where Auditors resigned from various listed companies in the past due to differences with the management …

No threat to the Auditor`s Independence as per the ICAI President Read More »