Audit

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MUMBAI: Fearing a backlash from regulatory agencies around corporate governance standards many firms are dropping their auditing assignment like hot potatoes. Since January this year more than 30 firms have resigned as auditors of companies midterm, compared to about 7 auditor resignations in 2017, as per data collated by Prime Database. In the past few…

Read More 30 auditors resigned from Indian companies this year 2018

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Mumbai: Price Waterhouse (PW), a network firm of PwC India has quit as auditor to BSE-listed construction and infrastructure company Atlanta Limited after it apparently refused to share details of an ongoing income tax investigation and the resignation of an independent director. The income tax department is investigating sources of some of the company’s income and expenditure and whether some transactions…

Read More PW a network firm of PwC India quits as auditor of BSE-listed Atlanta

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The Council of ICAI at its 364th meeting held in March 2017 (in partial modification of decision taken by it at its 350th meeting held in February 2016), has decided that the effective date/applicability of four Standards viz. SA 700 (Revised), SA 705 (Revised), SA 706 (Revised) and SA 701 be deferred by one year…

Read More New format of Auditor’s Report on Standalone Financial Statements of a Listed Entity

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New Format of Auditor’s Report Under SA 700 Effective For Audit of Financial Statements For Period Beginning On Or After April 1, 2018 The Council of ICAI at its 364th meeting held in March 2017 (in partial modification of decision taken by it at its 350th meeting held in February 2016), has decided that the…

Read More New Format of Auditor’s Report Under SA 700 WEF April 1, 2018

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Prime Minister of India Mr Narendra Modi  in an unscheduled live televised address to the nation at 20:15 Indian time (IST) on 8th October 2016 announced that circulation of all Rs.500 and Rs.1000 bank notes of Mahatma Gandhi series stands invalid and announced the issuance of new Rs.500 and Rs.2000 bank notes of new series. The banknote…

Read More Demonetization – Additional audit procedures