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"If you want some regulatory mechanism in place, then why did you not make other airlines as party in your petition? Why only Air India?" the bench asked the petitioner.
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Given the complexity of business and accounting practices, and the growing list of interested stakeholders, it is critical that we reset the objective of statutory audit. It should rise above the customary tick mark with a lilac pen and a documents compilation process
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ICAI has formed a special committee to suggest proposals that can help in early detection of corporate fraud
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Despite the adverse opinion, Deloitte maintained a “true and fair” view on the company’s financial statement
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IGI Airport's T2 will be shut for repairs from April 15, as the terminal's apron needs to be strengthened. T2 is likely to reopen in the second half of 2025 after repairs.
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MoCA was earlier considering a plan proposed by DIAL to complete Terminal-1 interior restoration by January 2025 and the work on the external side by March 2025. However, following the construction ban in the NCR, the decision to delay construction till April 2025 was taken.
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The legal opinion says that ICAI Act, 1949, does not provide Institute of Chartered Accountants of India with the authority to issue standards related to auditing or quality management
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Given the rise of LLPs in critical sectors and a growing preference for registering businesses as LLPs, the NFRA sees a need for bolstered transparency and accountability.
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Finance Ministry has to submit details to the Parliament secretariat today. The PAC has asked for Sebi’s accounts, the CAG audit and internal observations for FY23 and FY24. Sebi chairperson Madhabi Buch is likely to be summoned when PAC meets next.
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The watchdog's consultation paper on the standard also comes against the backdrop of instances of the quality of audit in respect of group audits — where SA 600 is applicable — being found deficient and resulting in gross negligence by auditors
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The enquiry report of the roof collapse incident at IGI Airport’s T-1 on June 28 is likely to be submitted by end-September. A 45-year-old taxi driver had died due to the mishap and flight operations from the terminal have remained suspended ever since.
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At present, the mandated turnover limits are set at Rs 25 crore for companies in six regulated sectors and Rs 35 crore for those in 33 unregulated sectors
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Given the current approach of the CAG around performance audits, there is great reluctance to take risks among bureaucrats and that is one of the reasons why things are slow in government, the finance secretary said.
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In response to reports regarding the NCGTC audit on 'evergreening of loans,' Bandhan Bank clarified that the audit has been initiated by NCGTC, and not by the banking regulator RBI.
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India needs faceless audit, but faceless audit must, as it were, have a humane, functional institutional framework, and not leave tax-filing companies to struggle against a wall of impenetrable incomprehension
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The auditors were grossly negligent and failed to apply professional scepticism and due diligence sufficiently and adequately to challenge the management, it added.
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While the norms bolster confidence in financial disclosures, they also present potential challenges.
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In its probe, NFRA found that Anshu had not recognised accrued interest, amounting to Rs 1.4 crore, on loans from banks and NBFCs in violation of the norms.
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A team of officials from the Directorate General of Civil Aviation (DGCA) started the special audit of the facilities of Go First in Mumbai on Tuesday, according to an airline executive.
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For the financial year that ended March 31, 2022, the company has reported a total standalone income from operation at Rs 755.72 crore and a net loss of Rs 6,111.4 crore.
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Auditors pointed a poor board structure and absence of audit committee in their resignation letter
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The platform, expected to start in three months, will ease the difficulties faced in auditing the accounts of companies.
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On Tuesday, a senior official at the Directorate General of Civil Aviation (DGCA) said the airline has submitted its response to the regulator's show cause notice indicating that it is working on the details of a plan to resume flights at the earliest.
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The developer has agreed to reimburse homeowners the cost incurred on interiors as well, besides Rs 6,500 psf, and the stamp duty.
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Issues such as seepage in basements, and plasters peeling off the walls in balconies were witnessed in most of the societies during the first phase of structural audit
