Audit News

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 | 4416 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 | 1539 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 | 4278 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 | 2133 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 | 14118 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 | 4890 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 | 6615 Views

NFRA Recommends Comprehensive New Audit Framework for India by April 2026

13 November 2024 at 09:34

NFRA recommends revision of the Standard quality control (SCQ1) and Standard quality management (SQM1 and SQM2), on the lines of the global Standards

Posted in Audit | 3423 Views

NFRA Set to Propose Audit Norms for LLPs in 25th Nov Board Meeting

12 November 2024 at 05:58

The National Financial Reporting Authority (NFRA) has convened a board meeting scheduled for November 25, where it will examine and potentially set audit standards for limited liability partnerships (LLPs), according to official sources.

Posted in Audit | 2538 Views