Audit News

ICAI Issues New Quality Management Standards: SQM 1 and SQM 2 for Auditing and Assurance

15 October 2024 at 08:50

The Institute of Chartered Accountants of India (ICAI) is issuing the following standards

Posted in Audit | 1062 Views

NFRA Imposes Rs 2 Crore Fine on Auditor, Debars CAs for Lapses in Coffee Day Enterprises Audit

12 October 2024 at 09:10

The NFRA has imposed a penalty of Rs 2 crore on the statutory auditor and Rs 15 lakh on two chartered accountants for professional misconduct during the audit of CDEL for the financial year 2019-20.

Posted in Audit | 3297 Views

NFRA Releases Revised SA 600 for Public Consultation to Strengthen Group Audits

19 September 2024 at 09:13

The National Financial Reporting Authority (NFRA) has issued revised Standards on Auditing (SA 600) for public consultation, aiming to strengthen group audits in response to deficiencies highlighted in several corporate fraud cases.

Posted in Audit | 1 comments | 2643 Views

ICAI vs NFRA: Clash Over Proposed Overhaul of Key Audit Standard SA 600

05 September 2024 at 09:10

The Institute of Chartered Accountants of India (ICAI) is in a standoff with the National Financial Reporting Authority (NFRA) over a proposed revamp of the auditing standard SA 600, which deals with the "Use of the Work of Another Auditor."

Posted in Audit | 4275 Views

NFRA Imposes Rs 10 Crore Penalty on BSR & Associates, Debars Two Auditors in CCD Case

20 August 2024 at 17:34

The National Financial Reporting Authority (NFRA) has barred Aravind Maiya, former partner at BSR & Co and current CEO of Embassy REIT, from practicing as an auditor for 10 years.

Posted in Audit | 7389 Views

ICAI | Exposure Draft: Audit Quality Maturity Model (AQMM) Version 2.0 Open for Public Comments

13 July 2024 at 09:12

The Centre for Audit Quality proposes to bring out version 2.0 of the Audit Quality Maturity Model.

Posted in Audit | 339 Views

ICAI Gains Full Power to Regulate Big Four Audit Firms

06 July 2024 at 12:54

In a landmark decision, the Delhi High Court has reaffirmed the regulatory powers of the Institute of Chartered Accountants of India (ICAI) over affiliates of the Big Four firms operating in India.

Posted in Audit | 14823 Views

ICAI Takes Action Against 3 EY Affiliates and Retired Partner for Professional Misconduct

30 April 2024 at 14:29

ICAI has made a decisive move, passing an order against auditing powerhouse EY's three affiliates and a retired partner, alongside disciplinary action against S V Ghatalia & Associates, LLP, and its partner for "professional misconduct."

Posted in Audit | 4752 Views

ICAI CCM Dhiraj Khandelwal Clarifies On NFRA Order of Rs 1 Crore Penalty

30 April 2024 at 11:11

In a recent development, CCM Dhiraj Khandelwal has addressed the concerns on 'X' surrounding the NFRA order imposing a significant penalty on Audit Firm M/s Dhiraj & Dheeraj.

Posted in Audit | 17085 Views

NFRA Imposes Rs 1 Crore Monetary Penalty on Audit Firm M/s Dhiraj & Dheeraj

29 April 2024 at 09:26

Audit Firm M/s Dhiraj & Dheeraj, along with CA Piyush Patni (EP) and CA Pawan Kumar Gupta (EQCR), have been found guilty of professional misconduct.

Posted in Audit | 22554 Views