Audit News
Union Finance Secretary Envisions AI's Role in Transforming Auditing and Accounting
26 September 2023 at 08:46The Union Finance Secretary, T.V. Somanathan, has expressed the view that Artificial Intelligence (AI) has the potential to replace some of the work currently done by auditors and accountants.
Deloitte to quit as Adani Ports' auditor after flagging concerns
12 August 2023 at 14:00Deloitte has decided to resign as the auditor of Adani Ports & Special Economic Zone Ltd. The decision appears to be linked to concerns over certain transactions highlighted in a report by Hindenburg Research.
ICAI released Guidance Note on Tax Audit u/s 44AB of IT Act for AY 2023-24
24 July 2023 at 08:44The Institute of Chartered Accountants of India (ICAI) has released the Exposure Draft Guidance Note on Tax Audit under Section 44AB of the Income-tax Act, 1961 for the Assessment Year 2023-24.
ICAI releases Exposure Drafts of SQM 1, SQM 2, SA 220 (Revised), SA 250 (Revised), SA 315 (Revised), SA 540 (Revised) and SRS 4400 (Revised)
12 July 2023 at 08:58Exposure Drafts of SQM 1, SQM 2, SA 220(Revised), SA 250(Revised), SA 315(Revised), SA 540(Revised), SRS 4400(Revised)
ICAI Extends Cutoff Date for Bank Branch Auditors Panel Preparation
01 July 2023 at 08:49Cut-off date for the constitution of the firm and its members will now be as on 1st July, 2023 considering submission of Form 18 up to one month of submission (till 31st July, 2023) without condonation of delay
One-Time Redressal Window made available for UDIN Modifications in O/o C&AG Application
27 June 2023 at 15:18A One-Time Redressal Window is being made available for 3 days from 27.06.2023 to 29.06.2023
Deloitte resigns as auditors of Byjus cites delay in providing financial statement of 2022
23 June 2023 at 08:59Audit firm Deloitte has resigned as auditors of BYJU'S citing a delay in submission of financial statements while almost simultaneously three of the edtech firm's board members have quit in what is being seen as a deepening crisis at the decacorn.
ICAI releases checklist on Standards on Auditing
23 June 2023 at 08:55This Standard on Auditing (SA) establishes the independent auditor's overall responsibilities when conducting an audit of financial statements in accordance with SAs.
ICAI organizes expert panel for addressing queries related to statutory audit pertaining to auditing aspects
18 April 2023 at 08:40ICAI has decided to provide necessary support to the members in practice with respect to the Statutory Audit of Entities pertaining to auditing aspects with the objective of enhancing audit quality.
ICAI issued clarification on acceptance of certain assignments by concurrent auditor of bank branches
10 April 2023 at 08:39The members have sought guidance from the Institute on the matter of acceptance of certain assignments by the Concurrent Auditor of Bank Branches.
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