Audit News

ICAI Releases Guidance Note on Audit of Banks - 2025 Edition

19 February 2025 at 08:36

The Auditing and Assurance Standards Board (AASB) of the Institute of Chartered Accountants of India (ICAI) has released the Guidance Note on Audit of Banks (2025 Edition). This annual publication serves as a comprehensive resource for auditors condu

Posted in Audit | 708 Views

Parliamentary Panel Questions MCA on NFRA's Performance, Budget Utilisation & Audit Oversight

18 February 2025 at 08:53

The Standing Committee on Finance, chaired by BJP MP Bhartruhari Mahtab, has sought detailed written responses from the Ministry of Corporate Affairs (MCA) regarding the functioning of the National Financial Reporting Authority (NFRA)

Posted in Audit | 429 Views

ICAI Introduces Revised Merger and Demerger Guidelines 2024 for CA Firms

12 February 2025 at 07:14

The Institute of Chartered Accountants of India (ICAI) has introduced the ICAI (Merger and Demerger of CA Firms) Guidelines, 2024, aimed at streamlining the process of firm mergers and demergers.

Posted in Audit | 1647 Views

Draft Bank Branch Auditors' Panel (MEF) for 2024-25 Now Live

31 January 2025 at 09:15

The Professional Development Committee of the Institute of Chartered Accountants of India (ICAI) is pleased to announce that the Draft Bank Branch Auditors' Panel (MEF) for the year 2024-25 has been published on the official ICAI website.

Posted in Audit | 660 Views

ICAI Releases Exposure Draft of Guidance Note on Audit of Banks (2025 Edition)

25 January 2025 at 08:56

The Auditing and Assurance Standards Board (AASB) of the Institute of Chartered Accountants of India (ICAI) has released the Exposure Draft of the Guidance Note on Audit of Banks (2025 Edition) for public comments.

Posted in Audit | 750 Views

CA Claims to be Whistleblower in Torres Jewellery Fraud, Seeks Police Protection

13 January 2025 at 09:28

Days after Mumbai police initiated an investigation into the alleged multi-crore Torres Jewellery fraud case, Abhishek Gupta, a 31-year-old chartered accountant, has approached the Bombay High Court seeking police protection.

Posted in Audit | 4368 Views

Chartered Accountants to Report FCRA Breaches in NGO Audits: MHA Directive

07 January 2025 at 08:49

The Foreigner's Division of the MHA has introduced new regulations requiring Chartered Accountants (CAs) to include specific declarations regarding compliance with the Foreign Contribution (Regulation) Act, 2010 (FCRA) when filing audit returns for NGOs.

Posted in Audit | 2853 Views

ICAI Set to Finalize International Networking Guidelines for CA Firms by FY 2024-25

06 January 2025 at 08:54

The Institute of Chartered Accountants of India (ICAI) is gearing up to finalize its international networking guidelines for Indian chartered accountant (CA) firms by the end of this fiscal year.

Posted in Audit | 1 comments | 7173 Views

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 | 4383 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 | 1494 Views