Audit News

NFRA to have power to impose penalty on audit firms

07 March 2018 at 11:13

The Chartered Accountants Act, 1949 (Act) provides for imposition of penalties on members of the Institute of Charted Accountants of India (ICAI).The ICAI had submitted a proposal to the Government for amendment to the Act to, inter alia, provide for

Posted in Audit | 5 comments | 3195 Views

ICAI issues notice to auditors of Punjab national bank

23 February 2018 at 14:31

The attention of Institute of Chartered Accountants of India (ICAI) has been drawn to various media reports highlighting the irregularities that have taken place in Punjab National Bank (PNB). While various investigating agencies have initiated their

Posted in Audit | 4 comments | 8559 Views

Revised Formats of Statutory Auditor's Report for Urban Cooperative Banks

31 January 2018 at 11:07

FOR THE ATTENTION OF THE MEMBERSRevised Formats of Statutory Auditor's Report for Urban Cooperative Banks The Auditing and Assurance Standards Board of ICAI is issuing the following revised formats of the statutory auditor�s report for urba

Posted in Audit | 3930 Views

Draft bank branch Auditors panel of CA firms released for 2017-18

15 January 2018 at 10:34

Dear Professional Colleagues,We are pleased to inform that the Draft Bank Branch Auditors Panel of Chartered Accountants/firms for the year 2017-18 has been prepared alongwith the category of the applicants. The Draft Panel contains the following:1.

Posted in Audit | 4731 Views

Report on Audit Quality Review

16 November 2017 at 12:07

AnnouncementReport on Audit Quality Review (2016-17) of the Quality Review Board1. Government of India has, in exercise of the powers conferred under Section 28A of the Chartered Accountants Act, 1949, constituted a Quality Review Board (the �B

Posted in Audit | 3069 Views

Advise clients to approve tax audit reports timely says ICAI

30 October 2017 at 11:34

Members are requested to advise their clients to timely approve the tax audit reports under their digital signatures for the AY 2017-18 uploaded by them on the e-filing portalThe Department of Income-tax (Systems) has informed ICAI that a large numbe

Posted in Audit | 5670 Views

Amendment in revised Guidance Note on Audit of Consolidated Financial Statements

26 May 2017 at 12:36

I. The Council of ICAI at its 365th meeting held on May 17-19, 2017 considered a matter regarding amendment to paragraph 17 of Revised Guidance Note on Audit of Consolidated Financial Statements issued in October 2016. At the meeting, the Council not

Posted in Audit | 1 comments | 5592 Views

Implementation guide on Auditor's report

17 April 2017 at 11:45

Implementation Guide on Auditor’s Report under Rule 11(d) of Companies (Audit and Auditors) Amendment Rules, 2017 and Amendment to Schedule III to Companies Act, 2013(Pursuant to Notification No. G. S.R. 307(E) and Notification No. G.S.R. 308(E

Posted in Audit | 5826 Views

Highlight of the CAG report on Direct Taxes

06 April 2017 at 10:54

HighlightsThe Comptroller and Auditor General of India conducts the audit of Receipts from Direct Taxes of the Union Government under section 16 of the Comptroller Auditor General of India (Duties, Power and Conditions of Service) Act, 1971. This Rep

Posted in Audit | 4248 Views

Disclosure of specified bank notes in auditor's report

06 April 2017 at 10:54

Regarding disclosure requirement and reporting requirement in the Auditor’s Report that the company has provided requisite disclosures in its financial statements as to holdings as well as dealings in Specified Bank Notes during the period from

Posted in Audit | 10257 Views