Audit News

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 | 894 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 | 891 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 | 4617 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 | 3027 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 | 7452 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 | 4527 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 | 1599 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 | 4374 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 | 2190 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 | 14343 Views