Audit News


Announcement on MEF 2019-20

 08 January 2020 at 12:34

Draft Bank Branch Auditors’ Panel of Chartered Accountants/firms for the year 2019-20 is available at www.meficai.org. Members are requested to kindly view the panel wherein we have endeavoured to cater to the queries raised by them through different modes for MEF 2019-20. In case, if ..

Posted in Audit |   786 Views




Update: The Draft Bank Branch Auditors’ Panel of Chartered Accountants/firms for the year 2019-20 is available till 2nd Jan, 2020 at www.meficai.org . We wish to inform that we are receiving the issues from the MEF Applicants mainly arising due to technological upgradation of ICAI data and ar..

Posted in Audit  1 comments |   1643 Views




The National Financial Reporting Authority (NFRA) has issued Audit Quality Review (AQR) report of the statutory audit for the year 2017-18 of IL&FS Financial Services Limited (IFIN). The statutory auditor for this engagement was Deloitte Haskins and Sells LLP (DHS). This is the first AQR repo..

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ICAI recently made an Announcement on Applicability of "Implementation Guide on Resignation/ Withdrawal from an Engagement to Perform Audit of Financial Statements" to Statutory Auditors of Listed Entities and their Material Subsidiaries. The Auditing and Assurance Standards Board of ..

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Dear Professional Colleague Subject : ICSI UDIN and eCSIN Guidelines mandatory w.e.f. 1st October, 2019 The role of the Company Secretaries as governance enablers in the Indian corporate scenario has been well acknowledged, both by the corporates and the Regulators. Company Secretaries, both i..

Posted in Audit |   1489 Views




RBI/2019-20/64 DBS.CO.ARS.No.BC.01/08.91.021/2019-20 September 18, 2019 All Scheduled Commercial Banks (other than Regional Rural Banks), Small Finance Banks, Payments Banks and Local Area Banks Madam/ Dear Sir, Concurrent Audit System Please refer to circular DBS.CO.ARS.No.BC.2..

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1  Section 197(16) of the Companies Act, 2013 requires as under: "The auditor of the company shall, in his report under section 143, make a statement as to whether the remuneration paid by the company to its directors is in accordance with the provisions of this section, whether remuner..

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It has been noticed by the Institute of Chartered Accountants of India that Financial Documents / Reports / Certificates are being signed by Non-CAs misrepresenting themselves as CA Members thereby misleading the Regulators, Authorities and Stakeholders. To curb this menace and malpract..

Posted in Audit |   612 Views




Advisory to Practicing Members conducting Cost Audit The Cost Audit Branch, Ministry of Corporate Affairs had issued an Exposure Draft for amendments to the Companies (Cost Records & Audit) Rules, 2014. However, due to certain technical issues, the new Taxonomy and the Validation Tool are yet..

Posted in Audit |   156 Views




Clarification on Auditor’s Certificate on Return of Deposits pursuant to Rule 16 of the Companies (Acceptance of Deposits) Rules, 2014  This has reference to Rule 16 of the Companies (Acceptance of Deposits) Rules, 2014 and further amendments.  In this regard, the Ministry of C..

Posted in Audit |   1161 Views





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