Connect with us

Business

Auditors seek fine-tuning audit report guidelines,approach Sebi

Published

4 years ago

on

Auditors seek fine-tuning audit report guidelines,approach Sebi

Audit companies are in search of a rethink of recent pointers that require them to vet every whistleblower criticism and concern assessments on firm’s financials. According to the individuals in know, auditors have approached the Securities and Exchange Board of India (Sebi) and National Financial Reporting Authority (NFRA), in search of a leisure, as they imagine some features of disclosure require tweaking and nice tuning.

These new disclosures and assessments are part of the Companies (Auditor’s Report) order, or CARO, efficient this monetary 12 months, the place auditors are required to report extra extensively on many essential features together with frauds, mortgage defaults, whistleblower complaints and benami properties.

Similarly, an auditor is required to contemplate, whereas forming his opinion on the monetary statements, all of the whistleblower complaints. The firms will now have to institutionalise a means of collating such information and sharing with auditors. The auditor may have to guage every certainly one of them to know the affect these may need on the monetary statements, and a few of them could contain vital judgment and would require auditors to hold out our further audit procedures, to establish their affect on monetary statements and audit studies, Kankani added.

While, consultants say it’s a nice step ahead within the wake of latest frauds corresponding to DHFL and IL&FS, sure features should be thought-about. “Though there might be circumstances of frivolous complaints, we must always recognise that insiders have one of the best data of frauds and this supply must be inspired,” stated Prithvi Haldea, founder, PrimeDatabase.

Advertisement

Tap To Explore More : Business Standard

Also Read : India Ratings Maintains Negative Outlook On NBFCs, Housing Finance Companies For Second Half Of FY21

Related Topics:
Continue Reading

india

Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’

Published

1 day ago

on

November 21, 2024

By

Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’

Following US SEC charges of bribery against Gautam Adani, opposition parties criticise PM Narendra Modi and call for a JPC investigation.

As billionaire Gautam Adani faces charges in the US for alleged bribery and fraud, the Opposition on Thursday intensified its attack on the Centre over its alleged links with the Adani Group.

Gautam Adani has been charged in the US with allegedly paying $250 million in bribes to Indian officials between 2020 and 2024 to secure favourable terms for solar energy contracts. The scheme, prosecutors said, could have earned Adani’s group over $25 billion in profits.

Congress demands JPC probe

Reacting to the charges, the Congress called for a Joint Parliamentary Committee (JPC) probe into alleged scams involving Adani’s conglomerate. The party also demanded the appointment of a “new and credible” Sebi chief to investigate Adani’s financial dealings and compliance with securities laws.

Advertisement

ALSO READ- At 65.2%, Maharashtra records highest voter turnout since 1995 assembly election

Congress leader Jairam Ramesh said the US Securities and Exchange Commission’s (SEC) actions highlight the failure of Indian institutions to investigate the group. “The indictment vindicates Congress’s demand since January 2023 for a JPC into the Modani scams,” Ramesh wrote on X.

He accused Prime Minister Narendra Modi of shielding Adani and claimed Congress’s “Hum Adani Ke Hain Kaun” (HAHK) series had exposed the businessman’s alleged fraud and his ties with the PM.

The fact that it has taken a foreign jurisdiction to properly investigate Adani only shows how Indian institutions have been captured by the BJP, and how decades of institutional development have been undone by greedy and power hungry leaders, the Congress leader said in another post.

Advertisement

“All of this is consistent with a long record of fraud and criminality carried out with impunity with the obvious protection of the Prime Minister,” Ramesh charged.

Other Oppn leaders join attack

Other opposition leaders joined the attack. Trinamool Congress MP Saket Gokhale questioned the BJP’s involvement in Adani’s dealings and demanded an independent judicial probe.

Aam Aadmi Party leader Sanjay Singh accused PM Modi of allowing Adani to tarnish India’s global reputation.

ALSO READ- Adani Group shares plunge after US SEC charges, Adani Green down 16%

Advertisement

Adani stocks latest updates

The allegations rattled markets, with Adani Group stocks plunging. Adani Enterprises fell 20 per cent in pre-open trade, while shares of Adani Ports, Adani Green, Adani Power, and others dropped between 7 per cent and 18 per cent.

Group Media Publications
Entertainment News Platforms – anyflix.in      
Construction Infrastructure and Mining News Platform – https://cimreviews.com/
General News Platform – https://ihtlive.com/

Continue Reading
Anyskill-ads

Facebook

Trending