Audit Financial News

IIFL Finance Ltd and JM Financial Products Ltd (JMFPL) as it has initiated the process for appointment of auditors. The central bank has floated two separate tenders for appointment of auditors for special audits of the two non-banking finance companies (NBFCs).

IIFL Finance Ltd and JM Financial Products Ltd (JMFPL) will undergo a special audit to further probe their regulatory breaches, as the Reserve Bank has initiated the process for the appointment of auditors. The Reserve Bank has floated two separate tenders for the appointment of auditors for special audits of these two non-banking finance companies. Audit firms empanelled by the Securities and Exchange Board of India (Sebi) for forensic audit can participate in the tendering process, and the last date for submission of bids is April 8, as per the tender document published by the Reserve Bank of India. The selected firms will be awarded work on April 12, 2024, as per the bid documents.

Worldcoin has released the results of a third-party audit conducted by Trail of Bits focused on its iris-scanning Orb technology.

Boeing received bad grades in a government audit of manufacturing quality, and the company says it's making changes to address the situation

By Huw Jones

The European Union says it will pay $54 million to the main provider of aid in Gaza next week

Several U.S. accounting giants had greater deficiencies in their audits of public companies’ 2021 financial statements compared to the previous year, according to annual inspection reports released Wednesday by the Public Company Accounting Oversight Board. The regulator, which compiles its findings with a lag, inspected 215 audits conducted by the Big Four accounting firms in the U.S.—Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers—down from 220 a year earlier.

apex auditors of various nations, including India, are firming up an international framework for auditing regional and municipal bodies to gauge the performance of such grass-root level institutions, comptroller and auditor general (CAG) of India Girish Chandra Murmu said on Wednesday. India is planning to host a conference of the supreme audit institutions (SAIs) of Asia in September where a preliminary draft framework for such auditing standards could be deliberated on, Murmu said on the side lines of an event. As many as 262,000 local bodies exist in rural India alone, he said. Local bodies directly get a 4.2% of the Union government’s total divisible tax pool. A global framework assumes significance, as these local institutions play a crucial role in the implementation of various welfare programmes and other projects of both the Union and state governments in every nook and cranny of the nation. Better audit standards will not just result in greater transparency but also effective last-mile delivery of various schemes.

Pakistan’s imprisoned former Prime Minister Imran Khan is writing a letter to the International Monetary Fund urging it to link any talks with Islamabad to an audit of the country’s recent election

Indian Energy Exchange (IEX), Hindustan Power Exchange (HPX) and Power Exchange India Ltd (PXIL)— the CERC stressed the need for a comprehensive review of operations at the exchanges in order to ascertain compliance with the provisions of the Power Market Regulations (PMR) 2021. “The commission directs its staff to arrange to conduct an audit of the processes as well as software of the three power exchanges in terms of the relevant provisions of PMR 2021.

NFRA) will initiate the first annual inspection of key audit firms-including the Big Five-latest by April, focussed on their processes and standards adopted, people aware of the regulator's thinking told ET. The regulator will also gauge the Big Five's compliance with the suggestions made in its December 2023 reports in which it had flagged deficiencies in their work processes, including on non-audit services that they provide to the same companies of which they are the statutory auditors, one of the persons said. It will select some other auditors as well for the inspections, based on certain «risk-based parameters» that it's finalising by using data analytics, ET has learnt.

Jan 22nd, Panama – Gate.io, a leading crypto exchange and Web3 innovator, announced that its latest Proof of Reserves (PoR) methodology passed a comprehensive security review conducted by Hacken, a pioneer in blockchain and Web3 security auditing. The accompanying report found no severe issues.

National Financial Reporting Authority (NFRA) is planning to directly engage audit committees of large listed companies to sensitise them about accounting standards and their role, a first-of-its kind regulatory outreach to curb corporate frauds, people aware of the watchdog's thinking told ET. The audit regulator is firming up a mechanism to hold regular huddles with the audit committees, said one of the persons, who did not wish to be identified. These committees comprise mainly independent directors and oversee the statutory audit compliances of companies.

By Allan Lanthier

MCD schools were deprived of financial benefits under various schemes from 2016-17 to 2022-2023 session, an audit report of the municipal body's Department of Education, shows. According to the audit report dated November 11, 2023, the Municipal Corporation of Delhi's Education Department failed to provide the financial benefits under different schemes of the government of NCT Delhi to nearly 3,83,203 students due to non-opening of bank accounts required for the disbursement of funds.

NFRA) on Friday came out with an inspection report on audit firm Walker Chandiok & Co LLP (WCCL), flagging lapses, including the “lack of integration between electronic and paper files” and rendering of non-audit services prohibited under the Companies Act, 2013, in two instances. The regulator said the audit documentation of the firm comprises electronic audit documentation and physical files. The lack of integration between electronic and paper files poses risks of non-compliance with audit standards and quality control and “raises concerns about the reliability of audit documentation”, it added. It said Grant Thornton Bharat LLP (GTBL), Grant Thornton Advisory Private Ltd (GTAPL) and Grant Thornton International Limited (GTIL) are related entities of WCCL either “directly or indirectly” as per explanation to the Section 144 of the Companies Act, 2013.

NEW DELHI: India’s audit regulator on Friday pointed to gaps and inadequacies in procedures followed and documentation of statutory audits done by top audit firms. The National Financial Reporting Authority (NFRA) issued its report after inspections at BSR & Co. LLP, Price Waterhouse Chartered Accountants LLP, Deloitte Haskins & Sells LLP, and SRBC & Co.

NFRA) has found certain lapses in the auditing-related activities of the network entities of the Big 4 during detailed audit quality inspections. The watchdog carried out audit quality inspections of the firms — Deloitte, Haskins & Sells LLP, BSR & Co LLP, SRBC & Co LLP and Price Waterhouse Chartered Accountants LLP.

Binance has completed a comprehensive SOC 2 Type II compliance audit, aiming to further enhance cryptocurrency security.

The NAO highlighted that, although the FCA had required crypto firms to comply with anti-money laundering regulations in January 2020, the regulator did not take any enforcement action against illegal crypto operators until February 2023.

NEW DELHI : The National Financial Reporting Authority (NFRA) has debarred two partners of a Mumbai-based firm for alleged professional misconduct in auditing Devan Housing Finance Corp. Ltd’s FY18 accounts, as part of the watchdog’s efforts to improve audit quality. The regulator debarred a partner at Chaturvedi & Shah LLP for 10 years, and another for five years.