Audit Financial News

I-T department said extensive outreach programmes were carried out to facilitate the taxpayers. “Around 55.4 lakh outreaches were done through e-mails, SMSs, social media, along with information messages on Income Tax portal to create awareness among the taxpayers to file the Tax Audit Reports and other audit forms within the due date," it said.

₹18 lakh have been imposed on the auditors for their professional misconduct. The 18 auditors have been debarred for a period of six months to 1 year from “being appointed as an auditor or internal auditor or from undertaking any audit in respect of financial statements or internal audit of the functions and activities of any company or body corporate".

income tax audit report under section 44AB of the Income Tax Act, 1961, has not been extended by the income tax department. If a taxpayer has not submitted the audit report on or before September 30, 2023, they can still do it, albeit by paying a penalty. The Income Tax Act levies a penalty of 0.5% of the total sales/turnover/gross receipts (whichever is applicable) or Rs 1.5 lakh whichever is lower, for late submission of tax audit report. It is important to note that if the income tax return is filed without the submission of an audit report, then it will be considered as a defective ITR.

Bombay High Court against the forensic audit process of the company. Earlier in August this year, Kishore Biyani and his brother Rakesh Biyani were asked by Bank of India to respond to findings made in the forensic audit report by BDO, a forensic auditor appointed by the leading financial creditor of Future Retail Ltd (FRL). The forensic auditor had submitted its report on August 9, 2023, and Bank of India sought representation/submissions from the company over the credit facilities availed by Biyani, which was replied by the resolution professional on August 28, 2023, FRL said in a regulatory filing. «Kishore Biyani — Director of the Company, has filed a writ petition before High Court, Bombay, inter alia challenging the Forensic Audit process, including the Forensic Audit Report dated August 09, 2023, submitted to BOI by BDO India,» FRL said. Bank of India is the lead creditor of FRL, and CIRP was initiated against the retailer on its plea. The deadline to complete the CIRP of FRL was September 15.

Supreme Court on Friday refused to entertain a PIL seeking an audit of the software used in electronic voting machines (EVMs) used by the Election Commission. A bench comprising Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Misra said no actionable material that the poll panel «acted in breach of constitutional mandate» in holding polls has been placed before it. «The Election Commission is entrusted with the control over elections.

Ethereum (ETH) developers have introduced a new smart contract standard, ERC-7512, aimed at enhancing transparency and accessibility to smart contract audits for decentralized finance (DeFi) protocols.

income tax audit is completed, an individual should check certain things. This is to ensure that the income tax auditor has not made any mistakes while submitting the audit report. If there is a mistake in the audit report, then an individual will be first required to prove to the income tax department that the mistake was made by the auditor. This must be done to avoid a penalty being levied by the income tax department due to the wrong information in the audit report. Further, the individual will have to hire an auditor again to get the audit done once more. Here are four things you must check after theincome tax audit report has been submitted by your tax auditor.Correct forms used for income tax audit According to Shalu Kedia, Director, Audit & Assurance, Nangia & Co LLP, an audit and business consultancy company, «Individuals mandatorily required to get tax audit done should ensure that their auditor has submitted correct forms as required by law. An auditor is required to give report in Form 3CB along with a detailed particulars mentioning 44 clauses in Form 3CD. These forms are used if income tax audit is mandatory for income tax purposes. However, if the individual is required to get books audited for any other law (like Companies Act, 2013), then the auditor will give report in Form 3CA along with detailed particulars in Form 3CD. So, in essence, Form 3CD is a common form for all individuals who are required to comply with income tax audit. The requirement of Form 3CA and Form 3CB will depend upon the category of the individual.» Hence, an individual should check whether the tax auditor has furnished the correct audit forms or not.

The Securities and Exchange Commission is poised to impose new fees on brokers to help pay for an expansive market-surveillance system. 

The big four accounting firms earned 99.3 per cent of audit fees paid by Australia’s 200 largest listed companies last year, a proportion described as “to be expected” in any competitive market.

DGCA on Tuesday suspended the approval for Air India’s Mumbai Aviation Training Organisation. The facility houses the simulator for Boeing 777, 787 and 737 pilots.

income tax audit purposes, an individual with business or professional income is required to maintain several documents. The list of documents includes books of accounts, cash books, ledgers, journals, etc. Further, all these documents have to be maintained in a specific format and as per prescribed principles. “The government mandates income tax audit for high-earning businessmen and professionals to ensure accurate reporting, prevent tax evasion, and maintain fairness in revenue collection. Audits also help scrutinize complex financial transactions and enhance overall tax compliance,” said Naveen Wadhwa, VP, Taxmann, a Delhi-based company that publishes tax books.

The U.S. Securities and Exchange Commission (SEC) has charged London-based audit firm, Crowe U.K. LLP, its CEO, Nigel Bostock, and senior auditor, Matthew Stallabrass, concerning their deficient audit of the music streaming company, Akazoo Limited. The parties involved have agreed to settle the SEC's charges.

Directorate General of Civil Aviation has found that Tata Sons-owned Air India made forged reports of spot checks that it did not actually carry out. The audit report, seen by ET, says the airline fabricated reports of 13 checks at three stations. “After cross verification with CCTV // footage//, it was understood that 13 spot checks shown to be carried out at Delhi, Mumbai and Goa were established to have not been carried out. However, reports were subsequently falsified when the DGCA asked for it,” the civil aviation regulator said in the audit report. Still, the reports were accepted by two top officials of the airline, the DGCA said.

Supreme Court on Friday allowed completion of a forensic audit of Ruchi Soya Industries (now taken over by Baba Ramdev's Patanjali Ayurved) and asked its erstwhile management to cooperate in the process. The audit has been initiated at the instance of IDBI Bank, which is leading a consortium of lenders of Ruchi Soya. «It is imperative that the fresh forensic audit be taken to its logical conclusion,» solicitor general Tushar Mehta told a bench led by Justice Sanjiv Khanna, adding the allegation involved misappropriation of ₹9,000 crore of public money advanced by banks. Appearing for IDBI Bank, the SG, along with counsels Akshay Sapre and Abhijeet Swaroop, argued that only a forensic audit would unearth any financial mismanagement that has taken place in the company. The bank also wanted restoration of its contempt proceedings initiated against Ruchi Soya's former MD Dinesh Shahra, as it claimed the audit could not be concluded due to his non-cooperation.

The Chinese shadow banking giant whose liquidity crisis has fanned fears about financial contagion is planning to restructure its debt and has hired KPMG to conduct an audit of its balance sheet, people familiar with the matter said.

The Central Board of Direct Taxes on Wednesday released the 13 page draft form 6C, which will be used to report the inventory valuation in case of special audit of accounts directed by assessing officer. The businesses will also have to provide valuation of raw material, date of purchase, use of the inventory, valuation of by-products and cost of contract by the company.

Accounting bodies have softly lashed the corporate watchdog for axing its annual report card on big four accounting firms’ audit quality, cutting the program size, and ditching its chief accountant.

The starting pay for most auditing staff in parts of EY’s financial services division will not increase this year, at the same time the firm has told clients that “significant wage inflation” had forced it to increase its audit fees.

A forensic audit into Lebanon’s central bank by a New York-based company has revealed yearslong misconduct by the bank’s former governor and $111 million in “illegitimate commissions.”

₹ 5 lakh per family per year to over 10.741 crore families from the poor and vulnerable section of the population. PMJAY is an entitlement-based scheme which aims to improve affordability, accessibility, and quality of care for the poor and vulnerable section of the population. So far, 5,47,68,027 hospital admissions have been authorized and 24,42,78,276 Ayushman cards have been created under the scheme.

New York | Two people found guilty in a corruption scandal involving KPMG US and the US audit regulator will have their convictions dropped, after prosecutors conceded they had misinterpreted the law.