Deloitte Financial News

China over the auditing of Evergrande, state media reported. Additionally, a fine of 116 million yuan has also been imposed on the audit firm by Chinese government. PwC has been in focus over its role in auditing China Evergrande Group which was accused of a $78 billion fraud, triggering a client exodus, cost cuts and layoffs. In the most recent case of a Big Four auditor being hit with hefty penalties, Deloitte's Beijing branch in March last year was fined 211.9 million yuan and the branch's operations were suspended for three months after serious deficiencies were found in its audit of China Huarong Asset Management.

Deloitte has won the mandate for resolution of Jaiprakash Associates- the largest insolvency case currently, which has claims of over Rs 51509 crore and assets ranging from real estate to cement business, said a stock exchange disclosure. Deloitte will replace PwC for the sale process of Jaiprakash Associates, which is undergoing corporate insolvency and resolution process. Lenders had appointed Bhuvan Madan as the resolution professional. Going forward, Deloitte will support the RP, thus replacing PwC, said people with knowledge. Lenders have also approved a resolution to appoint legal firm Shardul Amarchand Mangaldas as legal advisor for the RP, and BDO LLP is appointed to carry out agency for specialised monitoring (ASM) related assignments for the company.

PricewaterhouseCoopers' China unit, the audit major is likely to tap senior partner from the United Kingdom to run its business in the East Asian country as fallout from collapsed property developer Evergrande continues to mount, reported The Financial Times quoting its souces.

infrastructure development, including significant investments in airways, railways, roads, and housing, the role of the real estate and infrastructure industry becomes even more pivotal. Also, with expanding business operations in India, commercial real estate developers provide necessary infrastructure support as businesses require specialised office spaces that accommodate their unique operational needs, including advanced infrastructure, connectivity, and scalability. Crucial to the above development is the taxation framework, the Goods and Services Tax (GST) regime. Major Overhaul for Construction Sector in the year 2019

MSKA & Associates, the audit firm of embattled edtech startup Byju's, has informed the company's board of its resignation as statutory auditor with immediate effect, said two people aware of the development. This will affect the firm's audit for FY23 accounts. It had been appointed for a five-year term ending FY27. In the resignation letter, the auditor also cited a suspicious transaction related to Dubai-based reseller More Ideas General Trading LLC that had been reported to the ministry of corporate affairs (MCA) on September 2, said the people quoted above. This involves recovery of about ₹1,400 crore from the reseller. ET had reported February 19 that investors in Byju's had raised red flags over the management's failure to recover dues in this particular transaction.

Having joined the firm in 2019 as a senior associate, Hindocha rapidly rose through the ranks and was appointed director in 2021, before her promotion to partner in June this year.  Hindocha joined from Deloitte's private client services team and will take charge of overseeing the UK family office business to «ensure continued growth of the business and collective achievement for the UK family office team», the company added.  Stonehage Fleming poaches Aegon investment manager for partner role Greg Harris, head of family office, British Islands, said: «Over the last five years, Hin...

₹5 lakh to clean a water body, which greatly increases water storage and helps replenish groundwater. Farmers benefit from better crop yields and the reduced need for fertilizers that using silt assures them. Many similar success stories across India show how community-driven water body rejuvenation can change lives.

Mint. Interestingly, the compensation of women independent directors has doubled in these five fiscal years, while their male counterparts have seen a 1.7x increase in the same timeframe.

LTA rules can be confusing, especially regarding air travel. ET Wealth Online addresses common queries about LTA for employees.

₹5 trillion has been detected, and of this, ₹1.2 trillion has been paid voluntarily by the assesses," the first person said. A large chunk of the total tax evasion detected—about ₹1 trillion—accounts for using fake input tax credits, said the person. The value of the taxable sales in these cases would be significantly higher than ₹5 trillion as GST is levied only as a percentage of the sale value.

Indian institutional investors now consider sustainability information essential in their due diligence process, a study by Deloitte and The Fletcher School at Tufts University said, adding as sustainability becomes more integral to investment management, trust in the ESG data used to inform these decisions is lacking, posing challenges in accessing trustworthy data. «According to Indian investors, the inconsistency or incomparability of ESG rating data (73 per cent), cost constraints on integrating ESG data into investment decision models (71 per cent) and lack of measurable outcomes in corporate disclosures (70 per cent) reduce the trust factor of available sustainability data, inhibiting their ability to implement ESG investment strategies,» Deloitte said citing its study titled 'Investor trust in sustainability data'. The study further highlights that Indian investors are more likely to trust in-house proprietary data systems and audited (or assured) corporate disclosures for sustainability analysis. However, as compared with global investors, Indian investors are less likely to rely on external data sources and ratings.

Table Space, one of the largest managed workspace providers has strengthened its top leadership team. The firm has appointed John Hogan as Chief Sales Officer, Americas and Robert Newman as Non-Executive Chairman. The recent leadership appointments reflect the company's commitment to its larger expansion plans focused on Global Capability Centres (GCCs); further reflecting the healthy demand of clients looking to establish their presence in India. “As a pioneer of managed office spaces (MOS) in India, Table Space has experienced significant growth since its inception. Today, 41% of our growth is driven by our existing Fortune 500 and GCC-focused clients. Given the trust placed in us by these global organisations, it was crucial for us to bring on board strategic leaders with international expertise to strengthen our relationships with current and prospective clients. Robert's deep knowledge of the GCC market and John's extensive experience in corporate real estate will complement our growth trajectory, helping us achieve new milestones. I am thrilled to have them join us at Table Space,” said

India needs to raise its game quickly and look beyond production-linked incentive (PLI) schemes to establish itself as a global manufacturing powerhouse and create millions of new jobs, say experts. Time, they say, is ripe for the next wave of big-bang policy measures from the government to ensure that India's efforts to bring back local manufacturing in a big way pays off. Some suggested steps include creating world-class, export-oriented industrial hubs (where India is a laggard), ringing in favourable tax treaties with the country's top trading partners, bolstering logistics infrastructure (including connectivity with ports), encouraging sector-specific skill development, targeting high-volume local production of capital goods and investing in smart manufacturing facilities. These enablers, they say, are critical to boost India's value proposition and getting the biggest global players to invest top dollars in mega manufacturing capacities in critical sectors such as automobiles, renewable energy, telecoms equipment, electronics and batteries — more so in a changing geopolitical scenario when global companies are increasingly looking to cut their dependence on China and eying India as an alternate manufacturing hub.

McKinsey's managing partner in February 2024, Bob Sternfels faced the crucial decision of appointing a global leader of firm strategy to navigate the management consultancy through the pervasive impact of technology, the disruptive potential of AI and rapidly changing client demands. His selection for the role was Ashutosh Padhi, an IIT-Kanpur and IIM-Ahmedabad alumnus. “I chose Ashutosh Padhi, who led our North America business, to drive the innovation agenda that’s critical for the firm’s future. He is now in charge of ensuring we innovate our models rapidly,” Sternfels told ET a few days back.

Deloitte, one of the top four professional services firms, has leased 175,000 sq ft of office space at the upcoming Prestige Trade Tower near the Delhi airport, said two people aware of the development

Telecom companies and phone users may not derive value from the regulator's proposal to bring back yesteryear SMS/voice/data-only packs, according to industry executives, who pointed out that such plans already exist for various durations.

Sovereign Gold Bonds (SGBs) are an important investment option for retail individual investors. Any change in the taxation of SGB will have a material impact on your total returns. Budget 2024 has proposed several changes that may directly affect the taxability of your SGB investment if it is sold before maturity or prematurely redeemed.

Luxury products such as watches, handbags, and high-end televisions are set to get costlier with the government proposing to levy 1% tax collected at source (TCS) on notified goods of value priced at more than ₹10 lakh. The tax is, however, unlikely to dent demand as these products are largely bought by well-heeled consumers, according to retailers and market experts.

Economic Survey has projected a conservative growth of 6.5-7 per cent for the current fiscal year because of global uncertainties and various domestic challenges, experts said on Monday. The projection is lower than 8.2 per cent growth rate estimated in 2023-24 and tad lower than Reserve Bank's forecast of 7.2 per cent for the current financial year.

Aanvi Kamdar, a 27-year-old chartered accountant working in Deloitte and social media influencer from Malad, died after falling 350 feet from a hillock near the Kumbhe waterfall while filming a reel. She was part of a seven-member group of picnickers who alerted authorities following her fall. Despite a six-hour rescue operation, Kamdar was declared dead on arrival at the hospital.

Canada’s annual inflation rate slowed to 2.7 per cent in June from 2.9 per cent a month earlier, a softening that removes at least one obstacle to another potential Bank of Canada interest rate cut next week.