An investigation against PwC and its functionaries commenced on the basis of specific input stating that the company had allegedly received huge foreign investments from abroad in the guise of ‘grants’.
Institute of Company Secretaries of India (ICSI) President Ranjeet Pandey said that company secretaries do not have any intention to become accountants.
The Securities and Appellate Tribunal (SAT) on Monday quashed an earlier order of Securities and Exchange Board of India (SEBI) to ban Price Waterhouse, an affiliate firm of PwC India, from auditing listed companies for two years due to its role in Satyam fraud about a decade back.
SAT ruling went on to add that Sebi in fact has no jurisdiction banning any audit firm.
The development comes a day after the Bombay High Court temporarily stayed the proceedings against KPMG-affiliated audit firm BSR & Associates LLP.
Lenders want auditor to study intra-group transactions, seek report in 30-45 days
BSR and N Sampath Ganesh, a partner with the firm, had last month filed a case against the government after NCLT allowed its proposed removal as auditors of IL&FS Financial Services (IFIN) for its alleged role in financial irregularities in the firm.
The govt is set to notify a new form that will require auditors to file all key findings about companies.
Alongside this role, Smith will also serve on the audit committee of QuEST Global.
This will help serve the areas of J&K, and Ladakh, both of which were recently declared union territories by the government after the abrogation of Article 370 and Article 35A, which gave the formerly unified state of J&K (which included Ladakh) special status .
BSR on Thursday filed a writ petition challenging the NCLT order where it, was sacked from auditing IFIN.
BSR & Co LLF had been appointed as statutory auditors of Ricoh (lndia) following shareholders' nod on September 24, 2015 to hold office for a period of five consecutive years.
Official sources told ET that EY jointly audited ITNL along with Deloitte Haskins and Sells (DHS) in FY17. After that date, EY has been the firm’s auditor.
Some shareholders of Reliance Group are mulling action against the auditor for eroding their investments.
Any restriction on the Big 4 could have a serious impact both on equity and debt flows into the country.
The audit firm found significant deficiencies in the grant and rollover of inter-corporate deposits.
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