Skip to main content

MCA quizzes auditors who quit assignments; explanations sought in 15 cases

By
MCA quizzes auditors who quit assignments; explanations sought in 15 cases
The Securities and Exchange Board of India is also quizzing auditors who had resigned from listed companies
The corporate affairs ministry (MCA) has sought details from some auditor companies, which resigned their assignment after the companies concerned had reportedly refused to give them adequate information. Officials said explanations had been sought from auditors in 15-odd cases. Rules, they said, were being worked on regarding eligibility to audit big companies.
These rules will be part of the proposed National Financial Reporting Authority (NFRA), as many smaller auditing firms are reportedly replacing the bigger ones that had refused to audit some companies. That apart, ministry officials said some of the auditors were citing ‘personal reasons’ for quitting, while others had not given adequate reasons. The Securities and Exchange Board of India is also quizzing auditors who had resigned from listed companies.
The move is mainly to assess how companies are hiding information from their auditors. In the past few months, auditors of at least 30 companies have exited, including big ones such as PwC and Deloitte. NFRA has been proposed to regulate the accounting professionals. It is described as not to have representation from chartered or cost accountants, to ensure regulations are not marred by a conflict of interest.
The Business Standard, New Delhi, 07th June 2018

Comments

Post a Comment

Popular posts from this blog

Data storage norm splits digital payments industry

By
Data storage norm splits digital payments industry  India’s nascent digital payment industry could be thrown into disarray due to the demand by the Reserve Bank of India (RBI) that all user data be stored within the country, fears an industry grouping, which has termed the decision as “heavy-handed”, even as others, including the country’s largest digital payment provider Paytm, have hailed the move.  In a bid to narrow the growing schism, the industry is planning to send a formal representation to the regulator highlighting its concerns, a top official told ET.  “We are trying to build a consensus on the issue," said the person adding that the representation to the central bank will be ready this week.  RBI on April 6, mandated all payment companies—global and local—to set up data storage facilities within India by October. The stringent six-month deadline has attracted the ire of several sections of the industry that fear it will lead to a disruption of wel...
18 comments
Read more

Offer’s for all of you

By
Great Bumper Dhamaka Offer’s for all of you... It's Time to see your Business Online, WebeCreator Offer Website Designing with domain & Email @ nominal charges. For a year For More information visit us http://goo.gl/KlpppF call on 9890151261/9773197533  drop a mail to sales@webecreator.com
Post a Comment
Read more

Sebi to finalise options in commodities today

By
The Commodity Derivatives Advisory Committee of the Securities and Exchange Board of India ( Sebi) will meet on Friday with senior officials of the latter, to give a final shape to the rules on options trading in commodity futures, beside revising the warehousing norms to ensure good delivery on settlement. The decision taken, after discussing with the advisory committee, will be placed before the regulator’s board, to finalise the regulations. According to knowledgeable sources, three commodities in each segment, agricultural and non- agricultural, have been proposed for introducing options. It appears commodities from the soya and guar segments are preferred in the former. From the non- agri segment, it is likely that gold, silver and crude oil will be finalised. All these These have better liquidity and both the National Commodity and Derivatives Exchange and the Multi Commodity Exchange, respectively, will be able to introduce the options. In the equity segments, options ar...
17 comments
Read more