Several industry bodies have told the government that the existing framework in this regard is adequate and benchmarked with the best global practices.
With the new announcements, Deloitte’s partner tally crosses 480. The promotions were across the five verticals — audit, tax, consulting, financial services and risk— but audit division saw the maximum number of partner induction (over 10).
PwC India is deferring promotions, increments and bonuses for all its employees in India due to Covid impact.
According to the report by Centre for Economic Policy Research (CEPR), a rapid increase in the volume of data requires auditors to be equipped with the latest available technological tools to analyse a much higher volume of data in their audits than previously required.
“Grant Thornton has already started scrutinising documents related to transactions,” said one of the persons in the know. “The existing administrators want to make things transparent so that the matter does not impact the valuation of DHFL assets.”
The central bank has been in touch with auditor BSR & Co., which is a part of KPMG India, over the past few months. But the central bank will now specifically look at whether the auditor had issued any warnings over the past 12 months. Officials aware of the central bank’s plans told ET that RBI officials had already held meetings with Yes Bank’s new audit committee.
The Big Four employ about 200,000 in India. On average, around 40% are women. Clients of the Big Four are pressing for better diversity at workplaces to make them future-ready, a senior partner with a Big Four firm said. However, women in leadership roles cannot be increased overnight, countered another senior executive.
The company, which had set up its first office in 2004, has nearly 250 employees in the country and looks to hire more technology professionals here as they see a talent war at their headquarters in the US, said Kurt Gresens, managing partner, Wipfli. The consulting firm said it would expand its offices here at a bigger facility at a technology park in the southwestern part of Bengaluru.
A two-member NCLAT bench led by Chairman Justice S J Mukhopadhaya dismissed the pleas of auditors and other independent directors. The appellate tribunal, however, granted a relief to both auditors and other independent directors by allowing the operation of its earlier interim order passed on July 29, 2019 for two weeks.
The Jewar airport in Greater Noida will act as a second airport for the capital city, where, a study carried out by government said, that the existing airport is set to exhaust its capacity of over 100 million by 2023-24 – the airport in Jewar is expected to start operations around the same time.
The Companies (Auditor’s Report) Order, 2020 (Caro 2020) will be applicable for audit of financial statements of eligible companies for financial years commencing on and after April 1, 2019, and would be applicable to all those companies on which Caro 2016 was applicable.
Auditors will soon be required to provide details about companies' defaults on borrowings in a prescribed format as well as ensure disclosure of various other information in their reports, with the government putting in place a stricter framework.
An Indian Institute of Ahmedabad alumni, Kaushika, has almost two decades of consulting and industry experience working with leading Indian and global clients across industries, with a focus on consumer products, retail, pharmaceuticals and healthcare.
It also seeks a provision for time-bound disposal of complaints against auditors within 12 months.
Earlier this week PwC too said it would stop offering consulting and advisory services to the companies and banks they audit.
This essentially means that no PwC network firm would do consulting for tax advisory to any company they audit.
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