Auditors fear that at a time when they are working from home and unable to hit the ground, technology could be the only solution that could give them comfort as the fear of fraud increases due to movement restrictions and inability to do physical checks.
Senior executives at top law firms such as Khaitan & Co, Trilegal, Cyril Amarchand Mangaldas and Phoenix Legal said business activity has regained steam in June and July, though not akin to pre-pandemic levels.
In most cases, insiders say the demand is that fee be increased by at least 25%. An internal risk analysis identified several companies that could face problems from regulators, including NFRA, the Economic Offences Wing or Enforcement Directorate.
"Government should consider the promulgation of a National Litigation Policy which provides for a comprehensive, consistent and considered approach to Government litigation. This would help as the Government being the biggest litigant in the Indian court system will have the ability to end the litigations on a rule-based system i.e. without allegations of fear or favour," says Vijayendra Pratap Singh.
These changes to Ind AS will allow companies to show the benefit in their profit and loss (P&L) account. The move comes as a huge relief for airlines or retail chains that have many assets or properties on hire. Until now, if any terms and conditions of an existing lease contract changed, then it would have to be treated as a new lease contract.
While Ind-AS 103 pertains to business combinations, Ind-AS 116 relates to principles for recognition, presentation and disclosure of leases. In the wake of the pandemic, many lessors have extended rent concessions to lessees. However, applying the Ind-AS 116 requirements for changes to lease payments could have posed practical difficulties in the current situation.
Rukshad Daruvala is at least the second auditor in the matter to be barred by NFRA. However, NFRA's ruling would not come into force till July 31 due to a Delhi HC order passed in June. Deloitte Haskins and Sells LLP, which conducted the statutory audit of IFIN for 2017-18. aruvala was Engagement Quality Control Reviewer (EQCR) in the statutory audit of IFIN for 2017-18.
The insolvency regulator in a June 8 order penalised Vijay Kumar Garg, the resolution professional for Gitanjali Gems, Nakshatra World and other companies promoted by Mehul Choksi, accusing him of “attempted to siphon off crores of rupees” from the companies he was managing through the insolvency process.
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The survey finds that 42 percent respondents indicated that over 20% of their day to day legal work could be taken over by technology such as AI in the next three to five years, and 81 percent respondents cite the ability to understand and anticipate client needs would be the most sought-after skill among lawyers in the next 3-5 years followed by tech proficiency.
“Udayan Sen is debarred for the period of seven years from being appointed as an auditor or internal auditor or undertaking any audit in respect of financial statements or internal audit of the functions and activities of any company or body corporate,” NFRA said in a statement on Wednesday.
Elaborating on consumer spending habits, the KPMG India survey said,"78 per cent of the respondents claim to reduce on discretionary spending...tier-II and -III cities are 1.9x more positive than the tier-I cities."
The inquiry is focused on the allegations of fraud at IL&FS after the company failed to meet debt obligations in September 2018, triggering a crisis of confidence in India’s non-bank lending industry. NFRA investigations are crucial as the regulator body has power to ban an audit firm for up to 10 years.
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