Audit News

NFRA Initiates First Annual Inspection of Key Audit Firms by April 2024

Posted in Audit on 20 February 2024
The National Financial Reporting Authority (NFRA) is set to embark on its inaugural annual review of prominent auditing organizations, including the industry's ..

ICAI releases Guidance Note on Audit of Banks - 2024 Edition

Posted in Audit on 15 February 2024
The area of operation / function of the Personal Banking Department is typically confined to resource mobilization, i.e., source of funds (for the bank) in the ..

ICAI Issues SA 800 (Revised), SA 805 (Revised) and SA 810 (Revised)

Posted in Audit on 08 February 2024
Issuance of SA 800 (Revised), SA 805 (Revised), SA 810 (Revised)..

ICAI Releases Draft Bank Branch Auditors' Panel (MEF) for 2023-24

Posted in Audit on 26 January 2024
Draft Bank Branch Auditors' Panel (MEF) for the year 2023-24..

NFRA Unveils Audit Quality Lapses in Big 4 Network Entities

Posted in Audit on 23 December 2023
National Financial Reporting Authority (NFRA) Unveils Audit Quality Inspection Findings on Deloitte, PwC, EY, and KPMG Network EntitiesThe National Financial Re..

ICAI releases Exposure Draft of Guidance Note on Audit of Banks (2024 Edition)

Posted in Audit on 11 December 2023
Auditing and Assurance Standards BoardThe Institute of Chartered Accountants of India10th December, 2023Exposure Draft of Guidance Note on Audit of Banks (2024 ..

Year-wise Breakdown of CA Firms Serving as Statutory Auditors in PSBs Over the Past 3 Years

Posted in Audit on 05 December 2023
As per information received from RBI, Year-wise and PSBs-wise details of the total number of CA firms engaged as Statutory Central Auditors (SCA) and Statutory ..

ICAI releases Exposure Draft of Standards on Auditing for LLPs

Posted in Audit on 25 November 2023
Exposure Draft of Standards on Auditing for Limited Liability Partnerships..

Union Finance Secretary Envisions AI's Role in Transforming Auditing and Accounting

Posted in Audit on 26 September 2023
The Union Finance Secretary, T.V. Somanathan, has expressed the view that Artificial Intelligence (AI) has the potential to replace some of the work currently d..

Deloitte to quit as Adani Ports' auditor after flagging concerns

Posted in Audit on 12 August 2023
Deloitte has decided to resign as the auditor of Adani Ports & Special Economic Zone Ltd. The decision appears to be linked to concerns over certain transaction..