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CAG engaging CA firms will not compromise auditor's independence, says ICAI

Economic Times

Economic Times · 1m ago

CAG engaging CA firms will not compromise auditor's independence, says ICAI

The Institute of Chartered Accountants of India (ICAI) has addressed concerns regarding the Comptroller and Auditor General's (CAG) decision to engage CA firms for auditing central autonomous bodies. ICAI asserts that this move will not compromise the auditor's independence or constitutional role. Instead, it enhances audit quality and ensures effective coverage. Supported by professional standards and ethical safeguards, this strategy also boosts CAG's capacity for compliance and performance audits, countering objections raised by an MP to the President.

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ICAI expects to finalise int’l networking guidelines for CA firms this fiscal

Livemint

Livemint · 7m ago

ICAI expects to finalise int’l networking guidelines for CA firms this fiscal

The Institute of Chartered Accountants of India (ICAI) is expected to finalize international networking guidelines for Indian chartered accountant firms this fiscal year. The aim is to make Indian CA firms bigger and enable them to compete globally. Currently, there are no guidelines for international networking of Indian CA firms. The ICAI is also working towards making India a global accounting and auditing hub. Efforts are being made to ease advertising and client solicitation norms for CAs, and changes to certain auditing standards are being communicated to the corporate affairs ministry.

Let's firm up for India's fab four - The Economic Times

Economic Times

Economic Times · 1m ago

Let's firm up for India's fab four - The Economic Times

India is considering reforms to strengthen its CA firms, allowing them to compete globally by addressing regulatory challenges. A government committee is exploring ways to increase cross-functional capacity, capital access, and branding. Reforms could include allowing multidisciplinary partnerships and enabling brand identity expansion. Such changes aim to create globally competitive Indian CA firms, potentially establishing them as part of a new global 'Big 8'. The efforts focus on equity, not just equality, in professional services.

Jeff Bezos says compromising with coworkers is actually a bad idea, because it 'doesn't lead to truth'

Business Insider

Business Insider · 1y ago

Jeff Bezos says compromising with coworkers is actually a bad idea, because it 'doesn't lead to truth'

Jeff Bezos, the founder of Amazon, expressed his unconventional view on teamwork and the notion of compromise. He stated during an interview on the Lex Fridman Podcast that encouraging employees to compromise with each other is actually detrimental to seeking the truth. Bezos emphasized the importance of dispute resolution and highlighted that compromise may not lead to truth. He urged his teams to strive for truth-seeking rather than settling for compromise. This perspective aligns with Bezos' focus on speed, agility, and effective decision making during his tenure at Amazon.

A new Microsoft Azure hacking campaign is targeting high-end executives

Techradar

Techradar · 1y ago

A new Microsoft Azure hacking campaign is targeting high-end executives

According to a report from Proofpoint, hackers are targeting senior executives and high-level professionals with phishing and cloud account takeover attacks. They have launched a campaign to compromise Microsoft Azure environments and cloud accounts. The hackers are distributing personalized phishing lures within shared documents that contain links redirecting victims to malicious phishing pages. They are targeting executives such as Sales Directors, Account Managers, and Finance Managers, potentially engaging in data exfiltration, business email compromise, and wire fraud. The attackers' infrastructure suggests they could be Russian and Nigerian in origin. Attribution to a specific threat actor has not yet been made.

US lawmakers warn Joe Biden to probe EU targeting of tech firms

Economic Times

Economic Times · 1y ago

US lawmakers warn Joe Biden to probe EU targeting of tech firms

A bipartisan group of US lawmakers has written to President Joe Biden expressing concern about the European Union's Digital Markets Act (DMA), which designates major US tech companies as "gatekeeper" service providers. The lawmakers argue that the regulations unfairly target US firms while excluding Chinese and European companies. They call on Biden to secure assurances that the rules will be enforced fairly and not harm the US economy or compromise national security. The EU and White House have not yet commented on the matter.

ICAI to limit individual tax audits by chartered accountants to 60 annually from 2026-27

Economic Times

Economic Times · 1m ago

ICAI to limit individual tax audits by chartered accountants to 60 annually from 2026-27

The Institute of Chartered Accountants of India (ICAI) will restrict chartered accountants to conducting a maximum of 60 tax audits annually from April 1, 2026. This rule applies both individually and as firm partners. The move aims to curb malpractices, with mechanisms like the Unique Document Identification Number (UDIN) enhancing accountability. ICAI's efforts also include expanding global outreach through proposed overseas networking guidelines, fostering larger, globally competitive domestic firms.

RBI asks Visa, Mastercard to stop B2B payments via fintech platforms

VCCircle

VCCircle · 1y ago

RBI asks Visa, Mastercard to stop B2B payments via fintech platforms

The Reserve Bank of India (RBI) has reportedly asked Visa and Mastercard to halt card-based business-to-business payments conducted through third-party fintech firms. While the central bank has not specified the reasons behind these restrictions, sources say the impact will only affect commercial payments facilitated by fintechs, not all corporate card payments. Visa has confirmed receiving the communication and stated that they are engaging with the RBI to ensure compliance. Mastercard has not commented on the matter.

SEBI Tweaks Framework For Valuing Investment Portfolios Of AIFs

Inc42 · 10m ago

SEBI Tweaks Framework For Valuing Investment Portfolios Of AIFs

SEBI has announced new rules stating that securities, excluding unlisted, non-traded, or thinly-traded securities, will be evaluated based on existing mutual fund rules. Additionally, AIF associations have been given the responsibility to establish valuation rules for securities that are not thinly traded or non-traded. Valuers will need to possess appropriate qualifications and be a member of professional organizations like ICAI or CFA Institute, according to SEBI.

Some asset reconstruction firms circumventing rules, says RBI deputy governor

VCCircle

VCCircle · 1y ago

Some asset reconstruction firms circumventing rules, says RBI deputy governor

The Reserve Bank of India (RBI) has stated that some asset reconstruction companies (ARCs) in the country have been bypassing regulations and engaging in evergreening distressed assets. Evergreening is the practice of granting additional credit to struggling firms to help them repay existing loans. The RBI has called on ARC boards to prioritize risk management, compliance, and internal audit functions to identify and mitigate risks. The central bank stated that regulatory or supervisory actions would be taken as a last resort.

Sisense hit by data compromise, US cybersecurity agency says

Economic Times

Economic Times · 1y ago

Sisense hit by data compromise, US cybersecurity agency says

Data analytics company, Sisense, has experienced a data compromise, according to a cybersecurity alert from the U.S. Cybersecurity and Infrastructure Security Agency. The agency has advised Sisense customers to reset their passwords and other credentials due to potential exposure or unauthorized access to the company's services. Further details on the breach were not disclosed, but Sisense confirmed its awareness of the incident, collaboration with law enforcement, and engagement of experts to address the issue. Journalist Brian Krebs reported millions of credentials being affected by the breach.

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