🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥

Startup Showcase

Premium Content

Try our Valuation Calculator →

News on Medial

Chartered accountants’ body clashes with govt authority over proposed audit reforms | Mint

Livemint

Livemint · 10m ago

Chartered accountants’ body clashes with govt authority over proposed audit reforms | Mint

The Institute of Chartered Accountants of India (ICAI) has called for a pause in the public consultation on reforming India's auditing standards. The ICAI believes that a contentious clause in the accounting standards has stood the test of time but acknowledges the need to strengthen the standards. The clause in question allows a parent company's auditor to rely on the work of a subsidiary's auditor without being held responsible for it. The National Financial Reporting Authority (NFRA) wants to fill this loophole, proposing that lead auditors of business groups be ultimately responsible for their consolidated financial statements. The ICAI has objected to NFRA's proposed changes, stating that it is not desirable for the auditor of a parent company to control the decisions of equally qualified subsidiaries' auditors.

Related News

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.

OnePlus India audit flags glitches, PF payment lags

Economic Times

Economic Times · 1m ago

OnePlus India audit flags glitches, PF payment lags

An audit of OnePlus Technology India raised concerns about accounting irregularities, including the use of servers outside India for bookkeeping and delays in employees' provident fund payments. The audit, conducted by Shah & Jain Chartered Accountants and Grant Thornton Bharat LLP, noted challenges with foreign language software codes and cited potential actions from Indian authorities. OnePlus is addressing these issues by updating its IT systems and addressing outstanding payments and tax disputes.

Lead auditors to be held accountable for group lapses. So why are the small audit firms fretting? | Mint

Livemint

Livemint · 11m ago

Lead auditors to be held accountable for group lapses. So why are the small audit firms fretting? | Mint

India's audit watchdog, the National Financial Reporting Authority (NFRA), is looking to close a regulatory loophole that allowed business groups to divert funds through subsidiaries without being held accountable. The proposed rules would make the lead auditors of conglomerates responsible for any fund diversions, aligning with international standards. However, concerns have been raised that this could lead to smaller audit firms being edged out by larger firms. The proposed changes will include exceptions for unlisted companies, public sector entities, and state-run banks. Industry experts have differing opinions on the potential impact of the proposed rules.

ICAI bullish on GCC opportunities for chartered accountants

Economic Times

Economic Times · 1m ago

ICAI bullish on GCC opportunities for chartered accountants

The Institute of Chartered Accountants of India (ICAI) is optimistic about the increase in Global Capability Centres (GCCs) in India, anticipating a rise from over 1,700 to 5,000 in the next two years. ICAI President Charanjot Singh Nanda emphasized India's appeal as a destination for GCCs, which currently employ around 80,000 chartered accountants. ICAI is implementing upskilling initiatives to prepare its members for opportunities within GCCs.

NCLT Tells BYJU’S To Pay Dues To Employees Or Face Audit

Inc42 · 1y ago

NCLT Tells BYJU’S To Pay Dues To Employees Or Face Audit

A recent hearing has ordered a troubled startup to pay its employees, regardless of gaining access to funds raised through its rights issue. The tribunal also issued a warning about a potential audit by the Institute of Chartered Accountants of India if the company fails to meet its payment obligations. As of now, the startup still owes its employees their full salaries for the months of February and March.

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.

Gensol-BluSmart Fiasco: NFRA Probes Fund Diversion Allegations After Sebi Referral

OutlookIndia

OutlookIndia · 3m ago

Gensol-BluSmart Fiasco: NFRA Probes Fund Diversion Allegations After Sebi Referral

The National Financial Reporting Authority (NFRA) is investigating allegations of fund diversion by the promoters of Gensol Engineering following a referral from the Securities and Exchange Board of India (SEBI). The investigation focuses on suspected fraudulent activities, including false disclosures and sham transactions that led to a significant reduction in the promoters' stake. SEBI has banned the promoters from trading and holding positions in Gensol, while the Institute of Chartered Accountants of India will review the company's financial statements.

Big Four, other global firms push back against draft ICAI rules

Economic Times

Economic Times · 1m ago

Big Four, other global firms push back against draft ICAI rules

Top global professional services firms are contesting draft guidelines proposed by the Institute of Chartered Accountants of India (ICAI), which aim to regulate overseas networks involved in multi-disciplinary advisory services in India. The firms argue that the rules demand excessive disclosures, raising confidentiality concerns and operational complexity. Key issues include ambiguous terminology, extensive financial disclosure requirements, and perceived overreach of the ICAI. Critics argue that these guidelines could hinder global networks and smaller Indian firms, impacting their functionality and collaboration.

HCLTech appoints Bhavani Balasubramanian as Independent Director

IndianStartupNews

IndianStartupNews · 1y ago

HCLTech appoints Bhavani Balasubramanian as Independent Director

Indian technology company HCLTech has appointed Bhavani Balasubramanian as an Independent Director. Bhavani, a qualified Chartered Accountant, brings over four decades of experience in auditing and has held several leadership positions at Deloitte. She will serve on the Audit and Risk Management Committees of HCLTech. The company's leadership is confident that Bhavani's expertise will enhance their corporate governance standards.

India’s audit penalties are among the world’s lowest. That could change.

Livemint

Livemint · 11m ago

India’s audit penalties are among the world’s lowest. That could change.

The penalties imposed by India's National Financial Reporting Authority (NFRA) for audit failures have been relatively low compared to global standards, as the regulator is still in its early stages. However, penalties could increase in cases of repeated non-compliance. NFRA aims to bring about a cultural shift in how auditors, audit committees, and companies approach their functions, and is working towards aligning India's audit regulations with international standards. While audit professionals expect a more lenient approach from NFRA, global audit authorities have been imposing hefty fines on audit firms, including the Big Four.

Trackers

Active Indian VC’s

OG Capital Email

With a hands-on approach, OG Capital aims to invest in over 20 promising...

Accel Partners Email

Early and growth-stage investments in disruptive technology companies with...

Early-stage venture capital firm investing in technology startups in India. Focus on...

Access All Trackers

Startup Showcase Winners

June 2025

Helping your parents when you are miles away

The Pit Stop Your Cravings Deserve

The next generation E-commerce platform

Enter Ongoing Startup Showcase

Top Users

Trending News on Medial

Download the medial app to read full posts, comements and news.