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Audit watchdog set to widen inspections

Livemint

Livemint · 1y ago

Audit watchdog set to widen inspections

India's National Financial Reporting Authority (NFRA) plans to inspect eight audit firms and review the financial statements of up to 60 of their clients this year. Last year, the NFRA assessed audit reports from five auditors and their 24 clients. The move is part of the watchdog's efforts to improve audit quality across the country. The reports, expected to be released by the end of December, aim to highlight areas for improvement and ensure compliance with auditing norms and regulations. The regulator's inspections influence corrective actions by auditors and their clients.

Related News

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

Livemint

Livemint · 12m 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.

Drone startup Garuda Aerospace's patent count touches 20

Economic Times

Economic Times · 8m ago

Drone startup Garuda Aerospace's patent count touches 20

Drone startup Garuda Aerospace has been granted 20 patents, six of which are international, for their agriculture drone solutions. These solutions cover a wide range of functions including mapping, surveying, spraying, inspections, crop health monitoring, and more. The remaining patents cover various applications such as underwater drones for inspections, health inspections, surveillance drones, medicare delivery drones, and more. These patents establish Garuda Aerospace as a global leader in drone technology and will help drive India's emergence as a drone hub. The company plans to expand operations into developed countries with stringent standards and regulations.

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.

DGCA meets Air India CEO after Ahmedabad crash, seeks tighter safety, operations protocols, say sources - BusinessToday

Business Today

Business Today · 2m ago

DGCA meets Air India CEO after Ahmedabad crash, seeks tighter safety, operations protocols, say sources - BusinessToday

Following the AI171 crash, the Directorate General of Civil Aviation (DGCA) has mandated enhanced safety inspections for all Dreamliner aircraft. These inspections are to be conducted before takeoff and during transit. Additionally, DGCA officials have met with the Air India CEO to discuss and seek tighter safety operations protocols to ensure the safety and reliability of future flights, according to sources.

Blinkit's losses widen to 1,078 crore in FY23, revenue surges threefold: Report

Economic Times

Economic Times · 1y ago

Blinkit's losses widen to 1,078 crore in FY23, revenue surges threefold: Report

Blinkit, the Zomato-owned quick delivery platform, reported an increase in losses to Rs 1,078.9 crore in FY23 from Rs 996.7 crore in FY22. Delivery and related charges accounted for a significant portion of the expenses. However, Blinkit also saw its revenue triple in FY23, reaching Rs 724.2 crore from Rs 236.1 crore in FY22. Marketplace commissions were a major source of income for Blinkit, contributing 55.9% to the total operating collection. The online food delivery platform, Zomato, is set to release its Q2 FY24 results soon.

'Audit committees should learn from past lapses flagged by NFRA'

Livemint

Livemint · 1y ago

'Audit committees should learn from past lapses flagged by NFRA'

Audit committees should learn from audit failures identified by the National Financial Reporting Authority (NFRA) in other companies, according to NFRA chairperson Ajay Bhushan Pandey. He urged audit committees to engage more with auditors and have frequent and thorough discussions to detect potential irregularities. Pandey also highlighted the importance of internal financial controls. The NFRA plans to inspect India's top eight auditors and review the financial statements of up to 60 clients this year to enhance audit quality.

Air India races to inspect Dreamliners after fatal crash triggers policy shake-up

Economic Times

Economic Times · 2m ago

Air India races to inspect Dreamliners after fatal crash triggers policy shake-up

Air India completed enhanced inspections on 22 Boeing 787s after a fatal crash prompted policy changes. Following a crash that killed 241 passengers and 33 others, the civil aviation regulator, DGCA, mandated extra checks for Boeing 787 aircraft with GEnx engines. Air India has 33 Dreamliners, but inspections, airspace closures, and resulting flight cancellations, including to Sydney and Melbourne, were reported. The government is reviewing aviation safety policies to prevent future incidents.

Air India crashed plane's engines were 'inspected' in recent months: Tata's airline tells Maharaja Club members

Economic Times

Economic Times · 2m ago

Air India crashed plane's engines were 'inspected' in recent months: Tata's airline tells Maharaja Club members

Air India expressed condolences to its Maharaja Club members following the crash of Flight AI171, which resulted in significant casualties. The airline assured members of its safety commitments and ongoing cooperation with the investigation. Scheduled inspections of the aircraft and its engines had been conducted. Following the incident, comprehensive safety inspections are being conducted on its Boeing 787 fleet. Operational disruptions have led to temporary 15% reductions in international flights, with options for affected passengers.

Apple Store Workers Fear the Tech Giant Is Dodging Accountability for Shady Labor Practices

Wired · 1y ago

Apple Store Workers Fear the Tech Giant Is Dodging Accountability for Shady Labor Practices

Workers at two Apple Stores have raised concerns that the tech giant may be unfairly skewing an independent audit of its US labor practices by excluding workers at stores that have unionized. The audit was agreed upon by Apple's board after investors raised concerns about the mistreatment of workers trying to unionize. Workers fear that the audit report, due to be published by the end of the year, will present a distorted picture of working conditions. Apple has yet to disclose who is conducting the audit.

Ford stops shipping 2024 F-150 Lightnings for ‘quality checks’

The Verge

The Verge · 1y ago

Ford stops shipping 2024 F-150 Lightnings for ‘quality checks’

Ford has temporarily stopped shipments of its new 2024 F-150 Lightning electric truck for quality inspections. The reason behind the check remains unknown, but a "supplier parts concern" had already halted production of both the gas and electric versions of the F-150 for a week in January. Ford plans to resume shipments after inspections are completed and has reassured customers that the temporary hold is a routine procedure when production moves to a new year.

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