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NFRA slaps notices on IndusInd Bank auditors

Economic Times

Economic Times · 1m ago

NFRA slaps notices on IndusInd Bank auditors

India's accounting regulator, NFRA, has issued notices to current and former auditors of IndusInd Bank, seeking audit files related to alleged derivatives accounting irregularities. The probe focuses on potential misconduct in overstating profits or masking losses over five years. Questions arise regarding auditors' oversight and whether they ignored issues involving the bank's transactions. The investigation also includes the role of the bank's management and audit committee in overlooking discrepancies in derivative valuations and reporting.

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'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.

NFRA pushes for stronger auditor-audit committee coordination in companies

Livemint

Livemint · 1m ago

NFRA pushes for stronger auditor-audit committee coordination in companies

The National Financial Reporting Authority (NFRA) proposes enhanced coordination between audit committees and statutory auditors to improve corporate governance and financial reporting reliability. This guidance targets listed and large unlisted entities, as well as sectors like insurance, banking, and utilities. The NFRA emphasizes the importance of audit committees, usually led by independent directors, engaging deeply with auditors to better comprehend future tax savings, profitability, and liabilities, aiming to fortify oversight and transparency in companies.

IndusInd Bank recommends Borkar & Muzumdar as joint statutory auditor to shareholders after RBI nod

Economic Times

Economic Times · 1m ago

IndusInd Bank recommends Borkar & Muzumdar as joint statutory auditor to shareholders after RBI nod

IndusInd Bank has recommended the appointment of Borkar & Muzumdar as joint statutory auditors after receiving approval from the Reserve Bank of India. The appointment will be proposed to shareholders in the bank's 31st Annual General Meeting. The bank has been facing challenges, including fraud allegations and accounting lapses. Meanwhile, CEO Sumant Kathpalia has resigned, accepting moral responsibility. Despite difficulties, RBI Governor Sanjay Malhotra noted that IndusInd Bank is currently stabilizing.

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.

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.

IndusInd Bank: ICAI may look into bank's financial statements following accounting crisis

Business Today

Business Today · 4m ago

IndusInd Bank: ICAI may look into bank's financial statements following accounting crisis

IndusInd Bank disclosed discrepancies in its derivative portfolio, potentially lowering its net worth by 2.35% as of December 2024. Consequently, its share price fell by 1.76% on the NSE. The Financial Reporting Review Board (FRRB) may refer this issue to the Institute of Chartered Accountants of India's (ICAI) disciplinary committee, which could take action against the auditors if the bank's financial statements fail to meet "true and fair" standards.

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.

Grapevine: IndusInd, Tenet Diagnostics, Pepperfry, Plush look to raise capital

VCCircle

VCCircle · 2m ago

Grapevine: IndusInd, Tenet Diagnostics, Pepperfry, Plush look to raise capital

Several companies, such as IndusInd Bank promoter IIHL, Tenet Diagnostics, Pepperfry, and Plush, are aiming to raise new capital to aid their expansion and growth strategies. IndusInd International Holdings Ltd, part of the Hinduja Group and promoter of IndusInd Bank, is in preliminary talks with global long-term investors.

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 Found Gross Negligence By BYJU’S Auditors

Inc42 · 1y ago

ICAI Found Gross Negligence By BYJU’S Auditors

The Institute of Chartered Accountants of India (ICAI) has found gross negligence by the auditors of edtech giant BYJU'S and has recommended punitive actions. Meanwhile, ICAI is also planning to inspect the role of auditors in payments major Paytm. The Financial Reporting Review Board (FRRB) will soon release a detailed report on BYJU'S financial affairs. Paytm's payments bank is currently facing scrutiny from the Reserve Bank of India (RBI) for lapses in due diligence.

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