AUDIT

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• Auditors must be independent watchdog: BDO India Chief says (Part 3)

  What does the world's top auditor Deloitte raising red flags against India's once highly valued fintech BharatPe as well as Billionaire GautamAdani's flagship company Adani Ports and SEZ, imply for the auditing profession, BDO India Chief Milind S Kothari tells ETCFO's Navya Menon.

  

• Auditors independence: No need for clarification on management services, says NFRA Chair Ajay Bhushan Pandey

  The auditor should always be alert to the possibility of fraud and material misstatements and accordingly perform various parts of the audit, Pandey says.

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• If joint audit is to be brought in, there should be complete clarity on auditors’ responsibilities: NFRA Chair

  Users of financial statements should have a clear-cut view about which auditor is behind that assertion which is true and fair, Ajay Bhushan Pandey tells ET CFO.

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• Auditors’ foremost obligation is to uphold public interest: Larry Bradley, KPMG

  In order to serve the most complex and sophisticated organisations globally, generating critical mass and capabilities across the entire world is essential. Focusing on building these capabilities is crucial to ensuring top-notch services, says Larry Bradley, Global Head of Audit for KPMG International.

  

• Peer review of auditors of large unlisted firms must from April

  The earlier deadlines to implement the second and third phases of the peer review mechanism, aimed at bolstering auditing standards, were July 1, 2023 and April 1, 2024, respectively.

  

• NFRA's action against auditors, audit committees need to be more proactive in supporting audit quality

  In India, audit committees of companies are increasingly paying attention to the greater diligence needed. However, in many companies, the process followed continues to remain ad-hoc and at times lacks transparency. It is high time that they realize the criticality of their role in improving audit quality.

  

• Auditors are not expected to find frauds but they must follow processes: NFRA Chair

  Ajay Bhushan Pandey says auditors must question the business rationale and show greater professional scepticism.

  

• DGCA to conduct special audit of Go First before revival plan

  DGCA will conduct a special audit of grounded airline Go First's facilities in Delhi and Mumbai from July 4 to 6 to approve the revival plan for resuming flights. The audit will focus on safety aspects, compliance requirements, and physical verification of arrangements for flight resumption. Go First, which halted operations on May 3, is undergoing voluntary insolvency resolution.

  

• Resignation does not absolve auditor of his duty to report fraud: NFRA

  India’s audit watchdog on Monday issued a circular explaining the responsibilities of auditors in relation to reporting fraud in a company.

  

• Startup governance: Audits in focus amid financial irregularities at new-age ventures

  Some of the auditors have in recent weeks made presentations to venture capital funds showing how their previous audits unearthed financial irregularities such as inflated revenue at startups, said a venture investor who has seen such presentations.

  

• Financial irregularities found at healthcare startup Mojocare after review, say investors

  A clutch of investors, including Peak XV Partners (erstwhile Sequoia India), Chiratae Ventures and B Capital, had initiated a review of the said financial statements of Mojocare.