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Audits & Assurance

COVID-19 will change how companies report earnings – 20 point checklist for CFOs

May 14, 2020
[Source:] The COVID-19 pandemic has had an adverse impact on all aspects of the economy, be it earnings, supply chains, operational efficiencies and the stock markets. Since the financial year ends on March 31, 2020 in India, it falls amidst the COVID-19 pandemic. This will have an impact on the way companies report their earnings for the financial year

The right medicine?

March 19, 2009
The present crisis of confidence in the audit profession among users and stakeholders, arising from recent market events has to be addressed in a fair manner. The profession, regulators and all concerned have to determine – what is the right medicine? A professional issue requires a professional response. Thus, the

Scope of an audit is different from that of an investigation

January 30, 2009
Investigators, regulators and stakeholders of fraud-hit Satyam Computer Services attribute auditor’s failure in detecting the fraud to either negligence, incompetence or blatant connivance with the promoters who cooked books for years. Ideally, auditors, who accept hefty fee, should ensure that they independently verify all documents they rely on before certifying

ICAI proposal may hit audit firms here

January 29, 2009
Indian audit firms, that informally work as the audit arms of big foreign accounting firms, may soon have to sever their foreign affiliations, if accounting and auditing rule maker ICAI has its way. In what could be a fall-out of the Satyam account fabrication episode, the Institute of Chartered Accountants

Creative accounting helps cos cover up forex losses

January 27, 2009
Companies are getting creative in using the Company Act and Accounting Standards to avoid the impact of foreign currency loan on their profit & loss statement owing to currency fluctuations. Companies with foreign currency borrowings have now adopted various accounting tactics to ensure that their quarterly performance remains intact in

The impact of IFRS on corporate governance

Come 2011, and audit committees and board members of Indian companies will have to deal with convergence of Indian GAAP (generally accepted accounting principles) with International Financial Reporting Standards (IFRS), which will have a key impact on their functioning, roles and responsibilities. The audit committees and board members will have