Search Results for Tag : audit

Notifications & Circulars

Committee of Experts submits its report on Regulating audit firms and the Networks(31.10.2018)

The Committee of Experts has submitted its report on Regulating audit firms and the Networks to the Government of India through the Secretary, Ministr.....

Tags : Report, Audit firms, Regulations

Top Story

Income Tax Department validates Unique Document Identification Number generated from ICAI portal for Tax Audit Reports(26.11.2020)

In continuation with the ongoing initiatives of the Income Tax Department for integrating with other Government agencies, Income-tax e-filing portal h.....

Tags : Validation, UDIN, Tax Audit

Judgments

Audit report can be filed even at the appellate stage(02.03.2023)

The assessee is a trust, which had filed its return of income for the relevant assessment year year. However, when the return of income was filed, the.....

Tags : Audit report, Assessment, Return

Mandatory Safety Audits(10.08.2023)

Road Safety audit (RSA) is an essential part of any National Highway development project. RSA is carried out at different stages namely during design,.....

Tags : Safety Audits, Recommendation, Implementation

More than 30 lakh Audit Reports filed on Income Tax Department's e-filing portal till 30th September, 2023(02.10.2023)

More than 30.75 lakh audit reports, including about 29.5 lakh Tax Audit Reports have been filed for AY 2023-24 on the e-filing portal till the end of .....

Tags : Compliances, Audit Reports, E-filing

CBDT allows certain trusts/institutions to furnish the audit report on or before 31st March, 2024(05.03.2024)

Income of any fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to.....

Tags : Audit report, Furnishing of, date

Circular on Standardization of the Private Placement Memorandum (PPM) Audit Report(18.04.2024)

1. In terms of Regulation 28 of SEBI (AIF) Regulations, 2012 and Clause 2.4 of SEBI Master Circular SEBI/HO/AFD/PoD1/P/CIR/2023/130 dated July 31, 202.....

Tags : Standardization, PPM, Audit Report

Conference of Statutory Auditors and Chief Financial Officers of Commercial Banks and All India Financial Institutions(09.07.2024)

The Reserve Bank held a Conference for the Statutory Auditors and Chief Financial Officers (CFOs) of Commercial Banks and All India Financial Institut.....

Tags : Conference, Statutory Auditors, Financial Institutions

International Cases

Only forum in which a taxpayer may dispute or object to a decision of an assessment, including additional assessments, is the tax court, unless the high court directs otherwise(24.03.2023)

The Respondent, the Commissioner for the South African Revenue Services (SARS), issued a letter to the appellant, United Manganese of Kalahari (Pty) L.....

Tags : Audit, Assessment, Objections

News

Calcutta HC Restrains Special Audit of Bank Headed by BJP MLA Suvendu Adhikari(19.07.2021)

Calcutta High Court has held that the West Bengal government's Co-operative Department shall not conduct a special audit of the Contai Cooperative Ban.....

Tags : Calcutta High Court, Special Audit of Bank Headed by BJP MLA Suvendu Adhikari

Extension of time to submit proposals for empanelment in the panel of Auditors to carry out Audit of Digital Addressable Systems(29.04.2019)

The Telecom Regulatory Authority of India (TRAI) had issued Expression of Interest (EOI) for Empanelment of Auditors to Carry out Audit of Digital Add.....

Tags : Time, Extension, Empanelment, Auditors

Performance Audit Report No. 14 of 2022 "Sabka Vishwas (Legacy Dispute Resolution) Scheme (SVLDRS) 2019" of C&AG of India (Indirect Taxes-GST, Central Excise & Service Tax)(06.02.2023)

1. The Performance Audit Report No. 14 of 2022 "Sabka Vishwas (Legacy Dispute Resolution) Scheme (SVLDRS) 2019" of C&AG of India (Indirect Taxes-GST, .....

Tags : Performance, Audit Report, Sabka Vishwas Scheme

DGCA and USTDA sign agreement for aviation safety and technical assistance(09.02.2016)

The Directorate General of Civil Aviation of India and the United States Technical Development Agency signed the Grant Agreement for India Aviation Sa.....

Tags : Civil aviation, safety, audit, agreement

NCLAT: Auditor Cannot be Debarred for 5 Years in Absence of Evidence(26.02.2020)

National Company Law Appellate Tribunal has set aside an order passed by National Company Law Tribunal in a matter relating to debarring of an auditor.....

Tags : National Company Law Appellate Tribunal, Debarring of Auditor

Enforcement action in respect of statutory auditors of commercial banks(03.06.2019)

RBI vide its Press Release dated June 29, 2018 had put in place an enforcement action framework in respect of statutory auditors for the lapses in the.....

Tags : Statutory auditors, Commercial banks, Enforcement action

TRAI conducted an Open House Discussion (OHD) on Consultation Paper on "Empanelment of Auditors for Digital Addressable Systems"(18.04.2018)

The Telecom Regulatory Authority of India (TRAI) convened an Open House Discussion (OHD) on Consultation Paper on "Empanelment of Auditors for Digital.....

Tags : Discussion, Empanelment, Auditors

DIRECT TAXATION - Delay in Statutory Audit is Reasonable Cause for Delayed Filing of Tax Audit Report: ITAT(27.03.2019)

Income Tax Appellate Tribunal (ITAT) has held that the delay in completion of statutory audit can be a reasonable cause for delay in filing of the tax.....

Tags : Income Tax Appellate Tribunal, ITAT, statutory audit, tax audit report

Uttarakhand High Court Orders Government to Conduct Audit of Covid-19 Deaths in State(10.06.2021)

Uttarakhand High Court has ordered the Government to conduct an audit of Covid-19 deaths in the state and submit its report by 21st June, 2021 in plea.....

Tags : Uttarakhand High Court, Audit of Covid-19 Deaths in State

MCA Relaxes Norms on Auditors Term for Pvt Cos With Paid Up Share Capital of 50 Crores(23.06.2017)

Ministry of Corporate Affairs has notified amendment to Companies (Audit and Auditors) Rules, 2014 wherein it amended Auditors’ rules with respect to .....

Tags : Ministry of Corporate Affairs, Companies (Audit and Auditors) Rules

Madras HC: Appointment of Independent Directors in Social Audit of MGNREGA is Must(18.02.2020)

Madras High Court has directed the State of Tamil Nadu to issue fresh Government Order prescribing the qualifications for the appointment of independe.....

Tags : Madras High Court, Appointment of Independent Directors in Social Audit

Bom. HC Constitutes Committee to Conduct Social Audit of 30 Maternity Homes Run by BMC(30.01.2025)

Bombay High Court after considering the concerns over lack of amenities in civic-run maternity homes across Mumbai, has directed the constitution of a.....

Tags : Bombay High Court, Maternity Homes, Social Audit

Delhi High Court Orders Audit of Private School(17.02.2020)

Delhi High Court has ordered an audit and inspection of a school on Government land in Chanakyapuri, on the allegations that the private school was ig.....

Tags : Delhi High Court, Audit of Private School

Income Tax Appellate Tribunal, Bangalore: Delay in Furnishing Audit Reports is Mere Technical Breach(09.01.2020)

Income Tax Appellate Tribunal, Bangalore has held that the delay in furnishing audit reports results only in the technical venial breach which does no.....

Tags : Income Tax Appellate Tribunal, Audit Reports

ITAT, Delhi: AO Cannot Apply Wrong Method to Determine Profit in Absence of Audited Financials(06.05.2022)

Income Tax Appellate Tribunal, Delhi has ruled that the Assessing Officer cannot give benefit to the assessee for non-cooperation in providing audited.....

Tags : Income Tax Appellate Tribunal, Assessing Officer, audited financials

Madras High Court Issues Notice to Kanchi Sankaracharya in the Auditor Assault Case(18.07.2016)

Madras High Court has issued a notice to Kanchi Sankaracharya Sri Jayendra Saraswathi and eight others in the14-year-old assault case pending against.....

Tags : Madras High Court, Kanchi Sankaracharya, Auditior Assault

Bombay HC Seeks Centre's Reply on Public Declaration & CAG Audit of PM CARES Fund(15.05.2020)

Bombay High Court has directed the Union of India to file a reply to a Petition filed by a lawyer seeking an audit by the Comptroller & Auditor Genera.....

Tags : Bombay High Court, Audit of PM CARES Fund

Delhi High Court: Set Up Panel to Audit All Govt Hospitals in City(25.09.2017)

Delhi high court wants third party audit of all Delhi Government hospitals, starting with Janakpuri Super Speciality and Rajiv Gandhi Super Speciality.....

Tags : Delhi High Court, Audit, Govt Hospitals

Del. HC to Authorities: Conduct Structural Audit of Buildings to Check Stability During Earthquakes(06.12.2023)

Delhi High Court has directed the city authorities to conduct a structural audit of buildings of all hospitals, schools and colleges in the national c.....

Tags : Delhi High Court, structural audit, earthquakes

AO has Power to Extend Time Limit for Filing Auditor’s Report: Supreme Court(05.04.2019)

Supreme Court has held that Assessing Officer who prescribes time limit for filing auditor’s report under Section 142(2A) of the Income Tax Act is als.....

Tags : Supreme Court, Assessing Officer, Auditor's Report

SC: No Occasion for CAG Audit of PM CARES Fund as It is a Public Charitable Trust(19.08.2020)

Supreme Court has observed that there is no occasion for audit of Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund by the C.....

Tags : Supreme Court, Audit of PM CARES Fund

NCLAT: NCLT Can Order Forensic Audit on its Own, No Separate Application Required(24.12.2025)

Chennai bench of the NCLAT held that the NCLT has the authority to order a forensic audit on its own initiative, even when no separate application has.....

Tags : Forensic Audit, Application, Order

Del. HC Upholds Validity of Section 132 of the Companies Act, 2013(10.02.2025)

Delhi High Court while hearing pleas of various Chartered Accountants as well as auditing firms, has upheld the constitutional validity of Section 13.....

Tags : Delhi High Court, Chartered Accountants, Auditing Firms

Supreme Court Asks Election Commission, ‘By When Will You Introduce Paper Trail in EVMs’(06.01.2017)

Supreme Court has asked Election Commission to spell out time frame within which it would introduce Voter Verifiable Paper Audit Trail (VVPAT) in EVMs.....

Tags : Supreme Court, Election Commission, Voter Verifiable Paper Audit Trail

SEBI: Companies to Disclose Forensic Audit Information to Stock Exchanges(30.09.2020)

Securities and Exchange Board of India (SEBI) has made it mandatory for all listed entities to disclose to the stock exchanges any forensic audit that.....

Tags : Securities and Exchange Board of India, Forensic Audit Information

Government Amends Companies (Audit and Auditors) Rules, 2014(20.02.2018)

Government has amended Companies (Audit and Auditors) Rules, 2014 wherein Forms ADT-1 which provides for notice to RoC by the company for appointment .....

Tags : Companies, Audit, Auditors

Central Board of Direct Taxes Extends Due Date of Income Tax Audit Reports(12.01.2022)

Central Board of Direct Taxes (CBDT) has notified the extension of the timeline for filing Income Tax Returns and Various reports of audit for the AY .....

Tags : Central Board of Direct Taxes, Due Date of Income Tax Audit Reports

ITAT Hyderabad: Return by Govt Agency Can't be Rejected For Not Furnishing Audit Report(09.06.2017)

Income Tax Appellate Tribunal (ITAT), Hyderabad has held that income tax return filed by a Government agency cannot be rejected by authorities merely .....

Tags : Income Tax Appellate Tribunal, Audit Report

Del. HC to Centre: Maintain Highest Standards of Safety and Security at Railway Stations(27.07.2023)

Delhi High Court has directed Union government to ensure that there is a periodic audit and maintenance of highest standards of safety and security at.....

Tags : Delhi High Court, Railway Stations, Audit, Safety

RBI Orders Concurrent Auditors to Submit Reports on Non-Performing Loans Directly to Banks(25.09.2015)

Reserve Bank of India (RBI) has directed concurrent auditors of commercial banks to submit their review of non-performing loans directly to the banks .....

Tags : Reserve Bank of India,concurrent auditors of commercial banks

Action against statutory auditors of NBFC under Section 45MAA of RBI Act, 1934(12.10.2021)

The Reserve Bank of India (RBI) in exercise of the powers vested under section 45MAA of the Reserve Bank of India Act, 1934, has, by an order dated Se.....

Tags : Statutory auditors, NBFC

ITAT, Lucknow: Clerical Mistake in Audit Report Form 10B Can be Rectified(02.05.2022)

Income Tax Appellate Tribunal, Lucknow has observed that the clerical mistakes in audit report form 10B can be rectified and the same should not be a .....

Tags : Income Tax Appellate Tribunal, form 10B, Audit Report

Draft Reporting System on Accounting Separation Regulations, 2016(22.02.2016)