Consultancy / Audit
Saudi wealth fund blocks PwC from advisory work for one year
Saudi Arabia's Public Investment Fund has stopped PwC from securing advisory and consulting contracts until February 2026. This move affects PwC's operations within the region, though auditing services remain unaffected. PwC's work had been crucial to Saudi Arabia’s Vision 2030, suggesting significant implications for ongoing projects and market dynamics.
NFRA's next inspection to target audit firms with large client base
The NFRA plans to focus on auditing firms with significant listed company audits, using data analytics to detect potential issues. Chairman Ajay Bhushan Prasad Pandey emphasized the need for auditors' independence and professionalism. Upcoming inspections of firms like Deloitte and E&Y will assess improvements in processes. Earlier reports highlighted deficiencies in related party transactions and documentation.
Who will audit unlisted assets overseas? Indians are in a fix
Some banks are comfortable with local auditors doing the job. But some differ on the grounds that it is not possible for an auditor sitting in India to do a proper job of auditing a firm based in another jurisdiction. One of the largest private sector banks have changed the rule-first laying down that reports of Indian auditors will not be acceptable, then subsequently insisting that the Indian auditor may finalise the APR provided it follows the host country norms.
Cost accountants equipped to conduct tax audits, get 'accountant' status: ICMAI president
The Institute of Cost Accountants of India (ICMAI) is making a case for cost accountants to be included as qualified professionals to conduct tax audits under the new Income Tax Bill. This proposal faces opposition from the Institute of Chartered Accountants of India, emphasizing that tax audits should remain the domain of chartered accountants.
ICAI imposes record disciplinary actions on chartered accountants: 241 punishments this FY
The Institute of Chartered Accountants of India disciplined 241 chartered accountants this financial year, a significant increase from 119 last year. ICAI emphasizes high ethical standards and seeks a robust, fast disciplinary mechanism. ICAI President Charanjot Singh Nanda assured audit works can be done only by CAs. The institute plans to help Indian firms become global players.
Oliver Wyman appoints Sumit Sarawgi as Head of India to drive growth strategy
Sumit Sarawgi has been appointed as the new head of Oliver Wyman's Indian operations. With extensive experience in strategic consulting and digital innovation, Sarawgi aims to steer the firm's expansion in the Indian market. He succeeds Ajay Gupta and Aarti Nihalani who have significantly grown the business over the past years.
Tax audits our forte, would be unfair to treat others as accountants: ICAI president Nanda
The new ICAI president, Charanjot Singh Nanda, insists that tax audits remain solely with chartered accountants, opposing efforts by company secretaries and cost accountants to perform such audits. Nanda emphasized the specialized training CAs undergo and announced plans to promote work-life balance, enhance disciplinary measures, and seek global expansion for CA firms.
NFRA flags deficiencies in audit works by 2 PwC firms
The National Financial Reporting Authority identified shortcomings in audits by Price Waterhouse Chartered Accountants LLP and Price Waterhouse & Co Chartered Accountants LLP during quality inspections. Key concerns involved internal financial controls, related party transactions, and asset impairment. The independence policy issues from previous reports remain unaddressed, raising doubts about audit quality and reliability.
ICSI, ICMAI demand inclusion of co secretaries, cost accountants as 'accountant' in Income Tax Bill
The Institute of Company Secretaries of India (ICSI) and the Institute of Cost Accountants of India (ICMAI) urge the government to recognize their members as 'accountants' in the Income Tax Bill, 2025. They emphasize the crucial role these professionals play in compliance with tax regulations and seek a level playing field.
ICAI sets up group to study new income-tax bill, says its president CS Nanda
The Institute of Chartered Accountants of India (ICAI) has initiated a group to review the new Income-tax bill and introduced an AI tool for analysis. The new bill promises to simplify tax procedures, promoting economic growth and employment, and consolidates various provisions to streamline and reduce the complexity of the tax structure.
Must Watch
PwC in India makes key appointments to leadership team
PwC India has announced leadership changes effective April 1. Vivek Prasad becomes chief commercial officer, Arnab Basu takes over as chief industries officer, and Manpreet Singh Ahuja is the new leader for clients and alliances. Dinesh Arora will lead the advisory practice, with Dheeraj Gangrade as deputy advisory leader. Sudipta Ghosh assumes the role of chief delivery officer.
Grant Thornton's former forensics head Samir Paranjpe moves to PwC
Samir Paranjpe, former forensics leader at Grant Thornton Bharat, joined PwC as a partner. Under his leadership, Grant Thornton Bharat investigated significant fraud cases, including IL&FS and DHFL, and played a role in high-profile forensics audits such as the Sushant Singh Rajput death case.
Delhi HC rejects pleas by CAs, audit firms against NFRA's powers
The Delhi High Court upheld the validity of the NFRA's power to investigate and penalize chartered accountants. It dismissed objections by petitioners but quashed the show-cause notices and final orders due to procedural deficiencies. The court allowed NFRA to initiate fresh proceedings if necessary.
Grant Thornton arm probing govt fund misuse at Assocham
Grant Thornton's affiliate Walker Chandiok is looking into allegations of misuse of government grants at Assocham. A whistle-blower accusation claims employees created fake entities to divert funds from contracts meant for trade fairs, while senior executives allegedly formed a trust to misappropriate CSR funds.
CAG building infra & processes to harness AI&ML: Sanjay Murthy
India's apex auditor is creating infrastructure to leverage AI and machine learning for auditing processes as the nation aims for a USD 30-trillion economy by 2047. Comptroller and Auditor General K Sanjay Murthy emphasized the digital transformation of accounting and auditing to improve efficiencies, highlighting key technological advancements and innovative practices during the World Forum of Accountants.
Union Budget 2025 focuses on ease of doing biz: Institute of Chartered Accountants of India
The ICAI lauded the Budget for focusing on ease of doing business, promoting domestic manufacturing, and positioning India competitively in global trade. ICAI's recommendations on tax regimes have been accepted. The Budget features significant income tax cuts for the middle class and a scheme to develop India as a global toy hub through cluster development, supporting MSMEs and manufacturing.
