Anurag Nahta

⚜️#Governance of the #Accountancy #Profession #India (#iGAPs- 38):Audit Quality vs Audit Remuneration ▶️ Is Audit Poorly Compensated❓ 🟧Very interesting write up though limited in scope raises some valid issues: 🔶Is the poor remuneration affecting the quality of the audit work? 🔶Why divergence in fee in relation to size even where the audit firm is the same? 🔶How competitive the audit service market in India is and whether a keen competition is keeping fees low? 🔶Is there really a valid nexus between the issue of poor quality of audit & inadequate partner oversight? 🔶Whether non-audit revenue is still significant from audit clients? Some of my observations are: 1️⃣ #Big4 is the greatest myth in India 2️⃣Indian accountancy profession is victim of historical blunder of not appreciating the difference between “management functions” vs “management services” and thus undermining the value addition role of auditing professionals 3️⃣As far as #Auditfees vs #AuditQuality is concerned,one may note that SBI alone pays about Rs 250 crore while a private sector bank may pay only 10% ♻️NFRA ought to bring out a comprehensive white paper on the Audit quality vis a vis Audit Remuneration.(15/3/2024) #nfra #sebi #rbi #icai #ifac #ifiar #icaew #aicpa #

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🌐 ICAI Raises Concerns Over NFRA’s New Norms 📊 The Institute of Chartered Accountants of India (ICAI) has expressed concerns over the National Financial Reporting Authority (NFRA)'s move to update the existing SA 600 auditing standards, aligning them with the International Standard of Auditing 600 (ISA 600). This move has sparked fears that audit work for listed firms could become concentrated in the hands of a few large firms, potentially impacting the broader economy. 🔍 Key Highlights: ▶ Concentration Risk: ICAI is concerned that some of the proposed standards could lead to a concentration of audit work, disadvantaging smaller and mid-sized audit firms. ▶ Impact on Small Practices: With over 1.7 million unlisted companies, many of which are audited by small practices, the new standards could disrupt the current audit market landscape in India. ▶ Professional Competence Debate: ICAI argues that all auditors are already subject to the same rigorous training and licensing, questioning the need for principal auditors to assess the competence of component auditors. The NFRA will shortly issue an exposure draft of ISA 600 for public consultation, a move that could significantly reshape the auditing landscape in India. #BFSI #FEBFSI #ModernBFSI #AuditStandards #ICAI #NFRA #Economy #Auditing #AuditFirms #ISA600 #SMPs #CorporateGovernance #FinancialReporting 🔍📊 Manu Kaushik | Tanya Krishna | Sumana Sarkar | E Kumar Sharma | Roshun Povaiah | Financial Express (India) https://lnkd.in/ghmSE3JY

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#TaxmannAnalysis #SA700 Despite issuing various guidance notes and technical guides by the Institute of Chartered Accountants of India (ICAI), the Quality Review Board (QRB) has identified multiple instances of auditors' non-compliance with SA 700. This article discusses some commonly observed non-compliances with SA 700's reporting requirements and provides the suggested guidelines from the Auditing and Assurance Board (AASB) of ICAI. The coverage includes: ‣ Reporting under Section 143(3)(c) of the Companies Act, 2013 ‣ Reporting with Regard to Materiality Description ‣ Partial Reporting of Key Audit Matters ‣ Separate UDIN for Statutory Audit and Tax Audit Download/Read More: https://lnkd.in/ggX3k8QE [7 Mins | Read Time] Authored by CA BHAWNA GROVER – Manager & Prajwal Jha – Associate | Taxmann's Advisory & Research Team #TaxmannUpdates #TaxmannAdvisory #AASB #ICAI #Auditors

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Fraud investigations play a crucial role in internal audit by uncovering instances of fraud, assessing #risks, and enhancing #controls. Internal auditors are tasked with detecting, preventing, and investigating fraudulent activities within an organization to safeguard its assets and reputation. This involves identifying #red flags, conducting interviews, examining financial records, and collaborating with other departments like legal and #compliance to address fraud effectively. This session will be very useful to understand our role.

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SA 230, or the "Audit Documentation," is a critical standard issued by the Institute of Chartered Accountants of India (ICAI) governing audit procedures. It outlines the requirements regarding the documentation of audit evidence obtained and conclusions reached by the auditor. Compliance with SA 230 ensures the quality, transparency, and reliability of audit engagements. It's a cornerstone in maintaining the integrity and professionalism of the auditing profession. #SA230 #AuditDocumentation #ICAI #AuditQuality

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Dear Professional Colleagues, The IIA Mumbai Chapter is hosting a Webinar to facilitate understanding on the benefits of becomming an IIA Member. Please do register and get benefitted!! #internalaudit #riskmanagement #GRC #ESG #Governance #Compliance

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