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Auditing news: Global audit framework for local bodies in the works: CAG

Apex auditors, including Indias Comptroller and Auditor General (CAG) Girish Chandra Murmu, are developing an international framework for auditing regional and municipal bodies to assess their performance. India aims to host a conference in September to deliberate on a preliminary draft of auditing standards for such entities.
Girish Chandra Murmu International Organization Of Supreme Audit Institutions International Conference On Strengthening Of Grassroots Democracy India Girish Chandra Murmu International Conference Grassroots Democracy

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NFRA releases inspection reports on Big Four audit firms: Here are the observations

The NFRA, which is a regulator that oversees accounting standards and auditing profession in the country, had initiated the inspection of these audit firms in December 2022
Deloitte Haskins Audit Committee National Financial Reporting Authority On Ernst Young Global Limited National Financial Reporting Authority Price Waterhouse Chartered Accountants

NCLAT upholds NFRA penalty on DHFL auditors

The National Company Law Appellate Tribunal has upheld the penalty imposed by the National Financial Reporting Authority (NFRA) on auditors of Dewan Housing Finance Corporation Ltd (DHFL). The NFRA had fined 18 DHFL auditors Rs 1 lakh each, with 14 of them being barred from practicing for six months to a year. The auditors were found guilty of misconduct during branch audits and were blamed for failing to detect fraud at DHFL.
Institute Of Chartered Accountants India National Company Law Appellate Tribunal Dewan Housing Finance Corporation Ltd National Financial Reporting Authority Chartered Accountants Companies Act

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