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Govt infra spending hits P107.3B in October

GOVERNMENT infrastructure spending reached P107.3 billion in October last year, latest data from the Budget department showed, 75.2 percent higher than the year-earlier P61.2 billion. ....

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Audit regulator NFRA: Audit regulator NFRA slaps Rs 50 lakh penalty on chartered accountant for lapses

Highest penalty of Rs 50 lakh in recent years was slapped by NFRA on a chartered accountant for professional misconduct that enabled business services provider Quess Corp to claim undue income tax deduction of almost Rs 971 crore over three years. Subsequently, NFRA looked into the professional conduct of the chartered accountants and their firms involved in the certifications that formed the basis of the income tax deduction claims. ....

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NFRA slaps Rs 50 lakh fine on auditor for professional misconduct in Quess Corp case

In August 2022, Director General of Income Tax (Investigation), Bengaluru, had shared information about the claim of deduction under Section 80JJAA of Income Tax Act totalling Rs 1,135.41 crore by Quess based on Form 10DA issued by two chartered accountants for 2016-17, 2017-18, 2018-19, 2019-20, and 2020-21. ....

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Audit Cos: Services of audit cos under lens of NFRA

India Business News: NEW DELHI: The audit and non-services offered by the Big Four network and other firms to their clients are under the lens of the National Financial Re. ....

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Big Four network: Big Four network and others under scrutiny over audit services

The National Financial Reporting Authority (NFRA) is investigating audit and non-audit services provided by the Big Four and other firms to clients. NFRA has raised concerns about conflict of interest and independence issues, leading to disciplinary actions. Violations include exceeding the revenue limit for non-audit services and breaching the cap on revenue from a single client. ....

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