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Restrained by COVID-19: Auditors ask management to confirm certain sales, debt, physical verification of inventory

Restrained by COVID-19: Auditors ask management to confirm certain sales, debt, physical verification of inventory
Synopsis
Auditors are raising questions around the authenticity of sales, inventory and debtors in the financials of several companies, say insiders. Auditors have to base their opinions on the data provided by the companies, and they are relying on the management’s representation or letters that ascertain authenticity of the figures.
Unable to check authenticity of claims made by companies due to the Covid pandemic, auditors have started asking for letters from the management assuring the numbers are correct.
In the last few months, statutory auditors, who are required to approve or raise objections to the financial numbers prepared by companies, are stranded by the pandemic and lockdown in some areas. ....

Physical Inventory Verification , National Financial Reporting Authority , Financial Numbers , Covid 19 , தேசிய நிதி புகாரளித்தல் அதிகாரம் , நிதி எண்கள் ,

Who will audit the auditors?

Top Story
April 14, 2021
ISLAMABAD: The audit firm that gave Jehangir Khan Tareen’s JDW Sugar Mills Limited a clean bill of health year-on-year remains unaccounted for though a reference was filed against it but never followed through – apparently due to conflicting interests. The JDW Sugar Mills, together with 14 other mills, is currently facing a probe by the Federal Investigation Agency.
The Sugar Inquiry Commission in its final report submitted to the federal cabinet on May 21, 2020, accused the auditors of neither obtaining appropriate assurance that the financial reports were free from material misstatement nor ensuring that the accounting treatment was appropriately applied. The report further noted that the auditors also didn’t address any deficiencies detected so that the investors and other users of financial reports were not misled with regard to the quality of information they contained. ....

Jehangir Khan Tareen , Institute Of Chartered Accountants Pakistan , Asian Development Bank , Pakistan Stock Exchange , Investigation Agency , Sugar Mills Limited , Sugar Mills , Securities Exchange Commission Of Pakistan , Sugar Inquiry Commission , Mills Limited , Federal Investigation , Exchange Commission , Audit Oversight Body , Audit Oversight Board , Pakistan Stock , Chartered Accountants , Audit Oversight , Companies Act , ஜேஹாங்கீற் காந் தரீன் , நிறுவனம் ஆஃப் பட்டய கணக்காளர்கள் பாக்கிஸ்தான் , ஆசிய வளர்ச்சி வங்கி , பாக்கிஸ்தான் ஸ்டாக் பரிமாற்றம் , சர்க்கரை ஆலைகள் வரையறுக்கப்பட்டவை , சர்க்கரை ஆலைகள் , பத்திரங்கள் பரிமாற்றம் தரகு ஆஃப் பாக்கிஸ்தான் , சர்க்கரை விசாரணை தரகு ,

KPMG picks a safe pair of hands as its new UK boss

KPMG picks a safe pair of hands as its new UK boss
After a series of high-profile problems the accounting firm taps Jon Holt, a Yorkshireman who supports Harrogate Town, as its next leader
12 April 2021 • 6:13pm
The most important day of Jon Holt’s working life was probably not Monday when he became KPMG UK’s chief executive, but rather his very first day at the firm.
Among the things Holt has to thank the accounting giant for was introducing him to his wife, Lynn, who he met on the day he joined as a trainee in Leeds in 1994 – a point he mentioned in his acceptance speech to the firm’s 582 partners. ....

United Kingdom , Bruxelles Capitale , North Yorkshire , John Bennett , Bina Mehta , Jon Holt , Bill Michael , Donald Trump , Mary Oconnor , Big Four , Financial Reporting Council , University Of Nottingham , Maryo Connor , Harrogate Town , League Two , Wetherby Road Envirovent Stadium , Banks And Finance , ஒன்றுபட்டது கிஂக்டம் , ப்ரூக்ஸெல்ஸ் தலைநகரம் , வடக்கு யார்க்ஷயர் , ஜான் பென்னட் , பைனா மேத்தா , ஜான் ஹோல்ட் , ர சி து மைக்கேல் , டொனால்ட் துருப்பு , மேரி ஒக்கொன்னோர் ,

Big Four audit shake-up will lack 'any meaningful impact', says rival

Mazars fears proposal for KPMG and others to share audits with smaller competitors does not go far enough ....

United Kingdom , David Herbinet , Kwasi Kwarteng , Big Four , Financial Reporting Council , Business Department , Governance Authority , Business Secretary Kwasi Kwarteng , Markets Authority , Audit White Paper , ஒன்றுபட்டது கிஂக்டம் , பெரியது நான்கு , நிதி புகாரளித்தல் சபை , வணிக துறை , ஆளுகை அதிகாரம் , சந்தைகள் அதிகாரம் ,

How to improve the quality of audit in Indian companies

‘Audit’ is derived from the Latin word ‘audire’, or ‘to hear’. Recently, it is not the hearing ability but the smell test and the ability to observe that have been more in focus. The only common point of agreement among all stakeholders appears to be that the quality of audit must improve. Even auditors agree. So, how can auditing quality be improved? ....

Henry Lopes , National Financial Reporting Authority , Institute Of Chartered Accountants India , Chairmanr Sridharan , Judge Henry Lopes , Chartered Accountants , M Damodaran , Big 4 , தேசிய நிதி புகாரளித்தல் அதிகாரம் , நிறுவனம் ஆஃப் பட்டய கணக்காளர்கள் இந்தியா , பட்டய கணக்காளர்கள் , மீ தாமோதரன் ,