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<ul><li><keyword id="9637999" type="General" weightage="20" keywordseo="ILFS-AUDITOR" source="Orion">IL&amp;FS auditor</keyword> <keyword id="7600207" type="General" weightage="20" keywordseo="SRBC" source="Orion">SRBC</keyword> &amp; Co has resigned with effect from September 28.</li><li>The group’s board has appointed CNK Associates as the new <keyword id="6437332" type="General" weightage="20" keywordseo="AUDITOR" source="Orion">auditor</keyword> to the firm for fiscal 2022.</li><li>The development comes amid recent allegations of ‘<keyword id="75331" type="General" weightage="20" keywordseo="professional-misconduct" source="Orion">professional misconduct</keyword>’ against SRBC.</li></ul>Bankrupt infrastructure financier, Infrastructure Leasing &amp; Financial Services (<keyword id="6357293" type="General" weightage="20" keywordseo="ILFS" source="Orion">IL&amp;FS</keyword>), on Friday, said its statutory auditor SRBC &amp; Co has resigned with effect from September 28, 2021. “M/s SRBC and Co. LLP will be ineligible to continue as auditors of the Company for the financial year 2021-22 beyond September 30, 2021 having completed audits for three years,” it said in a stock exchange filing. The IL&amp;FS board has appointed CNK Associates as the new auditor to the firm for fiscal 2022. The development comes amid allegations of ‘professional misconduct’ against SRBC, as per an assessment by the National Financial Reporting Authority (<keyword id="1500518" type="General" weightage="20" keywordseo="NFRA" source="Orion">NFRA</keyword>), part of the Ministry of Corporate Affairs. The NFRA reviewed the fiscal 2018 audit of IL&amp;FS Transportation Networks Ltd. (ITNL). In its September 23 <keyword id="12220678" type="General" weightage="20" keywordseo="audit-quality-review" source="Orion">audit quality review</keyword> <a href="https://nfra.gov.in/sites/default/files/AQRR%20ITNL.pdf">report</a>, the government body alleged that SRBC, which used the EY logo and brand name in a misleading manner, and failed to provide adequate evidence supporting their assessment of the going concern status of ITNL. The 343-page NFRA report, in its assessment, further alleged that SRBC, <ul><li>Failed to disclose material facts known to them which are not disclosed in financial statements.</li><li>Failed to report a material misstatement known to them to appear in a financial statement.</li><li>Not exercised due diligence, or have been grossly negligent in the conduct of their professional duties</li></ul>Among other such allegations, NFRA concluded that SRBC did not perform the audit procedures in a consistent manner. “This renders the audit documentation completely unfit for the intended purpose. In not rectifying these deficiencies, the audit firm is guilty of serious professional misconduct,” it said. In 2018, debt-ridden IL&amp;FS group had gone bust creating a ripple effect in India’s shadow banking sector. Recently the IL&amp;FS board, led by billionaire banker Uday Kotak, said that it would resolve about 62% of the group's debt of nearly ₹99,000 crore, by the end of ongoing fiscal. As of April, the group has addressed debt worth ₹43,100 crore, short of its initial target to resolve about ₹50,000 crore by end of March. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/ritesh-agarwal-led-oyo-files-preliminary-papers-for-its-1-2-billion-ipo/articleshow/86674003.cms">Ritesh Agarwal-led OYO files preliminary papers for its $1.2 billion IPO</a> <a href="https://www.businessinsider.in/business/corporates/news/heres-why-paras-defence-and-space-tech-got-the-best-listing-post-ipo-this-year/articleshow/86674479.cms">Paras Defence &amp; Space Technologies makes space cameras and it just made the best listing post-IPO this year</a> <a href="https://www.businessinsider.in/india/news/from-increased-premium-payments-to-getting-seven-midnight-calls-users-vent-on-social-media-against-rbis-new-auto-debit-rules/articleshow/86673532.cms">From increased premium payments to getting seven midnight calls, users vent on social media against RBI’s new auto-debit rules</a>

IL&FS replaces auditor SRBC & Co amid allegations of professional misconduct by NFRA

New Delhi, Mar 16 () The government on Monday said there is no conflict between the jurisdictions of the National Financial Reporting Authority and the Institute of Chartered Accountants of India (ICAI). NFRA, set up under the Companies Act, 2013, looks into matters relating to formulation of accounting and auditing standards as well as compliance with them. ICAI has been constituted under the Chartered Accountants Act, 1949."There is no conflict between the jurisdictions of ICAI under the Chartered Accountants Act, 1949 and NFRA under the Companies Act, 2013 as their functions and jurisdiction are distinct," Minister of State for Corporate Affairs Anurag Singh Thakur told the Lok Sabha.Noting that both are not similar accounting regulatory bodies, the minister said their respective roles and areas of functioning are different.In a written reply, he said the Auditing and Assurance Standards Board (AASB) of ICAI would also continue to perform its role and shall submit its recommendations on Auditing Standards to the government through the NFRA."The Quality Review Board (QRB) will also continue quality audit in respect of private limited companies, public unlisted companies below prescribed threshold and also with respect to audit of those companies that may be delegated to QRB by NFRA. "ICAI will continue to exercise disciplinary control over the auditors of all companies which are not being covered by NFRA," he said. Further, Thakur said Section 132 (4) of the Companies Act, 2013 has a non-obstante clause and hence NFRA shall have no over-lapping effect on any other law in force. RAM ANUANU

No conflict between jurisdictions of NFRA, ICAI: Thakur

New Delhi, Feb 13 () Price Waterhouse Network of Firms in India (PW India) on Thursday said they will no longer provide non-audit services to their audit clients that are governed by the National Financial Reporting Authority (NFRA). "Considering the wide-ranging discussions with stakeholders about the future of audit, PW India firms believe that this voluntary action will further strengthen the audit profession in India and enhance trust in the Indian capital markets, society and Indian economy at large," it said in a statement. Subramanian Vivek, Partner, Price Waterhouse said that given the important role that auditing plays in the Indian economy, everyone that relies on audit needs to have the same high level of confidence in an auditor's independence, objectivity and effectiveness. "Today's announcement is a demonstration of our commitment to invest in audit quality with a view to continually improve and strengthen it, along with auditor independence," Vivek said. The jurisdiction of the NFRA -- which would be an oversight body for auditors -- extends to all listed companies as well as large unlisted public companies. On February 7, the corporate affairs ministry proposed significant amendments to existing regulations to enhance independence and accountability of auditors. Against the backdrop of instances of many auditors and auditing entities coming under the regulatory lens for alleged misdoings, the ministry came out with a a consultation paper on proposed legal changes regarding audit. The paper is to 'examine the existing provisions of law and make suitable amendments therein to enhance audit independence and accountability'. NKD RAM

PW India to stop providing non-audit services to audit clients governed by NFRA

<ul><li>NTA will soon release admit card/hall ticket for <keyword id="626560" type="General" weightage="20" keywordseo="UGC-NET-exam" source="Orion">UGC NET exam</keyword> December 2020 and June 2021 cycle on their official website.</li><li><keyword id="457382" type="General" weightage="80" keywordseo="ugc-net" source="Orion">UGC NET</keyword> 2021 exam will be held from October 6 to October 8 and October 17 to October 19.</li><li>Candidates should note that the confirmed dates for online admit cards are still awaited.</li></ul><keyword id="581232" type="General" weightage="20" keywordseo="national-testing-agency" source="Orion">National Testing Agency</keyword> (NTA) will soon release admit card/hall ticket for <keyword id="56459" type="General" weightage="20" keywordseo="university-grants-commission" source="Orion">University Grants Commission</keyword> National Eligibility Test (<keyword id="44171" type="General" weightage="100" keywordseo="ugc" source="Orion">UGC</keyword> NET) exam for December 2020 and June 2021 cycle on their official website of <a href="https://ugcnet.nta.nic.in/WebInfo/Page/Page?PageId=1&amp;LangId=P">UGC NET</a>. UGC NET 2021 exam will be held from October 6 to October 8 and October 17 to October 19. The UGC NET exam admit card was supposed to be released in the last week of September. Candidates should note that the confirmed dates for online admit cards are still awaited. However, the exam dates are final and as per the revised schedule. This is how you can download your admit card online — <ol><li>Open the official website of <a href="https://ugcnet.nta.nic.in/WebInfo/Page/Page?PageId=1&amp;LangId=P">UGC NET</a> and click on ‘UGC NET 2021 Admit card download’.</li><li>Enter your login credentials -- Application number and date of birth.</li><li>The <keyword id="5905069" type="General" weightage="20" keywordseo="UGC-NET-admit-card" source="Orion">UGC NET admit card</keyword> will be displayed on your screen.</li><li>Download and take a hard copy of the admit card for future reference.</li></ol> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/education/news/du-admission-2021-all-you-need-to-know-about-the-online-admission-process/articleshow/86676064.cms">DU Admission 2021: All you need to know about the online admission process</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/ilfs-replaces-auditor-srbc-co-amid-allegations/articleshow/86675709.cms">IL&amp;FS replaces auditor SRBC &amp; Co amid allegations of professional misconduct by NFRA</a>

UGC NET Exam 2021: Here’s how to download hall ticket for December/June cycle

New Delhi, Jan 6 () The National Financial Reporting Authority (NFRA) is looking to hire consultants in the areas of law and finance as the watchdog strengthens its manpower.
 The independent watchdog for auditing profession has sought applications for 10 posts of consultants and senior consultants on one-year contract basis.
 These people would assist the NFRA in data analysis and identification of audit reports to be taken up for review, preparation of draft charge sheets, among other works, according to a public notice.
 The deadline for submitting the applications is February 7.
 Chartered accountants, law graduates and those who have completed MBA in Finance and Post Graduate Diploma in Management in Finance would be eligible to apply. They should have at least five years experience.
 Applications have also been sought from those with at least 10 years of work experience as well as from chartered accountants with 15 years of experience.
 Various other conditions would also be applicable on the prospective candidates, as per the notice.
 The full-time assignments would be for one-year on contract basis, and the individuals would not be permitted to take up any other work during their stint with the NFRA.
 The selected candidates should not practice their profession and would be required to surrender their certificate of practice before joining the organisation, the notice said.
 The jurisdiction of the NFRA, which comes under the Corporate Affairs Ministry, extends to all listed companies as well as large unlisted public companies. It has powers to debar an erring auditor or auditing firm for up to 10 years, besides slapping heavy penalties.
 Like in the cases of IL&amp;FS and Infosys, the ministry can refer other entities for investigation by the NFRA where public interest is involved. AST RAM RVK

National Financial Reporting Authority to hire legal, finance experts

New Delhi, Nov 25 () The high-level committee set up by the Institute of Chartered Accountants of India (ICAI) will look into the suggestions made by various stakeholders, including students, on the examination process of CA, Parliament was informed on Monday.
 The committee was formed in September following protests from students who were demanding revaluation of their CA (chartered accountant) exam answer sheets.
 The panel, which met on October 7 and held deliberations, invited suggestions from students and other stakeholders on examination processes and changes including regulatory changes, if any required therein, Minister of State for Finance and Corporate Affairs Anurag Singh Thakur said in a written reply to Lok Sabha.
 Consequently, an online form was hosted on ICAI's website and stakeholders were requested to submit their suggestions in this regard by November 10, he added.
 "The suggestions so received are being compiled by ICAI and will be placed before the aforesaid high level committee for its consideration at its forthcoming meeting," Thakur added.
 The minister said that on receipt of the recommendations of the committee, it would be taken up for consideration by the examination council of ICAI.
 Issues such as bringing more transparency in the manner of declaration of results, disclosure of marking schemes followed by ICAI and removal of doubts regarding ICAI regulating the pass percentage are under deliberations by the committee.
 In a separate reply, the minister said that inclusion of ICAI members on the board of NFRA (National Financial Reporting Authority) will not create any conflict of interest situation.
 NFRA board has 13 members of which three members represent ICAI.
 Thakur said that the main functions will be performed by the executive body of NFRA and as such, no conflict of interest will be there.
 Separately, he said that the Companies (Auditors Report) Order 2016 has not been extended to private schools and hospitals built on concession land.
 Under the CARO, which was notified by the Corporate Affairs Ministry in March 2016, auditors need to touch upon a slew of factors in their reports, such as whether a company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets. SP
RVK

ICAI committee to look into suggestions received on CA exam process

<ul><li>Colleges like Aryabhatta, Deshbandhu have already released their first list and other colleges are also expected to roll them out on Friday.</li><li>As the first cut-off list for all colleges will be out today, the admission process will start from October 4, 10 a.m., till October 6, 11:59 p.m.</li><li>The entire admission will be online like last year due to COVID-19 scare.</li></ul><keyword id="6360099" type="General" weightage="20" keywordseo="Delhi-University" source="Orion">Delhi University</keyword> (DU) colleges have started rolling out their first cut-off list today for the admission of undergraduate programmes. Colleges like Aryabhatta, Deshbandhu have already released their first list and other colleges are also expected to roll them out on Friday. The cut-off list will be available on the official website of <a href="http://du.ac.in/">DU</a> and also on the official website of the respective colleges. According to media reports, 70,000 students have scored 95% and more in class 12, so the cut-off is expected to be higher than last year. As the first cut-off list for all colleges will be out today, the admission process will start from October 4, 10 a.m., till October 6, 11:59 p.m. The last date for making the online payment of college fees is October 8, 5 p.m. The entire admission will be online like last year due to COVID-19 scare. Students can also go through the detailed guidelines given for admission on the official website of DU. Here’s a step-by-step guide of the admission process for undergraduate courses in DU — <ol><li>Business Insider recommends students to make a list of colleges and courses for which they have met the cut-off criteria and choose according to the list.</li><li>Open the official website of <a href="https://ugadmission.uod.ac.in/">DU</a> on any smart device and click on Undergraduate admissions 2021.</li><li>Login with your registered email id and password.</li><li>Start your admission procedure by choosing their preferred college and course on the admission portal.</li><li>After choosing, fill out the online admission forms. Make sure the forms are filled out correctly as it will be duly verified by the admission committee. Note: Colleges can reject your application, but will have to give a specific reason.</li><li>If the application is accepted, the student needs to upload necessary his/her documents on the portal for verification.</li><li>List of documents required for admission are -- class 12,10 qualifying marksheet or passing certificate, caste certificate (if applicable), transfer certificate from school, migration certificate from board, character certificate and optical mark recognition (OMR) form of university registration.</li><li>Students are recommended to cross-verify after uploading all the documents as any document missing or wrong document can forfeit the admission.</li><li>After uploading all the documents, students will have to pay the college fees online and save the receipt for future reference </li><li>After making the payment, students will receive a confirmation from the respective college stating the status of their admission.</li></ol>SEE ALSO:<a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/air-india-gets-a-saviour-in-tata-sons/articleshow/86675842.cms">Tata Sons wins bid to takeover the ‘Maharaja’</a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/air-india-gets-a-saviour-in-tata-sons/articleshow/86675842.cms"></a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/ilfs-replaces-auditor-srbc-co-amid-allegations/articleshow/86675709.cms">IL&amp;FS replaces auditor SRBC &amp; Co amid allegations of professional misconduct by NFRA</a>

DU Admission 2021: All you need to know about the online admission process

Markets watchdog Sebi is likely to call for a forensic audit of the books of Infosys as it continues to probe whistleblower allegations of alleged financial irregularities at the company, according to sources.
 Following the whistleblower complaints that emerged last year, the regulator had initiated a probe into the matter.
 The sources said Sebi is likely to call for a forensic audit of Infosys' books to have a thorough understanding about the allegations.
 In November, Sebi Chairman <keyword id="6377754" type="PERSON" weightage="20" keywordseo="ajay-tyagi">Ajay Tyagi</keyword> said a probe was on into the Infosys matter. At that time, he had also said one needs to ask either Nandan Nilekani or God on the IT major chairman's assertion about even God can't change the company's numbers.
 The National Financial Reporting Authority (NFRA), which comes under the corporate affairs ministry, is also looking into the allegations.
 In October, Infosys informed stock exchanges about the anonymous whistleblower complaints alleging certain unethical practices.

Infosys may have to submit to a forensic audit by SEBI amid whistleblower allegations

Social enterprises are fast emerging as sustainability power engines of world economies. They are driven by vision to improve society. They identify and solve societal problems through innovation and technology. They feed the hungry, resolve injustices, educate the illiterate, reach healthcare in the remotest corners of the world to cure the diseases, and protect the environment. Social enterprises are movers and shakers of the twenty first century — they are action oriented, they helped the needy (be it organizations or individuals). They act locally but impact globally. Indian social enterprises have been playing a key role in eliminating societal problems. iKure, an Indian social enterprise delivers primary healthcare, wellness, prevention health services to rural, semi-urban and urban areas and has treated 2.5 million people across 6,400 villages. They reach where no doctor reaches. Similarly, Thaely, founded by Ashay Bhave, 21-year-old former student of Amity University, has been manufacturing shoes from fabric derived from waste plastic bags. Each pair of shoes use a total of 15 plastic bags and 22 bottles that are sourced from scrap processing supermarkets and waste collection zones. Thaely is creating wealth out of waste and solving the societal problem by recycling plastic. Likewise, Dinesh who founded of incrEDIBLE, mass-produces edible from 100 million plastic utensils used every day in U.S. Social enterprises led by social entrepreneurs are solving the problems faced by living beings on planet earth, however they too are faced with one major challenge – and that’s funding. Though most social entrepreneurs self-fund their enterprises during inception, they experience growth challenges due to limited fund availability. As per industry reports, about 50% of all social enterprises have reported that funding is their number one business challenge, while 31% face challenges in attracting senior, and middle management. <keyword id="137810" type="General" weightage="100" keywordseo="tie" source="Orion">TiE</keyword> Sustainability Summit plans to solve both the problems. TSS 2021 hosted by <keyword id="2688812" type="General" weightage="20" keywordseo="tie-hyderabad" source="Orion">TiE Hyderabad</keyword> is being held between Oct 4-6, 2021, through a virtual platform, will leverage its technology platform to facilitate funding of social enterprises. TiE is confident of funding at least 50 to 100 social enterprises during the summit, where the social entrepreneurs will be making a pitch to about 200 global investors. Through its technology platform TiE is confident of facilitating funding to a tune of $20 million in the short-term and about $100 million in the long term to promising social enterprises with ability to create a deep impact on human society, animals and nature. The invested will be made by social impact investors and large businesses who find a social enterprises with a promise of future growth and profits. TiE will play the role of a facilitator to help the most suitable social enterprises meet their potential funding partners. <keyword id="441047" type="General" weightage="20" keywordseo="manohar-reddy" source="Orion">Manohar Reddy</keyword>, <keyword id="12221455" type="General" weightage="20" keywordseo="tss-global-chair" source="Orion">TSS Global Chair</keyword> and President TiE Hyderabad said, “We see social enterprises as the change agents of the world and will play a key role in shaping the future of world economy. At TSS, we have designed a “Match Making’ Technology Platform for potential social impact investors to meet their prospective investees (social enterprises) who have the capability and promise to not only provide high return on investment, but also create a deep social impact.” This thought was further echoed by <keyword id="3816912" type="General" weightage="20" keywordseo="mahavir-sharma" source="Orion">Mahavir Sharma</keyword>, Immediate past Global Chairman of the Board, <keyword id="12221456" type="General" weightage="20" keywordseo="tie-global-and-co-founder" source="Orion">TiE Global and Co-Founder</keyword>, <keyword id="12221454" type="General" weightage="20" keywordseo="rajasthan-angel" source="Orion">Rajasthan Angel</keyword>, who said, “Social enterprises are the future unicorns of the world. They will be building a trillion dollar economy. At TiE we stay committed to fulfilling the needs of social entrepreneurs who are faced with the challenges of funding, attracting talent – we will be solving both these by partnering with social impact funds and large business to fund them to a tune of $100 million in the long term spread across a few phases based on business viability and ability to create the societal impact and generate high return on investment. Secondly, we will help them find suitable mentors and board members who can act as guiding force by providing strategic inputs, business modelling, go-to-market strategies, connect them with other ecosystem players.” Disclaimer: Business Insider is an insight partner to the event. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/ilfs-replaces-auditor-srbc-co-amid-allegations/articleshow/86675709.cms">IL&amp;FS replaces auditor SRBC &amp; Co amid allegations of professional misconduct by NFRA</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/news/hondas-futuristic-plans-include-flying-taxis-rockets-and-robots-that-can-roam-on-the-moon/articleshow/86675013.cms">Honda’s futuristic plans include flying taxis, rockets, and robots that can roam on the moon</a>

TiE Sustainability Summit to enable $100 million funding for Social Enterprises

Equity benchmarks Sensex and Nifty ended marginally lower after a volatile session on Thursday, dragged by losses in IT and bank stocks, amid mixed results for the ruling BJP in state polls. After gyrating over 486 points, the 30-share Sensex settled 38.44 points, or 0.10 per cent, lower at 39,020.39. It hit an intra-day low of 38,840.76 and a high of 39,327.15. The broader NSE Nifty too slipped 21.50 points, or 0.19 per cent, to 11,582.60. Top losers in the Sensex pack included <keyword id="45660" type="DOMAIN" weightage="20" keywordseo="Yes-Bank">Yes Bank</keyword>, SBI and IndusInd Bank, that cracked up to 5.76 per cent. Shares of <keyword id="6354512" type="COMPANY" weightage="20" keywordseo="Infosys">Infosys</keyword> also ended 2.36 per cent lower after Sebi and the US Securities and Exchange Commission initiated probe following whistleblower complaints that alleged "unethical practices" by top management of the IT major. Further, the government has asked the National Financial Reporting Authority (NFRA) to look into alleged accounting irregularities at the company. On the other hand, <keyword id="6354287" type="DOMAIN" weightage="20" keywordseo="bharti-airtel">Bharti Airtel</keyword>, RIL, <keyword id="141968" type="DOMAIN" weightage="20" keywordseo="HCL-Tech">HCL Tech</keyword>, Asian Paints, <keyword id="6357147" type="DOMAIN" weightage="20" keywordseo="tata-steel">Tata Steel</keyword> and Tata Motors, rose up to 3.31 per cent. The BJP-Shiv Sena alliance was on the road to power in Maharashtra while Haryana emerged a cliffhanger with no clear majority for either the BJP or the Congress, Election Commission trends indicated as votes for the assembly polls held this week were counted on Thursday. Elsewhere in Asia, bourses in Hong Kong, Tokyo and Seoul ended on a positive note, while those in Shanghai settled in the red. Equites in Europe were trading higher in their respective early deals. Meanwhile, the Indian rupee depreciated 11 paise to 71 against the US dollar intra-day. Brent crude futures, the global oil benchmark, fell 0.47 per cent to USD 60.88 per barrel

Sensex ends marginally lower; Infosys falls over 2 pc

New Delhi, Dec 12 () US-based Schall Law Firm has said it will file a class action lawsuit against Infosys Ltd to recover losses suffered by investors in the wake of allegations of "unethical practices" at the Indian IT major.
 In October, Infosys had informed the stock exchanges of having received anonymous whistleblower complaints alleging certain unethical practices by the top management.
 US market regulator SEC has also initiated a probe on the matter, while Rosen Law Firm had said it was preparing a class action lawsuit to recover losses suffered by Infosys investors in the US.
"The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Infosys Ltd for violations of sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the US Securities and Exchange Commission," a statement said.
It asked investors who had purchased the company's securities between July 7, 2018 and October 20, 2019, inclusive (class period), to contact the firm before December 23, 2019.
Infosys declined to comment on the matter. 
Company shares dropped 2.63 per cent on the BSE Thursday.
Infosys Chairman Nandan Nilekani had said the whistleblower complaint dated September 20, as well as an undated complaint had been received by one of the board members on September 30.
In the letter, dated September 20, and signed by ''Ethical Employees'', it was alleged that CEO Salil Parikh as well as Chief Financial Officer Nilanjan Roy engaged in forced revenue recognition from large contracts not adhering to accounting standards.
The complaints were placed before the audit committee on October 10, and to the company's non-executive board members on October 11, also the day when Infosys announced its second quarter results.
Infosys has been investigating the whistleblower complaints. An external law firm has been roped in to conduct an independent investigation into the allegations.
The Bengaluru-based company has said it will share the outcome of the investigation with all stakeholders at the relevant time.
 The Securities and Exchange Board of India (Sebi) had sought additional information from the company, while the National Financial Reporting Authority (NFRA) - part of the corporate affairs ministry - is also looking into alleged accounting lapses at the firm. SR SR MR
MR

Infosys faces another lawsuit in US

New Delhi, Nov 19 () Infosys on Tuesday clarified that recent media reports, which claimed that the company is hit by a fresh whistleblower complaint, refer to substantially the same charges made in the plaint that was disclosed by the IT firm last month. 
 Stock exchanges last week had sought clarification from the company over the media reports that suggested the company was 'hit by another whistleblower complaint against Salil Parekh'. 
 "...it is clarified that the media reports refer to substantially the same allegations made in the undated whistleblower complaint referred to in the disclosure made by the company on October 22, 2019, to the stock exchanges," Infosys informed the bourses on Tuesday.
It further added that all material information has been disclosed by the company as per Sebi norms and the firm's materiality policy.
"The company remains available to provide any additional information or clarification, if required," it noted.
The clarification on Tuesday came in the backdrop of reports last week that had given "an impression that a fresh whistleblower complaint has been made against the CEO of the company".
Following the reports, the BSE had sought an explanation from the company on the issue.
In October, Infosys had informed the stock exchanges of having received anonymous whistleblowers' complaints alleging certain unethical practices by the top management.
Infosys Chairman Nandan Nilekani had said the whistleblower complaint dated September 20, as well as an undated complaint had been received by one of the board members on September 30.
In the letter, dated September 20, and signed by 'Ethical Employees', it was alleged that CEO Salil Parikh as well as Chief Financial Officer (CFO) Nilanjan Roy engaged in forced revenue recognition from large contracts not adhering to accounting standards.
The complaints were placed before the audit committee on October 10, and to the company's non-executive board members on October 11, also the day when Infosys announced its second quarter results.
US market regulator SEC has also initiated a probe on the matter, while Rosen Law Firm had said it was preparing a class-action suit to recover losses suffered by Infosys investors in the US.
Back home, Securities and Exchange Board of India (Sebi) had sought additional information from the company, while the National Financial Reporting Authority (NFRA) - part of the corporate affairs ministry - is also looking into alleged accounting lapses at the firm. SR MBI BAL

Infosys clarifies on whistleblower complaint reports

New Delhi, Dec 13 () Infosys on Friday said it is not aware of any additional complaints made against the company other than the one it had disclosed to the bourses in October this year.
 The clarification comes amid reports of the US-based Schall Law Firm saying it has filed a class-action lawsuit against Infosys to recover losses suffered by investors in the wake of allegations of "unethical practices" at the Indian IT major.
 Infosys, in a regulatory filing on Friday, said the company is aware of several reports referencing an additional securities class-action lawsuit against Infosys.
 "The company is not aware of any additional complaints, other than the initial complaint, which was disclosed on October 24, 2019," it added.
 Infosys pointed out that it is not uncommon for plaintiffs' lawyers to issue press releases or other media communications asking potential plaintiffs to contact them in order to apply for lead plaintiff status in an existing lawsuit.
 "It appears that the press communications by the Schall Law Firm is soliciting potential lead plaintiff applicants," it said.
 In October, Infosys had informed the stock exchanges of having received anonymous whistleblower complaints alleging certain unethical practices by the top management. US market regulator SEC has also initiated a probe on the matter, while Rosen Law Firm had said it was preparing a class-action lawsuit to recover losses suffered by Infosys investors in the US.
 The Schall Law Firm, a national shareholder rights litigation firm, had announced the filing of a class-action lawsuit against Infosys Ltd, and asked investors who had purchased the company's securities between July 7, 2018 and October 20, 2019, inclusive (class period), to contact the firm before December 23, 2019.
 Stock exchange BSE had sought a clarification from Infosys on reports that the company was facing another lawsuit in the US.
 Infosys Chairman Nandan Nilekani had said the whistleblower complaint dated September 20, as well as an undated complaint had been received by one of the board members on September 30.
 In the letter, dated September 20, and signed by ''Ethical Employees'', it was alleged that CEO Salil Parikh as well as Chief Financial Officer Nilanjan Roy engaged in forced revenue recognition from large contracts not adhering to accounting standards.
 The complaints were placed before the audit committee on October 10, and to the company's non-executive board members on October 11, also the day when Infosys announced its second quarter results.
 Infosys has been investigating the whistleblower complaints. An external law firm has been roped in to conduct an independent investigation into the allegations.
 The Bengaluru-based company has said it will share the outcome of the investigation with all stakeholders at the relevant time.
 The Securities and Exchange Board of India (Sebi) had sought additional information from the company, while the National Financial Reporting Authority (NFRA) - part of the corporate affairs ministry - is also looking into alleged accounting lapses at the firm. SR HRS

Not aware of any complaints against company other than one disclosed in October: Infosys

New Delhi, Dec 8 () With an aim to upgrade skills and build their bandwidth, an increasing number of domestic audit firms are looking for global tie-ups to take on multinational giants in the sector.
The aim is to become globally more competitive by deploying stronger processes already being followed by the global audit firms in delivering audit mandates.
"There has been a significant jump in the number of mid-sized Indian audit firms looking for global tie-ups in the recent past. More than a dozen such firms have approached various global players in past few weeks," said a consultant who is helping local firm scout for a foreign partner.
The primary reason being cited is the growing complexity in businesses, which auditors must understand to deliver a high-quality audit, compounded by the fear of stringent action by regulatory and investigating agencies for negligence or collusion by them in cases of corporate frauds and business failures.
In recent times, there has been a spate of actions against auditors, including against PwC in the Satyam case and against Deloitte and BSR in the IL&amp;FS matter.
The Supreme Court recently stayed an order by the Securities Appellate Tribunal, which held that Sebi lacked powers to bar auditors, after the capital markets regulator contested a SAT ruling that had quashed a two-year ban on PwC in connection with the Rs 7,800-crore Satyam scam.
In the IL&amp;FS case, the NCLT had launched proceedings against the company's erstwhile auditors but the Bombay High Court later granted a stay. Besides, some auditors were recently arrested by the Economic Offences Wing of the Mumbai Police in the NSEL matter, though they were released subsequently on bail.
Some auditors, including in the case of IL&amp;FS matter, have also come under the scanner of the Serious Fraud Investigation Office (SFIO), while National Financial Reporting Authority (NFRA) is looking into alleged accounting lapses at Infosys.
The regulatory and government officials have often pointed out that auditors are supposed to be the conscience-keepers of a company and it is their duty to ring the alarm bells even at the slightest hint of a financial wrongdoing.
Within the auditor community, there is a growing feeling that the globalised businesses of the clients they serve call for the latest audit techniques and processes and their absence can be seen as a major obstacle in delivering on the audit mandate.
A robust IT infrastructure is the another biggest gap area that the domestic audit firms are looking to address through global tie-ups.
"Lack of a strong technology infrastructure has been an area of concern for Indian audit firms in carrying out audit for their clients. An effective IT infrastructure at the auditor's end calls for a substantial investment and a global tie-up or getting associated with a multinational network can help significantly on that front," said an audit committee head at a Nifty-50 company.
At the same time, the prevailing macro-economic environment is creating multiple challenges for the industry, while a negative narrative that has got built around the audit profession is making the things worse, experts said.
Vijay Gupta, ex-central council member of the ICAI, said, "Global tie-ups provide local audit firms access to better processes and practices already undertaken by the global partner, thereby building a much-needed bandwidth to serve the clients".
He cited the resource constraints faced by local firms as crucial for pushing them towards global tie-ups, and said the aim is to have a better IT infrastructure to create a more robust audit framework.
"The liability mechanism for auditors is an area that needs to be duly addressed. Drastic actions are being taken against auditors even in the absence of being proven guilty," said an auditor working with a leading firm.
He said a complete ban on any audit firm has a much larger impact on the industry and on people working in it.
On the other hand, officials at regulatory and enforcement agencies have been saying that audit firms tend to put the blame on individuals after finding themselves in the dock for their alleged role in frauds.
Experts opine that availability of trustworthy financial information on performance of companies is important for proper functioning of a market economy, but the entire auditing system has got into a precarious situation as questions are being raised around integrity of auditors.
Serious concerns arise if auditors' independence is compromised or when trust reposed in them gets betrayed as independent audits are fundamental to taking informed and correct investment decisions.
Experts feel that it is important to facilitate a business-friendly environment for corporates as well as for professionals in India and therefore it is vital that Indian laws and regulations on professional services keep pace with the changing market dynamics. BJ
BAL

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