‘316 cos,73 audit firms guilty of violating accounting norms’

NEW DELHI: The government today said 316 companies and 73 audit firms have been found guilty for violating accounting principles and other financial irregularities in the last three years.

“During the last three years, 316 companies and 73 audit firms were found guilty of violation of accounting principles and other financial irregularties for non-compliance of disclosure norms,” Minister of State in Corporate Affairs R P N Singh informed the Lok Sabha.

He further said prosecutions have been filed against such companies and audit firms under the provisions of the Companies Act 1956 for such violations.

In a separate reply, Singh said as many as 36 Chartered Accountant (CA) firms have submitted ‘partial’ information to ICAI regarding their arrangements with the multi-national accounting firms.

A High Powered Committee (HPC) was set-up by accounting regulator Institute of Chartered Accountants of India (ICAI) to examine the operation of Multinational Network Accounting Firms (MNAFs) in the country.

Out of the 171 Indian CA firms who have reported to the the HPC, 36 have submitted only partial information, the Minister said.

However, he said the High Powered Committee’s report does not mention the names of the CA firms who have supplied complete information to ICAI.

The Minister further said the report of HPC has been submitted to the council of ICAI which is yet to communicate its decision to the government.

Sameer Chadha appointed partner and CEO of KPMG’s offshore arm in India

NEW DELHI: KPMG’s offshore arm in India announces the appointment of Sameer Chadha as partner and CEO. Chadha joins KPMG Global Services (KGS) from Barclays Shared Services, where he was the chief executive officer.

He has 25 years of experience with leading organisations across the financial services and consumer goods sectors. During his eight year tenure at Barclays Shared Services, the firm grew from 700 to approximately 10,000 employees.

Chadha began his career with

Nestle

and prior to working with Barclays, has held strategic leadership roles at companies like Bank of America, First Source Solutions, Lehman Brothers.

Commenting on the appointment, Richard Rekhy, CEO, KPMG in India, said, “Chadha brings with him expertise and experience of successfully managing and growing large captives in India. KGS is integral to KPMG Global as well as the India strategy and we are confident that with his leadership, KGS will progress to the next level of growth and expansion.”

He is a Chartered Accountant and holds a Bachelor of Commerce degree from the Shri Ram College of Commerce, Delhi University.

Knav ropes in two senior partners in Singapore

MUMBAI: KNAV, an international association of legally independently-owned accounting and consulting firm have roped in Wayne Soo and Ethan Ong as partners in their Singapore operations.

Knav currently operates in Canada, France, India, Netherlands, Singapore, Switzerland, UK and USA, the company said in a statement.

Wayne Soo is a Singapore Chartered Accountant, Certified Fraud Examiner and a Fellow member of six international professional accounting bodies. Building on his years of audit experience in a Big Four accounting firm, Wayne has since been involved in audit, forensic due diligence and corporate advisory services to a large number of local and international companies, the statement added.

“The synergies of trade between India and Singapore are significant. The increasing cross border activities across these two jurisdictions necessitated the need for KNAV to equip ourselves adequately enough, to cater to specific requirements of our clients with business interests in India and Singapore. With Wayne and Ethan joining KNAV Singapore, we have taken a significant step in this context,” said Nishta Sharma, managing partner, KNAV.

RBI bans Haribhakti & Co from undertaking audit assignments for two years

The Reserve Bank of India (RBI) has barred chartered accountant firm Haribhakti & Co. LLP, from undertaking any type of audit assignments for any entities regulated by it for a period of two years with effect from April 1, 2022.

“This action has been taken on account of the failure on the part of the audit firm to comply with a specific direction issued by RBI with respect to its statutory audit of a systemically important non-banking financial company,” RBI said without naming the NBFC.

The ban is the first since the RBI put in place a framework to take action against erring auditors for lapses during audits in 2018.

The RBI action will not impact audit assignments of Haribhakti & Co in RBI regulated entities for the financial year 2021-22.