The firm analyses the various developments on the law-making front as well as the recent trends and issues in the world of finance and compliance. The following are briefs of some recent news in the space.
PwC’s Indian unit has been banned from auditing listed companies for two years
Price Waterhouse was auditor for Satyam computers when company owner Ramalinga Raju admitted to inflating earnings.
The ban by Indian market regulator the Securities and Exchange Board (SEBI) will come into effect on 31 March.
FDI Policy set to be amended to provide for joint audits where shareholders’ agreement require appointment of specific auditors
Companies will now have to go for joint audits in case a foreign investor insists on having an international auditor, a move that will provide a fillip to Indian audit entities. The government’s decision is seen as a significant step towards boosting the prospects of local auditing firms amid the backdrop of Big 4 audit firms holding sway, especially when it comes to companies where there is overseas investment.
Unexplained deposits in focus, taxmen ordered to go all out in the next three months
The income-tax department will in all likelihood go into overdrive in the next three months with the Central Board of Direct Taxes — the apex body — alerting all senior tax officials that their performance is being “monitored at the highest level.” It will also give a renewed push towards imposing and recovering tax on Rs 3 lakh crore deposit, which is suspected to be the quantum of unexplained cash parked with banks post demonetisation.
Over 52% employees say no wellness programme by firms: Survey
More than half of corporate employees in India said their company does not run any wellness programme for them, a survey by Assocham said. Adoption of corporate wellness programme can save India Inc income up to $20 billion by 2018 through a reduction in absenteeism rate by 1 per cent, the survey conducted across sectors such as FMCG, media, IT/ITeS and real estate, among others, said.