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The Comptroller and Auditor General of India has called for strengthening the institutional framework, professional capacity building and audit practices of primary auditing institutions (PAIs) responsible for local governments, highlighting the need to improve audit quality and transparency at the grassroots level, PTI reported.The call came at the conclusion of a three-day national workshop for…
The National Financial Reporting Authority (NFRA) on Thursday said it has rolled out its second Audit Practice Toolkit to support small and medium audit practitioners across the country, as part of its broader effort to improve the quality of auditing practices, PTI reported.The toolkit, titled ‘Risk & Response Memorandum: ROMM (Risk of Material Misstatement) Assessment…
The Comptroller and Auditor General (CAG) on Thursday said that the Central Board of Indirect Taxes and Customs (CBIC) faces a sizeable staffing shortage in its audit formations, with 38 percent of positions vacant as of July 1, 2024, leading to gaps between planned and completed audits.The CAG’s report on the Department of Revenue for…
The US Transportation Department has warned New York that it could lose $73 million in federal highway funds after an audit found thousands of immigrant commercial driver’s licences (CDLs) were allegedly issued without proper verification, Transportation Secretary Sean Duffy said on Friday, AP report.Duffy said federal investigators reviewed 200 non-domiciled commercial licences and found more…
NEW DELHI: Supreme Court has ordered an unprecedented nationwide audit of all private and deemed universities, transforming a student grievance into a deep scrutiny of India’s sprawling higher education sector. In a sweeping directive, apex court has asked Centre, all states and UTs, and University Grants Commission (UGC) to submit personally sworn affidavits disclosing how…
SC orders audit of India’s private and deemed universities The Supreme Court has unexpectedly widened a student’s grievance into a nationwide scrutiny of how private, non-government and deemed-to-be universities across India are founded, financed and governed. According to a Live Law report, the order directs the Centre, every state and Union Territory, and the University…
In a major reprieve for taxpayers and professionals, the Punjab & Haryana High Court and the Himachal Pradesh High Court on Wednesday extended the income tax return (ITR) filing deadline for audit cases from October 31 to November 30, 2025. The rulings come just days after the Gujarat High Court issued a similar directive, creating…
The Income tax department on Wednesday extended the due date for filing income tax returns for AY 2025-26 for corporates and taxpayers requiring audit reports to December 10, 2025, according to a notification issued by the central board of direct taxes.According to an official notification issued by the CBDT, “The due date of furnishing the…
THIRUVANANTHAPURAM: Successive audits of the Guruvayur Devaswom have revealed how vulnerable the Sri Krishna temple’s valuables — from gold and silver to ivory and manjadikuru (red lucky seeds) — are to misuse and poor recordkeeping. The findings, spread across the 2019-20 and 2020-21 audit reports by the state audit department, show that despite the temple’s…
NEW DELHI: In what could make sparks fly between Tamil Nadu and Kerala, already in an uneasy relationship over the Mullaperiyar dam, Supreme Court on Monday sought responses from both states and the Centre on an NGO’s plea for a comprehensive safety audit of the 130-year-old dam and remedial measures, including its possible decommissioning.A bench…
