New Delhi: Imposing greater responsibility on chartered accountants to prevent frauds by companies, the apex accounting body the Institute of Chartered Accountants of India (Icai) on Monday introduced new guidelines making it mandatory for auditors to vet annual reports and other documents for “misstatement of facts”.
“The Standard (on Auditing, SA 720) is a first of its kind ... issued by the Institute and requires the auditor to read such other information to identify any material inconsistencies vis-a-vis the audited financial statements, since these can undermine the credibility of financial statements and the audit report,” the Icai said in a release.
Besides, Icai has also tightened norms for obtaining and evaluating “audit evidence”, on which the final audit findings are based.
Aditya Birla Nuvo buys retail broking firm
New Delhi:Aditya Birla Nuvo Ltd, a part of the Aditya Birla Group on Monday said it has acquired 76% stake in the retail broking company Apollo Sindhoori Capital Investment Ltd.
While 56% was bought from the promoter group, 20% was acquired through an open offer, Aditya Birla Nuvo said in a press release.