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NFRA issues Draft Procedure for Submission of Audit Files
Auditors barred from putting a value on companies they are auditing
Standard on Internal Audit (SIA) 18, Related Parties
Standard on Internal Audit (SIA) 17, Consideration of Laws and Regulations in an Internal Audit
Standard on Internal Audit (SIA) 16, Using the Work of an Expert
Standard on Internal Audit (SIA) 14, Internal Audit in an Information Technology Environment
Standard on Internal Audit (SIA) 13, Enterprise Risk Management
Standard on Internal Audit (SIA) 12, Internal Control Evaluation
Standard on Internal Audit (SIA) 11, Consideration of Fraud in an Internal Audit
Standard on Internal Audit (SIA) 9, Communication with Management
Standard on Internal Audit (SIA) 8, Terms of Internal Audit Engagement


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Clean audit boosts

March, 18th 2010
Idea Cellular has moved ahead as the government-appointed special auditors found no major accounting discrepancy in its balance-sheet. The stock is trading at Rs 65, higher by Rs 1 or 2.1%, on the BSE. According to sources, the auditors did not find any major diversion of revenues that may have led to lower Adjusted Gross Revenue (AGR), which is the basis for arriving at licence and spectrum fee liability. One however needs to note that the auditors did not have the full details to assess additional liability. The total impact of licence fee and spectrum fee on the revised AGR was slightly above Rs 74 crore. Of this, a total of Rs 48 crore becomes non-payable as per a TDSAT judgement. This leaves a liability of Rs 26 crore.