Weekly Newsletter - May 22, 2024
Latest additions to CAalley:
News Update:
Exposure Drafts:
Acts & Regulations:
International Content:
Legal Updates:
News Update:
Reserve Bank board approves transfer of Rs 2.11 trillion surplus to govt
EPFO update: Now, EPF death claims can be processed without seeding Aadhaar
Flipback Tax: Razorpay restructures to cut levy; Groww pegs tax outgo at $70 million
Zee shelled out Rs 432 crore on failed merger with Sony unit
FM Nirmala Sitharaman asks ICAI to set up 'Big 4'- like Indian firm
Clarification likely on GST on NBFC co-lending
Sebi changes rule to determine mcap, 6-month average to be used now
NFRA bars auditors of 2 Anil Ambani group cos
GST officers working on registration mechanism for 'shared warehouse' for e-commerce suppliers
ED Mumbai arrests businessman in income tax refund fraud of ₹263 crore
RBI in talks with Sebi to allow mutual funds to sell debt to ARCs
Market regulator Sebi offers shield against M&A stock price disruptions
NFRA imposes Rs 2.5 cr fine on two auditors in Reliance Commercial Fin case
HC quashes ₹96cr GST demand notice to Metrowater
GST Council to hear gaming firms’ plea
GST fraud: 3 behind 100 fake firms held
ICAI disciplinary panel overlooks stay to pass order against 2 partners of PwC arms
ICAI passes orders against five affiliates of Price Waterhouse
Need proactive risk mitigation measures to tackle cyberattacks: RBI
Creditors' haircuts in bankruptcy cases jump to 73% in FY24: Report
Online MSMEs flag GST license challenges in Tamil Nadu
[Indian] Big Five auditors sulk over lack of fair remuneration
Finance Ministry asks SBI to form committee to tackle co-lending issues
At 269, NCLT approves record resolutions under IBC in FY24: IBBI data
IGST exemption: AAR ruling may set precedent for foreign client services
Compliance plays a big part in helping Indian MSMEs grow exports
Around 700 surety bonds worth Rs 3,000 cr issued by Insurance cos so far
RBI set to meet ARCs on May 17; may discuss borrowing, settlement process
EY, KPMG upgrade AI capacities for auditors
PCAOB fines MaloneBailey $400K for quality control violations
Auditors failed to raise alarm before 75pc of UK corporate collapses
New Rules for US Auditing Firms Show That the World Has Changed
SEC strengthens requirements for response to data breaches
Should the Definition of a Public Business Entity be Revised? FASB Mulling Topic
Unveiling the new PCAOB standard QC 1000: A leap towards enhanced audit quality
AICPA approves revised attestation standards
KPMG Leads in IPO Audit Clients for Q1 of 2024
Crowe UK slapped with £144,000 audit fine
Exposure Drafts:
Consultation Paper on the recommendations of the Expert Committee for facilitating Ease of Doing Business under MB Regulations, BTI Regulations and Buyback Regulations
[Last date for Comments: June 11, 2024]
Consultation paper on facilitating investments by Indian Mutual Funds in such overseas funds that invest certain portion of their assets in Indian securities
[Last date for Comments: June 7, 2024]
Acts & Regulations:
Master Circular for Stock Brokers [Published on May 22, 2024]
Master Circular for Investment Advisers [Published on May 21, 2024]
Master Circular for Research Analysts [Published on May 21, 2024]
Master Circular for listing obligations and disclosure requirements for Non-convertible Securities, Securitized Debt Instruments and/ or Commercial Paper [Published on May 21, 2024]
Master Circular for Credit Rating Agencies (CRAs) [Published on May 16, 2024]
Master Circular for ESG Rating Providers (ERPs) [Published on May 16, 2024]
Master Circular for Debenture Trustees (DTs) [Published on May 16, 2024]
International Content:
Root Cause Analysis – An Effective Practice To Drive Audit Quality
[April 2024]
Legal Updates:
Advisory: Information from manufacturers of Pan Masala and Tobacco taxpayers
Industry Standards on verification of market rumours
Framework for considering unaffected price for transactions upon confirmation of market rumour
Master Circular on Actuarial, Finance and Investment Functions of Insurers
Master Circular on Expenses of Management, including Commission, of Insurers, 2024
Exchange Rate Notification No. 36/2024-Cus (NT) dated 16.05.2024 [Notification No.36(NT)]