Top Tweets for #AuditReforms
📊 India’s New Audit Rules Coming Soon! 🇮🇳
Boosting transparency, governance & global standards 🌍✨
#CorporateNews #AuditReforms #IndiaGrowth #IBSPune #IBSAT #IBSAT2026 #PGPM #IBSAF #IBSATFORNEWAGELEADERS
New laws to streamline functioning of banking sector
https://t.co/cW11UNtEjW
#BankingReforms #BankingAct2025 #FinancialInclusion #RBI #DepositorProtection #AuditReforms #IndiaEconomy #BankingSector #BreakingNews
#Micro enterprises should be fully exempt from all statutory audits.
#Small enterprises need only Risk Based Audits, while Medium & Large remain under mandatory audit.
A tiered audit system = true Ease of Doing Business + stronger governance.
#MSME #AuditReforms
@MCA21India
🔥 The CA Profession in Crisis: A Last Call for Survival for SME Firms!
The backbone of the Chartered Accountant (CA) profession—Audit—is being continuously diminished, creating a severe existential crisis for Small and Medium CA Firms (SME CA Firms).
For SME firms, old opportunities are closing, but no new attractive avenues are opening up. 🚪🚫
📉 The Bitter Truth of Erosion:
* ❌ GST Audits: Abolished.
* 📉 Bank Audits: Drastically reduced in volume and scope.
* 💰 Bank Concurrent Audit Fees: Shockingly low—far below the Minimum Wages Act, which completely devalues our expertise. (💸 Disrespect to Expertise!)
* 💸 Government Audits (e.g., Delhi University): Allotted via GeM/tender for a nominal processing fee (as low as ₹100), raising questions about quality and fairness.
* 🛑 Small Company Audits: Likely to be the next opportunity to be eliminated.
If this trend continues, the future of our profession will not depend on Competence but solely on shrinking opportunities. Are we heading towards a scenario where thousands of firms become irrelevant?
Collective Advocacy and Action
We must collectively raise a powerful voice before the ICAI and policymakers:
"When you dilute the audit mandate and push fees down to unviable levels, you do not reduce compliance... you only reduce accountability."
We must demand fair allotment, equitable fees, and the preservation of the audit mandate. 🤝📢
Audit is the ONLY true differentiator of the CA Qualification. Policymakers, recognize the value of accountability and ensure the stability of the thousands of SME CA firms—the very backbone of our profession! 🙏🇮🇳
@ruwatiaofficial @caparveensharma @akhilpachori @aarchanay @casarmans @CAChirag @CaHiteshm @hujefayk @CAclubindia @Thisissamarpit @CA_AkshatS
#CAProfession #SMECA #AuditCrisis #ICAI #FutureOfCA #CAFraternity #FairFees
IMF warns Pakistan about serious gaps in financial oversight. Stronger controls and clearer audits are urgently needed.
#IMFGrowthProjections #IMF2025 #PakistanArmy #Governance #AuditReforms #Economy
Read more:https://t.co/JYOCc67myw
મુખ્યમંત્રીશ્રીના માર્ગદર્શનમાં સાતત્યતા, પારદર્શિતા તેમજ સંસ્થાઓની સાચી વહીવટી અને નાણાકીય પરિસ્થિતિનો અંદાજ મેળવી શકાય તે હેતુથી રાજયના ફેડરેશન-દૂધ ઉત્પાદક સંઘના વર્ષ 2024-25ના ઓડિટ માટે નવીન નમૂના નિયત કરવામાં આવ્યા છે : સહકાર મંત્રી શ્રી જગદીશભાઈ વિશ્વકર્મા
#AuditReforms
- Proposing SA 800/805/810 (Revised) and approving 33 Auditing Standards in line with international practices.
- Advocating for Auditing Standards to be named IndSAs, aligning with countries like the UK, Australia & Singapore.
#ICAI #AuditReforms #NFRA #QualityControl
Corporate lawyer @AncaThomson queries why the Govt is scaling back #auditreforms that were expected to restore trust in corporate #governance. Published in Accountancy Daily @accountancylive https://t.co/1OAubg7lcP
What’s happening with proposed UK #auditreforms? Sir Thompson has revealed that a #Sox-style approach may be rejected by government ministers due to costs outweighing benefits. We don’t agree. ZR Consultants are #Sox #subjectmatterexperts, find out more on https://t.co/TbyrwZHluD
#AuditReforms: The documents should also be available on demand by any person subject to the payment of reasonable duplication expenses. @ikecibe @kingsmartlon @kfayemi
#AuditReforms: All reports submitted by the Auditor General to the legislature except they are otherwise classified under any other law are automatically public documents and should be made available on an electronic portal which is free of charge to the public @PLACNG
#AuditReforms: Transparency and Accountability are very crucial for audit reforms @ZCCNigeria @EiENigeria @HouseNGR
#AuditReforms: The report of the Independent Auditor is forwarded to the Public Accounts Committee of the legislature for consideration and action. @seunonigbinde @SERAPNigeria
#AuditReforms: The Independent Auditor has all the powers and authorities of the @OAuGF in the exercise of his audit of the AuG’s office @PLACNG
#AuditReforms: A firm is qualified for appointment as Independent Auditors to the Office of the @OAuGF and the Audit Service Commission if such firm has not been a consultant to either of the Offices for at least a period of three years prior to such appointment. @BudgITng
#AuditReforms: The legislature shall select and appoint for a period not in excess of three (3) years an audit firm from the list of approved independent audit firms. @ARISEtv @NWOKOCHASMITHC @WazobiaFMAbuja
#AuditReforms: The accounts of the Office of the Auditor-General and the Audit Service Commission shall, in each financial year, be audited and reported on by an independent auditor appointed by the legislature.@lanreipc @AbeloVictor @VEmejuiwe
#AuditReforms: The @OAuGF is not a law unto himself as his accounts will also be subject to audit. @TrackaNG @cislacnigeria
#AuditReforms: This provides for timeliness of actions on audit reports by the legislature. @nassnigeria @HamzyCODE @DrAhmadLawan
#AuditReforms: The legislature needs a timeframe to review and conclude their consideration of the Auditor General’s reports. Maybe within 3-6months. @sowore @channelstv
#AuditReforms: Failure to respond to audit queries within the time frame attracts sanctions and this should include withholding of emoluments as long as the infraction lasts and until there is a response to the query. @NGRPresident @benmurraybruce
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