The Charity CFO

MARCH 31, 2023

The word audit can invoke instant fear and dread. Whether it’s an IRS audit, external audit, or even an internal audit, the process can feel burdensome and worrying. Contrary to popular belief, most audits are not conducted to detect a problem. Should My Nonprofit Obtain an Independent Audit?

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CFO News

NOVEMBER 14, 2024

The National Financial Reporting Authority (NFRA) proposes aligning Indian audit standards with global norms by April 2026. The chairman emphasized this as a major reform for corporate governance and attracting investors, ensuring a transparent financial system in India's journey to becoming a developed nation.

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The Charity CFO

AUGUST 23, 2024

Download the Article For nonprofits, audits are more than just a regulatory requirement–they’re a tool for safeguarding the organization’s mission and financial health. An audit helps improve an organization’s financial transparency, builds donor trust, and ensures compliance with regulations. Pre-Audit Prep 1.

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The Charity CFO

APRIL 29, 2022

Many nonprofit organizations both large and small need to undergo a financial statement audit every year. Preparing for a nonprofit audit can be overwhelming and anxiety-filled, especially if it’s your first audit or you don’t have a strong and experienced financial team. What is a financial statement audit?

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CFO Dive

JUNE 24, 2024

The Sarbanes-Oxley Act of 2002 prompted a long-term reduction in restatements by tightening financial reporting and audit rules, CAQ said.

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CFO News

SEPTEMBER 8, 2024

In a revealing conversation with Robin Banerjee, Chairman of Nucleon Pvt Ltd, ETCFO explores the heated debate over SA 600, examining its implications for audit accountability and financial reporting standards in India.

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CFO News

NOVEMBER 4, 2024

The National Financial Reporting Authority (NFRA) and the Institute of Chartered Accountants of India (ICAI) are headed for another clash. The upcoming NFRA board meeting will address revisions to auditing standards, including the controversial SA600, despite opposition from ICAI representatives on the board.

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CFO News

SEPTEMBER 17, 2024

The National Financial Reporting Authority (NFRA) has dismissed concerns that revamping domestic audit standards to align with global norms will negatively impact small and mid-sized audit firms.

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Future CFO

JULY 8, 2024

Editor’s note: Audit is much more than a compliance requirement and is definitely not a declining industry, said Narissa Chen (pictured), Partner, Head of Audit & Assurance, Forvis Mazars in Singapore. She shared with FutureCFO what a career in audit offers and how female professionals can become audit leaders.

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E78 Partners

JANUARY 5, 2024

Audits are an essential part of ensuring that a company’s financial statements are accurate and compliant with accounting standards. Proper preparation is critical in navigating the post-acquisition audit process smoothly, minimizing disruptions, and providing timely, accurate information to stakeholders.

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CFO News

APRIL 20, 2023

"I don’t think there is a grave delivery gap in the audit. If there is no great financial reporting happening, do you think it would have been possible for India to be projected as the bright spot in terms of the economic growth you are seeing? The whole world is looking up to India.

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CFO News

APRIL 29, 2024

NFRA's crackdown on auditing irregularities at Reliance Home Finance Limited (RHFL) for FY 2018-19 resulted in significant penalties and debarments for professionals. This action follows suspected fraud and lapses in auditing standards, highlighting the need for stringent oversight in financial reporting.

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CFO News

OCTOBER 21, 2024

The National Financial Reporting Authority will release its first annual inspection reports on major audit firms by mid-November, highlighting improvements and ongoing challenges in the Indian audit landscape.

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The Charity CFO

DECEMBER 30, 2021

Contrary to what many people envision, a nonprofit audit doesn’t usually start with a letter from the IRS. Instead, an independent nonprofit audit is something you choose to build trust in your nonprofit organization. An audit can be a critical step for a growing nonprofit that needs to raise increasing amounts of funds.

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CFO News

SEPTEMBER 23, 2024

India's accounting regulators are clashing over a proposal to make parent company auditors responsible for consolidated financial statements. The National Financial Reporting Authority supports the change, citing audit failures, while the Institute of Chartered Accountants of India argues it will harm smaller firms.

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Future CFO

NOVEMBER 28, 2023

A finance leader must be able to fully understand the trends in sustainability and the challenges associated with climate change, incorporating such practices in the organisation's overall audit process. This includes disclosing climate risks in the company’s financial statements and other public disclosures.

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Centage

OCTOBER 14, 2021

Financial reporting is a critical task for any organization. Understanding where your actual financials stand in relation to budgets and projections is important to keeping your business on track and in helping to create new projections and budgets. When using spreadsheets for financial reporting, these errors are amplified.

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The Charity CFO

FEBRUARY 8, 2024

Does the idea of a financial audit on your nonprofit leave you feeling nervous? For many nonprofits, a full financial audit can help ensure the accuracy of their financial recordkeeping. Luckily, not all financial situations require an audit. However, it can also feel invasive and overwhelming.

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CFO News

AUGUST 28, 2024

The National Financial Reporting Authority and the Institute of Chartered Accountants of India are at odds over proposed changes to domestic audit standards. ICAI fears the changes could concentrate audit work among large firms, impacting smaller practitioners.

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CFO News

DECEMBER 29, 2023

The National Financial Reporting Authority (NFRA) has issued an inspection report on audit firm Walker Chandiok & Co LLP (WCCL), highlighting lapses such as the lack of integration between electronic and paper files and the provision of non-audit services prohibited under the Companies Act, 2013.

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CFO News

OCTOBER 15, 2024

The Institute of Chartered Accountants of India (ICAI) released a new Standard of Quality Management (SQM), potentially clashing with the National Financial Reporting Authority (NFRA).

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CFO News

JUNE 18, 2024

The National Financial Reporting Authority (NFRA) is set to conduct its first annual inspection of eight audit firms, including the Big Five, to reveal its findings by October or November.

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https://trustedcfosolutions.com/feed/

FEBRUARY 9, 2023

Getting audited isn’t something businesses look forward to. Audits cost your business hundreds and thousands of dollars, taking up countless hours researching transactions and data logs, or painstakingly tracking down supporting documentation. Here’s how: Next-Level Efficiency: Streamlining the Audit Feel prepared for your next audit.

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CFO News

AUGUST 13, 2024

The National Financial Reporting Authority (NFRA) has identified preliminary audit quality issues in its ongoing inspections of major audit firms. The NFRA is inspecting seven audit firms this year, with plans to increase the number further.

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E78 Partners

SEPTEMBER 21, 2023

Audits, while essential for maintaining the integrity and trustworthiness of an organization’s financial reporting, can be a daunting task. This article will delve deeper into five preparation steps, drawing from insights of our leading industry experts, to help your organization gear up for a successful audit.

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The Charity CFO

NOVEMBER 30, 2023

Does the idea of an audit from the IRS leave you with sweaty palms? Most nonprofit leaders aren’t accountants and the thought of getting audited is a sizable fear. Luckily, being prepared can help you avoid accounting mistakes that could come up in a nonprofit audit. Do You Struggle to Make Sense of Your Financial Statements?

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Nonprofit Auditing Compliance Education 52

CFO News

SEPTEMBER 1, 2024

The National Financial Reporting Authority (NFRA) has firmed up draft norms to overhaul the extant Standard on Auditing (SA) 600. The revised standard will apply only to listed companies and banks, barring the state-run ones.

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CFO News

MARCH 4, 2024

The National Financial Reporting Authority (NFRA) plans to conduct annual inspections of major audit firms to ensure compliance with standards and protect investors. The regulator will engage with audit committees and boards, expand inspections, and address issues related to financial statements and auditor independence.

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CFO News

JANUARY 17, 2024

The National Financial Reporting Authority (NFRA) is planning to directly engage audit committees of large listed companies to sensitise them about accounting standards and their role, a first-of-its kind regulatory outreach to curb corporate frauds, people aware of the watchdog's thinking told ET.

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Spreadym

AUGUST 10, 2023

When choosing the best financial reporting software solution, it's important to consider factors such as ease of use, scalability, integration with existing systems, compliance with accounting standards, cost, customer support, and any unique requirements your organization might have. What is financial reporting software?

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PYMNTS

JULY 6, 2020

The Big Four accounting firms will have to put their United Kingdom auditing and consulting practices in separate business units by 2024, but may keep them within the same parent companies, under regulations announced today by the Financial Reporting Council. The measures by the U.K.’s

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CFO Talks

OCTOBER 31, 2022

Clean audits in the public sector are rare. Only 41 municipalities in South Africa achieved a clean audit for 2020-21. Khan has previously worked for the Auditor General and has achieved numerous clean audits with the DTI. . ” “Once these basic principles were in place, a clean audit was inevitable.”

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Future CFO

JUNE 15, 2021

While 62% of organisations expect external audit fees to rise this year, they could combat this by automating their internal controls, said Gartner recently when releasing results of a survey of 166 publicly traded and privately held external audit firm clients across industries in March-April of 2021.

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CFO News

MARCH 5, 2024

At an international conference organised by the National Financial Reporting Authority (NFRA) in the national capital, its Chairperson Ajay Bhushan Prasad Pandey on Tuesday batted for harnessing big data and artificial intelligence to enhance the accuracy of financial reporting.

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CFO News

OCTOBER 3, 2024

Narayanaswamy, part-time member of NFRA, discusses the legal framework for auditing standards, challenges to NFRA’s authority, the power dynamics between NFRA and ICAI, and the need for accountability in financial reporting. In an exclusive interview with ETCFO, R.

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PYMNTS

NOVEMBER 26, 2018

It’s common sense that a corporation would want its C-Suite to have some knowledge of accounting practices, and one could assume that a lack of understanding of corporate accounting may heighten the risk for misstatements on financial reports. ” Below, PYMNTS breaks down some of the key data points from the research.

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PYMNTS

JULY 11, 2019

s so-called Big Four accountancy firms — KPMG, PwC, EY and Deloitte — have reportedly failed to reach audit quality standards set by the Financial Reporting Council , Reuters reported this week. Only 75 percent of the audits of the U.K.’s It will review a larger number of the firm’s audits in the coming year.

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