AUDITORS
CAG to audit urea subsidy, distribution in 169 districts
India plans to spend ₹2.17 lakh crore on fertiliser subsidies this fiscal year, focusing on urea. The Comptroller and Auditor General will conduct a comprehensive audit examining 149 districts with high urea consumption. This audit will address efficiency, demand assessment, and subsidy rationalisation initiatives while ensuring environmental sustainability. It aims to scrutinise import planning and financial impacts related to urea production and subsidies.
How contracting and construction companies can make a loss look like a profit and take investors for a ride
A construction company can report profits even when payments remain uncertain. But disputed contracts, unbilled revenue, and potentially unrecoverable assets can conceal serious financial risks. A look at how accounting assumptions can distort profitability and how investors can identify warning signs hidden in financial statements and auditor reports.
Republicans score rare blue-to-red flip in Maine during midterm landslide
Republican Paul LePage has won Maine's 2nd congressional district, becoming the only candidate to flip a Democratic-held seat to the Republicans without redistricting in the 2026 US midterm elections. The Associated Press called the race after ranked-choice voting, confirming LePage's narrow victory over Democratic state auditor Matt Dunlap.
CAG widens audit net to assess outcomes of govt schemes, urban mobility
The Comptroller and Auditor General is conducting cross-ministry audits to assess outcomes in areas such as ease of doing business, logistics, education and urban mobility. The reports, covering schemes implemented between 2021 and 2026, will offer recommendations to improve delivery. The auditor is also examining DISCOMs' financial and operational performance and developing in-house AI tools to assist audit work.
A double transition for corporate India: New accounting rules, new auditors
Companies are preparing for the transition to Ind AS 118 which will impact financial statement reporting. Changes in statutory auditors coinciding with the transition may lead to additional audit work. Incoming auditors will have to familiarize themselves with the new framework and assess comparative figures. Effective communication between outgoing and incoming auditors is crucial during this period.
IIT Indore reveals severe pollution in drain leading into Kshipra river ahead of Simhastha 2028 pilgrimage
IIT Indore conducted an investigation revealing significant pollution levels in Nagdhaman Nala, which impacts Kshipra river water quality. The study identified a lack of oxygen and high levels of faecal bacteria in the water. Experts expressed concerns regarding the water's unfit status for recreational use ahead of Simhastha 2028. Madhya Pradesh government has not taken necessary actions to address these pollution levels despite growing environmental concerns.
BJP state president Pankaj Chaudhary criticises Akhilesh Yadav, urges to apologise before Ram temple visit
Pankaj Chaudhary, the BJP president of Uttar Pradesh, has criticised Akhilesh Yadav's planned visit to the Ram temple. Chaudhary urged Yadav to visit and apologise for past incidents involving kar sevaks on December 6. This criticism is part of the BJP's broader strategy ahead of the upcoming 2027 UP polls. Akhilesh Yadav has previously raised concerns over alleged donation irregularities at the Ram temple.
India fallen way down list of nations deemed liberal democracies under Modi govt: Sonia
Sonia Gandhi, in her memoir, critiques the Modi government's impact on India's democratic institutions and social fabric. She highlights the growing wealth disparity and lack of transparency in governance under the current regime. Gandhi expresses concern over the media's loss of independence and the suppression of dissenting voices in society.
CBI books Kishore Biyani and FRL in ₹904 crore SBI fraud case
The CBI has registered a case against Future Retail Ltd and its promoters. This is due to the alleged defrauding of State Bank of India amounting to ₹904.32 crore. The FIR was filed following a complaint from SBI on October 9, and a forensic audit was conducted. Multiple premises linked to the promoters were searched, leading to the seizure of documents.
Rs. 400 crore of ‘cash’ that existed only on paper: Not for the first time, nor will it be the last
When something is wrong inside a company, the people running it know first. The auditors may sense it next. A regulator might confirm it years later, in an order the public finally gets to read. The ordinary shareholder sits at the very end of that queue, usually learning the truth only after the share price has already delivered its verdict. The value of reading the accounts closely is simple: It is the one way to move a little higher up that queue, while there is still time to act.
5 cups of coffee before 10 am, 8 cups daily: At 50, Nestlé CEO reveals his unusual coffee habit. ‘I just like the flavour’
Philipp Navratil, the CEO of Nestle, has an exceptional coffee ritual, enjoying 8 cups daily, favoring cold-brewed black coffee. His morning starts with hydration, drinking water before indulging in his first cup. His day winds down with a final espresso or decaf after dinner, yet he still achieves a full eight hours of rest. Rising at 6:30 am, he prioritises productivity during his morning routine until lunch.
From Texas to Maine, the races that could reshape America's political map
Voters across the United States are heading to the polls to determine pivotal Senate and House races. Key states such as Texas, Georgia, and Michigan are witnessing intense political battles that could reshape control. Notably, Texas features competitive contests for the Senate and gubernatorial seats that challenge Republican incumbents. In Michigan, allegations linked to a former candidate's family are intensifying the Senate race dynamics.
India’s small companies need to see AI as more than an artificial promise
India MSME news: India's micro, small and medium enterprises are exploring the adoption of artificial intelligence to enhance productivity. AI is expected to generate significant economic value for these enterprises in manufacturing and services sectors. Various challenges remain regarding the integration of AI into existing workflows and overcoming cost barriers. Collaborative efforts among industry bodies, technology providers, and the government are essential for facilitating this transition.
ICAI to issue guidance note for auditing multi-state cooperatives
ICAI will issue a guidance note for auditors of multi-state cooperative societies following the government's notification of the Multi-State Co-operative Societies (Auditor's Report) Order, 2026. The guidance will standardise audit practices, strengthen regulatory compliance and help identify financial irregularities and governance risks. The new framework will be implemented in phases.
Rs. 15 lakh crore of revenue, questioned by authorities – and the real worry was where the cash went
A company can report a loan, an advance, or an investment even after the cash has moved beyond its control. Sometimes the explanation is legitimate. Sometimes the money has been used for a purpose shareholders never approved. How does this happen?
Dixon has ₹1,110-crore PLI incentive pending; chairman’s son named executive director
In an announcement, Dixon Technologies disclosed a notable receivable of ₹1,110.06 crore tied to the government's PLI scheme, which is still pending. The company has appointed Prithvi Vachani as its executive director, awaiting shareholder consent. This financial quarter saw consolidated operational revenue jump to ₹21,863 crore, although net profit markedly decreased. Furthermore, a liability totaling ₹576.
Value of audit lies in its contribution to improved governance: CAG Sanjay Murthy
CAG K Sanjay Murthy highlighted the value of audit in governance and public financial management during a conference in Viet Nam. He discussed the role of Supreme Audit Institutions in adapting to changing governance environments, which included modernising audit methodologies. Murthy presented on digital transformation in public audit, sharing India's experience with technology in enhancing audit practices.
ICAI to issue guidance note on new audit reporting framework for multi-state cooperative societies
ICAI is set to release a guidance note on the new audit reporting framework for multi-state cooperative societies. The cooperation ministry published the Multi-State Co-operative Societies (Auditor's Report) Order, 2026, on October 14. This initiative aims to enhance financial oversight and risk detection in the cooperative sector. Auditors will need to follow a structured approach in reporting various compliance parameters.
My broken office printer has more job security than me: Corporate employee's rant on why a machine can't be disposed unlike humans goes viral
A corporate employee's account of a printer that has been broken since 2021 but cannot be disposed of because of company policies has sparked online reactions. After repeated rejections from Finance and Facilities, the employee was eventually made the machine's official custodian, joking that it had more job security than he did.
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