Accounting And Audit 24 September 2026
India Audits Under Pressure: Statutory, Tax, and CA Exam Updates
Recent developments in India highlight mounting pressures on audit and accounting frameworks. A statutory form change sparked an electoral audit call, while Transgene Biotek’s auditors quit over workload. Prizor Viztech named a cost auditor, ICAI released the Jan‑2027 CA exam dates, and multiple bodies push to extend the tax‑audit filing deadline to October 31, citing compliance strain. Simultaneously, tax‑audit thresholds were revised, affecting firms with turnover over ₹1 crore or ₹10 crore.
- Statutory audit rule breach: A statutory form was altered without proper amendment, prompting calls for an independent audit. (Source)
- Transgene Biotek auditor resignation: Statutory auditors quit citing workload constraints under Companies Act and SEBI LODR guidelines. (Source)
- Prizor Viztech cost auditor appointment: Board approved cost auditor for FY2026‑27 to maintain compliance. (Source)
- ICAI exam schedule: Foundation and Intermediate CA exams for Jan 2027 announced on 23 Sept 2026. (Source)
- Tax audit deadline push: Rajasthan HC hearing and multiple professional bodies request extending filing date from 30 Sept to 31 Oct. (Source 1, Source 2, Source 3, Source 4)
- Tax audit threshold change: Audit becomes mandatory for businesses with cash receipts ≤5% of total and turnover ₹10 crore, easing the earlier ₹1 crore limit. (Source)
- US citizen tax demand case: Highlighted complexities of tax audit filing and notice issuance. (Source)
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