NFRA finalises and recommends Auditing Standards to the Central Govt for notifying
Posted Date : 26-Nov-2024 , 08:15:31 am | Posted By CASANSAAR
The National Financial Reporting Authority held its 19th Meeting on 25 November 2024 to finalise and recommend Auditing Standards to the Central Government for notifying under Section 34A of LLP (Amendment) Act 2021.
The Authority decided to recommend the 40 Standards on Auditing (SAs) and ...
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Neither the NFRA nor the ICAI has the power to set enforceable standards
Posted Date : 19-Nov-2024 , 09:17:15 am | Posted By CASANSAAR
The Solicitor General of India, in an opinion provided to the National Financial Reporting Authority (NFRA), said the Institute of Chartered Accountant of India (ICAI) does not have the power to issue any binding standards or guidelines for audit, according to people in the know.
It can als...
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NFRA clears 40 Audit Rules in spite of ICAI objections
Posted Date : 13-Nov-2024 , 10:34:52 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) held its 18th Meeting on 11th and 12th November 2024 and approved its standards on quality control.
It recommended revision of the Standard on Quality Control (SQC1), as Standards on Quality Management (SQM 1 and SQM 2) on the lines of the global ...
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NFRA likely to propose Audit Norms for LLPs Board Meeting
Posted Date : 11-Nov-2024 , 11:21:18 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) has called a meeting of its board members on November 25 to discuss the audit standards for limited liability partnerships (LLPs), according to official sources.
The meeting will be attended by representatives of the Institute of Chartered A...
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NFRA board to meet next week - Adoption of new audit rules on agenda
Posted Date : 04-Nov-2024 , 09:10:55 pm | Posted By CASANSAAR
The next board meeting of the National Financial Reporting Authority (NFRA) will be held on November 11-12.
The meeting assumes significance since NFRA is expected to push for the adoption of the revised International Standards on Auditing (ISA 600) having gone through the process of inviti...
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Top Auditors, Consultants back NFRA's tighter group Audit Norms; Notification Soon
Posted Date : 28-Oct-2024 , 11:19:40 am | Posted By CASANSAAR
The National Financial Reporting Authority's (NFRA) board will soon consider enforcing tighter norms for statutory audits of conglomerates, two people aware of the development said, a move that has received support from some of the top audit and consulting firms.
The period for receiving publ...
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NFRA Imposes Rs. 5 Lakh Penalty on UIL Auditor for Professional Misconduct
Posted Date : 22-Oct-2024 , 01:41:01 pm | Posted By CASANSAAR
The CBI had registered an FIR back in 2022 alleging large-scale bank fraud involving UIL, based on a complaint from the State Bank of India.
The EP was charged with failure to discharge his responsibilities relating to fraud as laid down in SA 240, reporting obligations under Section 143(12) of t...
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ICAI’s New Standards are Legally Void - NFRA
Posted Date : 17-Oct-2024 , 07:46:07 am | Posted By CASANSAAR
NFRA board, including members like SEBI, CAG and RBI, is of the opinion that SQMs have to be notified as auditing standards (with legal backing) whereas the ICAI maintains that SQMs are not standards of auditing.
The National Financial Reporting Authority (NFRA) is understood to have taken strong...
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NFRA Slaps Penalty of Rs 2 Cr on Auditors of Cafe Coffee Day, Debars CAs
Posted Date : 12-Oct-2024 , 09:35:04 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) on Thursday slapped a penalty of Rs 2 crore on the statutory auditor and Rs 15 lakh on two chartered accountants for professional misconduct in the audit of Coffee Day Enterprises Limited (CDEL) in FY 2019-20.
NFRA in its Thursday order has debarr...
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NFRA Aims for Global Accounting & Auditing Standards
Posted Date : 09-Oct-2024 , 10:42:49 am | Posted By CASANSAAR
NFRA Chairperson Ajay Bhushan Prasad Pandey on Tuesday said the regulator's efforts are to incorporate best global standards, which are required for the country to have big homegrown accounting and auditing firms.
Amid NFRA and chartered accountants' apex body ICAI having differences over...
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NFRA issues Revised Standards on Auditing (SA) 600 for Public Consultation
Posted Date : 18-Sep-2024 , 12:44:07 am | Posted By CASANSAAR
The National Financial Reporting Authority on Tuesday issued the revised Standards on Auditing 600 (SA 600) for public consultation that would address deficiencies in group audit of firms that were highlighted in several cases of corporate frauds. As per the revised norms, the group auditor would be...
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NFRA may refuse to budge on proposed audit upgrade plan
Posted Date : 04-Sep-2024 , 06:47:05 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) is unlikely to roll back or materially change its proposed plan to upgrade to International Standard on Auditing (ISA) 600, despite the concerns raised by the Institute of Chartered Accountants of India (ICAI).
FE has learnt from sources privy to ...
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NFRA pushes for revised ISA 600 to Curb Corporate Frauds
Posted Date : 27-Aug-2024 , 02:54:24 am | Posted By CASANSAAR
The National Financial Reporting Authority plans to adopt the revised International Standard of Audit 600 (ISA 600) to enhance auditor oversight and address significant audit lapses. To advance this initiative, NFRA will convene a meeting next week with key financial regulators, including the Reserv...
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NFRA imposes Rs. 10 Cr penalty on BSR & Associates, debars two partners
Posted Date : 21-Aug-2024 , 03:16:56 am | Posted By CASANSAAR
Audit regulator National Financial Reporting Authority (NFRA) on Monday imposed a hefty penalty of Rs.10 crore, one of the highest in the history of the regulator, on BSR & Associates LLP, an independent audit firm which has a contractual relationship with KPMG, for alleged lapses in the audit o...
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Audit Panels of Companies should step up Engagement with Auditors - NFRA
Posted Date : 13-Jul-2024 , 09:54:03 am | Posted By CASANSAAR
Audit panels of companies, comprising mostly independent directors, need to deepen their engagement with auditors to ensure transparent reporting of financials, National Financial Reporting Authority (NFRA) chairman Ajay Bhushan Prasad Pandey said.
The audit committees typically oversee the statu...
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NFRA unrelenting, to inspect top Auditors again
Posted Date : 27-May-2024 , 11:59:23 pm | Posted By CASANSAAR
The regulator continues to be unrelenting in its drive to enforce audit quality. While the top five firms auditors came under its scrutiny last year, the National Financial Reporting Authority (NFRA) has decided to widen the ambit of its annual inspection this year.
The Big Five, three more audit...
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Delhi High Court upholds NFRA Penalty of Rs 4.5 Cr on CAs and Audit Firm
Posted Date : 24-May-2024 , 02:17:32 am | Posted By CASANSAAR
The Delhi High Court dismissed an interim application filed against the decision of the NFRA (National Financial Reporting Authority) which imposed penalties on CAs and audit firm for lapses in the audit of Reliance Capital Limited for the FY 2018-19.
According to the consolidated financial state...
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NFRA Imposes Monetary penalty of Rs 1 Crore on M/s Dhiraj & Dheeraj
Posted Date : 28-Apr-2024 , 12:37:01 pm | Posted By CASANSAAR
NFRA Imposes Monetary penalty of Rs 1 Crore on M/s Dhiraj & Dheeraj, Chartered Accountants, Mumbai (Firm of Active Central Council Member of ICAI) & Rs 50 Lakhs and 10 Lakh on CA Piyush Patni (Engagement Partner) & CA Pawan Kumar Gupta (Engagement Quality control Review Partner) respecti...
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NFRA debars Auditors, imposes Rs 50 lakh penalties for lapses in Brightcom, CMIL cases
Posted Date : 27-Apr-2024 , 09:39:40 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) has barred auditors of M/s Brightcom Group for up to ten years and imposed heavy monetary penalties on them, citing professional misconduct in auditing the company between FY20 and FY22.
While the audit firm, M/s PCN & Associates, has been pro...
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NFRA Slaps Rs 5 lakh Penalty on Audit Firm for lapses in Vikas WSP Audit Case
Posted Date : 26-Apr-2024 , 09:41:47 pm | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) has slapped a penalty of Rs 5 lakh on an audit firm for professional misconduct and other lapses in the audit of Vikas WSP Ltd for FY20. Vikas WSP Ltd is a BSE- and NSE-listed company.
The order came after NFRA received information from the Securi...
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NFRA acts against Joint Auditor of Reliance Capital
Posted Date : 15-Apr-2024 , 08:17:27 am | Posted By CASANSAAR
National Financial Reporting Authority (NFRA), the regulator for auditors and audit firms for listed and large companies, has acted against Pathak HD & Associates - the joint auditor for Reliance Capital, then an Anil Ambani group company - and its two auditors for multiple failures flagged by t...
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NFRA to look at feasibility of ranking Auditors
Posted Date : 08-Mar-2024 , 10:36:06 am | Posted By CASANSAAR
National Financial Reporting Authority (NFRA) chief Ajay Bhushan Prasad Pandey on Wednesday said the agency will assess the feasibility of ranking auditors on qualitative parameters and auditors ranking companies on governance matters.
Besides, he said, the agency responsible for assessing audito...
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NFRA set to Initiate first Annual Inspection of Key Audit Firms by April, 2024
Posted Date : 20-Feb-2024 , 08:06:26 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) is set to commence its inaugural annual review of major auditing organizations, including the Big Five, by April at the latest. This review will focus on evaluating their procedures and adopted standards, according to sources familiar with the regula...
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NFRA to crack down on Big 4, Other Auditors on Non Audit Services
Posted Date : 12-Feb-2024 , 07:42:27 am | Posted By CASANSAAR
Auditors, including the Big Four, may come under stringent scrutiny by the National Financial Reporting Authority (NFRA) for providing “non-audit services” to the same clients of which they are the statutory auditors, according to people privy to the regulator’s plans.
The NFRA&...
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More action against pre-2018 Audit Violations likely - NFRA
Posted Date : 18-Jan-2024 , 06:35:02 pm | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) would take further actions on defaulting auditors this year, for pre-2018 cases as well, chairperson Ajay Bhushan Pandey said on Tuesday. The NFRA’s move follows the National Company Law Appellate Tribunal’s (NCLAT) ruling in December tha...
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NFRA plans annual auditors inspections to curb discrepancies
Posted Date : 10-Jan-2024 , 08:18:59 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) is all set to conduct annual inspections of major audit firms, including the Big Four, to ensure compliance. In December 2023, the regulator released inspection reports highlighting deficiencies in the audit processes of major firms like BSR & Co...
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NFRA slapped a penalty of Rs 20 lakh on CA & 10 year debarment for professional misconduct
Posted Date : 09-Jan-2024 , 09:04:18 pm | Posted By CASANSAAR
The National Financial Regulatory Authority (NFRA) has slapped a penalty of Rs 20 lakh and a ten-year debarment on a chartered accountant for professional misconduct, failure to exercise due diligence, and gross negligence in the Statutory Audit of Seya Industries Limited on Tuesday. In another matt...
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NFRA finds certain lapses in audit quality of Walker Chandiok & Co
Posted Date : 30-Dec-2023 , 10:01:13 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) on Friday found certain lapses in the auditing-related activities of audit firm Walker Chandiok & Co LLP during detailed audit quality inspections.
The regulator initiated an audit quality inspection of Walker Chandiok & Co LLP in Decemb...
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NFRA Flags Gaps in Statutory Audits done by top Audit Firms
Posted Date : 23-Dec-2023 , 09:34:02 pm | Posted By CASANSAAR
NFRA flags documentation gaps in some Big Four firms
The National Financial Reporting Authority (NFRA) has found deficiencies in the audit processes of BSR & Co, Deloitte Haskins & Sells, SRBC & Co, and Price Waterhouse Chartered Accountants (PwC) in its inspection report 2022, releas...
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NFRA has Superior Powers over ICAI for Professional Misconduct - NCLAT
Posted Date : 05-Dec-2023 , 07:12:34 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) has superior and overriding powers over the Institute of Chartered Accountants of India (ICAI) in matters relating to professional misconduct of chartered accountants (CAs), the National Company Law Appellate Tribunal (NCLAT) has ruled in a judgment ...
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