NFRA flags lapses in audit quality of three Audit Firms
Posted Date : 31-Mar-2025 , 09:11:13 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) has flagged certain lapses in the audit quality of three audit firms.
The observations have been made in NFRA's three separate inspection reports of SRBC & Co LLP, Deloitte Haskins & Sells LLP and Walker Chandiok & Co LLP.
In it...
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SC allows Audit Regulator NFRA to initiate proceedings against CAs
Posted Date : 24-Mar-2025 , 09:22:22 pm | Posted By CASANSAAR
The Supreme Court has allowed audit regulator National Financial Reporting Authority (NFRA) to continue its proceedings against chartered accountants and firms where no audit quality review reports have been prepared and final orders are yet to be passed.
During a hearing in a case challenging an...
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Supreme Court Boosts the Powers of NFRA
Posted Date : 12-Mar-2025 , 01:48:05 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) has got a boost to its powers with the Supreme Court allowing the audit regulator to decide on a dispute over its powers to penalize professionals guiding statutory auditors, showed an order from the apex court.
The Supreme Court on 7 March allowe...
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NFRA |
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NFRA Calls for Enhanced Auditor - Audit Committee Communication
Posted Date : 12-Mar-2025 , 12:16:23 pm | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) has released the second part of its Auditor-Audit Committee Interactions Series 1, focusing on enhancing communication between statutory auditors and those charged with governance (TCWG) with audit committees in particular.
...
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MCA invites applications for NFRA chairperson and three full-time members
Posted Date : 04-Mar-2025 , 10:19:31 am | Posted By CASANSAAR
The ministry of corporate affairs (MCA) has invited application to appoint the next chairperson for National Financial Reporting Authority (NFRA). In addition, the MCA has invited applications for three full-time members at the authority. The notification mandates that NFRA chief to have an experien...
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NFRA |
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NFRA's next inspection to target Audit Firms with large client base
Posted Date : 27-Feb-2025 , 08:53:06 pm | Posted By CASANSAAR
The NFRA plans to focus on auditing firms with significant listed company audits, using data analytics to detect potential issues.
Chairman Ajay Bhushan Prasad Pandey emphasized the need for auditors' independence and professionalism. Upcoming inspections of firms like Deloitte and E&am...
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NFRA |
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NFRA moves Supreme Court against High Court decision to quash notices against Audit Firms
Posted Date : 18-Feb-2025 , 08:58:49 am | Posted By CASANSAAR
The National Financial Regulating Authority (NFRA) has approached the Supreme Court challenging the Delhi High Court's recent decision to quash show-cause notices issued by the auditing standards watchdog against leading audit firms, including Deloitte Haskins & Sells LLP, SRBC & Co LLP ...
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NFRA |
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HC rejects pleas by CAs, Audit firms against NFRA
Posted Date : 10-Feb-2025 , 08:20:25 am | Posted By CASANSAAR
The Delhi High Court has rejected a challenge to the provisions on the power of the National Financial Reporting Authority (NFRA) to investigate and penalise the misconduct of chartered accountants. A bench of Justices Yashwant Varma and Dharmesh Sharma dismissed petitions filed by individual charte...
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NFRA penalises Auditor for lapses in Religare Finvest case
Posted Date : 04-Feb-2025 , 08:47:52 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) has imposed a fine of Rs 5 lakh on an auditor (Partner of S.S.Kothari Mehta & Co. LLP) for lapses in the auditing of Religare Finvest Ltd for 2017-18. The auditor (Neeraj Bansal) was also barred by NFRA from taking any audit work for five years, ...
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NFRA |
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NFRA Called on Audit Committees of mainly listed companies to ask their Auditors tough Questions
Posted Date : 11-Jan-2025 , 06:51:07 pm | Posted By CASANSAAR
NFRA Called on Audit Committees of mainly listed companies to ask their Auditors tough Question
The NFRA has called on audit committees to ask auditors tough questions about credit risks and related party transactions. These questions are aimed at ensuring transparency and trust in financ...
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NFRA |
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NFRA wants audit panels of companies to ask Auditors tough questions
Posted Date : 11-Jan-2025 , 11:51:24 am | Posted By CASANSAAR
To enhance communication between auditors and audit committees of companies and improve audit quality, the National Financial Reporting Authority (NFRA) on Friday released the first part of the Auditor-Audit Committee Interaction Series.
This is the first time that NFRA has released a set o...
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NFRA's audit quality inspections flag short comings in CA firm
Posted Date : 03-Jan-2025 , 11:31:44 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) has flagged certain lapses after the audit quality inspections of chartered accountants firm MSKA & Associates. In a 27-page report released on Thursday, the watchdog said there was absence of formal documentation regarding the firm's governa...
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NFRA slaps Rs 2 crore fine on Deloitte Haskins for lapses in ZEEL Audit
Posted Date : 25-Dec-2024 , 07:20:02 pm | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) has imposed a penalty of Rs 2 crore on Deloitte Haskins & Sells and fined two chartered accountants for lapses in the audit of Zee Entertainment Enterprises Ltd (ZEEL) during FY2018-19 and FY2019-20.
NFRA has imposed a penalty of Rs 10 lakh on...
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NFRA flags deficiencies in BSR & Co's audit of Related Party Transactions
Posted Date : 25-Dec-2024 , 04:58:54 pm | Posted By CASANSAAR
NFRA flags deficiencies in BSR & Co's audit of Related Party Transactions
The National Financial Reporting Authority (NFRA) identifies significant deficiencies in BSR & Co LLP's audit practices, focusing on related party transactions. The audit regulator's August 2024 in...
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NFRA penalises Deloitte Haskins & Sells LLP, 2 Auditors for lapses in ZEEL Audits
Posted Date : 25-Dec-2024 , 12:42:58 pm | Posted By CASANSAAR
NFRA penalises Deloitte Haskins & Sells LLP, 2 Auditors for lapses in ZEEL Audits
The NFRA has fined Deloitte Haskins & Sells LLP and penalized two chartered accountants for auditing lapses with Zee Entertainment Enterprises Ltd during the financial years 2018-19 and 2019-20. The auditors...
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NFRA |
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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 |
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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 |
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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 |
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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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NFRA |
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ICAI
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 |
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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 |
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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 |
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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 |
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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 |
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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 |
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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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