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 |
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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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Govt appoints Sanjay Kallapur and R. Narayanaswamy as part-time members of NFRA
Posted Date : 01-Nov-2023 , 08:17:35 pm | Posted By CASANSAAR
The Central Government has appointed Sanjay Kallapur and R. Narayanaswamy as the part-time members of India’s independent accounting regulator, the National Financial Reporting Authority (NFRA).
The appointment is valid for a period of three years.
A notification issued by the Ministry o...
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NFRA imposed Penalty of Rs. 1 Lakh and Debarred Auditor of SRS Ltd. for 1 year
Posted Date : 29-Sep-2023 , 07:57:18 am | Posted By CASANSAAR
Coming down heavily on a chartered accountant (CA) for negligent review, failure to apply professional skills and lack of sufficient experience while working as an engagement quality control (EQC) partner for the audit of a listed company, the National Financial Reporting Authority (NFRA), barred CA...
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Loan re-negotiation does not free Company, Auditors from showing interest liability in financial statements - NFRA
Posted Date : 29-Jul-2023 , 08:10:25 am | Posted By CASANSAAR
NFRA debarred an Ahmedabad-based auditor for one year and imposed a monetary penalty of Rs.100,000 in the case which involved audit of a clothing company after its investigation found alleged irregularities in the financial statements of FY16.
Ongoing negotiations with banks and non-bank lenders ...
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Auditors must follow process, Auditing must not be ticking exercise - NFRA
Posted Date : 22-Jul-2023 , 11:14:56 am | Posted By CASANSAAR
Audit regulator NFRA's chief Ajay Bhushan Prasad Pandey on Friday said auditors should follow the due process and auditing should not be just a "ticking" exercise.
Highlighting the importance of financial reporting, he said that audit documentation should speak for themselves.
&q...
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NFRA |
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NFRA Slaps Rs.10 Lakh Penalty on CA and Rs.50 Lakh Penalty on CA Firm
Posted Date : 08-Jul-2023 , 05:48:14 pm | Posted By CASANSAAR
In the matter of Mis M H Dalal & Associates, Chartered Accountants (Firm Registration No 112449W) and CA Devang Dalal (ICAI Membership No 109049) under Section 132(4) .of the Companies Act 2013 read with Rule 11(6) of National Financial Reporting Authority Rules 2018.
This Order d...
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NFRA Slapped Rs 5 lakh Fine and 5 Year Ban on Auditor for Lapses
Posted Date : 21-May-2023 , 11:07:57 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) on Friday slapped a fine of Rs 5 lakh and a five-year ban on Auditor (CA Rakesh Puri) for alleged professional misconduct in connection with the audit of Sun and Shine Worldwide Ltd (SSWL) for the financial years 2012-13 and 2013-14.
Besides, Puri...
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NFRA reviews proposals for new accounting standards for insurance contracts
Posted Date : 28-Apr-2023 , 08:32:05 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) held a meeting on Wednesday to review proposals for a new accounting standard for insurance contracts--Ind AS 117--submitted by the Institute of Chartered Accountants of India.
Ind AS 117 is modelled on the IFRS 17, issued by the International Acc...
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NFRA |
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NFRA Cracks Whip on Audit Firms / Auditors for Deficiencies
Posted Date : 15-Apr-2023 , 08:20:23 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) has issued a series of orders this week, imposing sanctions on audit firms and individual partners for deficiencies in performing statutory audits, showed the orders posted on the website of the regulator.
Order in the matter of Coffee Day Global ...
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NFRA bars Auditors of Cafe Coffee Day for 2 years and imposed 1 Cr Penalty
Posted Date : 14-Apr-2023 , 10:54:25 am | Posted By CASANSAAR
National Financial Reporting Authority (NFRA) has barred ASRMP & Co, auditors of Coffee Day Global (CDGL), for two years after finding it guilty of audit lapses and “professional misconduct” in FY19. In an order issued on Wednesday, the regulator of auditors of larger and listed firm...
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NFRA penalises Maharashtra firm’s CA for professional misconduct
Posted Date : 23-Jun-2022 , 09:41:11 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA), an independent regulator for the auditing profession, imposed ₹1 lakh fine on a chartered accountant (CA) for professional misconduct and debarred him from undertaking any auditing work for one year.
...
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NFRA finds huge lapses in Auditing of IL&FS
Posted Date : 23-Jun-2022 , 08:44:11 am | Posted By CASANSAAR
The National Finance Reporting Authority has found a number of gaping holes in the audit of Infrastructure Leasing & Financial Services (IL&FS) for the year 2017-18. These include failure to comply with the basic requirements of audit and violation of norms on quality c...
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NFRA |
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NFRA finds EY arm SRBC's appointment as Auditor of IL&FS illegal
Posted Date : 23-Jun-2022 , 08:41:42 am | Posted By CASANSAAR
India’s accounting watchdog, the National Financial Reporting Authority, has found the appointment of EY’s audit affiliate, SRBC and Co, as auditors of Infrastructure Leasing & Financial Services Ltd (IL&FS) “illegal”, and said that the audit fir...
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Over 6,800 Companies and over 2,000 Auditors under NFRA purview
Posted Date : 19-Feb-2022 , 09:22:06 am | Posted By CASANSAAR
Audit watchdog National Financial Reporting Authority (NFRA) said on Friday that 6,820 companies and over 2,000 auditors come under its regulatory ambit as on 31 March 2021.
The watchdog keeps a database of the entities that come under its purview for regulatory oversight. The latest database s...
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NFRA |
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Over 1,000 auditors yet to file annual returns - NFRA
Posted Date : 02-Oct-2021 , 07:22:18 am | Posted By CASANSAAR
More than 1,000 statutory auditors, representing a large section of audit professionals, have not filed annual returns, according to the National Financial Reporting Authority (NFRA), India’s audit regulator.
Painting a grim picture of India’s audit landscape, NFRA disclosed the names...
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NFRA lists out criteria for quality review
Posted Date : 16-Sep-2021 , 08:57:43 am | Posted By CASANSAAR
The National Financial Reporting Authority on Tuesday said companies will be chosen for audit quality and financial reporting quality review based on the impact the entity has on the economy.
After an extensive public consultation, NFRA said of the two criteria, ‘external impact risk’...
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NFRA |
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NFRA draws conclusion on comments received on consultation paper on enhanced engagement with stakeholders
Posted Date : 14-Sep-2021 , 08:18:37 am | Posted By CASANSAAR
National Financial Reporting Authority (NFRA) was established by the Central Government in October 2018 with the fundamental objective of driving systemic change in the Indian Financial Reporting System for Public Interest Entities (PIEs)s.
NFRA has identified engagement with various categor...
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NFRA may soon settle disciplinary cases of Auditors
Posted Date : 09-Jun-2021 , 09:36:49 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) has said that it will propose to the government that it be allowed to settle disciplinary cases of auditors that do not require determination of professional misconduct.
NFRA’s plan follows a technical advisory panel set up by the audit watc...
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NFRA |
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NFRA can carry on probe of IFIN Audits - Delhi HC
Posted Date : 19-Dec-2020 , 08:37:54 am | Posted By CASANSAAR
The Delhi High Court has allowed audit regulator National Financial Reporting Authority (NFRA) to carry on investigation and issue notices to executives working with BSR & Associates, which was the auditor of ILFS Financial Services (IFIN).
While hearing the case on Wednesday, the court, howe...
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NFRA |
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NFRA says appointment of Deloitte as statutory auditor in 2017-18 ILLEGAL
Posted Date : 11-Dec-2020 , 09:41:07 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) has said that appointment of Deloitte Haskins and Sells LLP as the statutory auditor of IL&FS Financial Services Ltd (IFIN) for 2017-18 was "illegal".
The latest conclusions are part of the Supplementary Audit Quality Review Report (...
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NFRA |
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Appointment of BSR as an Auditor of IFIN was illegal - NFRA
Posted Date : 18-Aug-2020 , 09:57:18 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) has observed that appointment of BSR & Associates, part of KPMG India network, as the auditor of IL&FS Financial Services Ltd (IFIN) was illegal and that the firm did not adhere to standards of auditing while scrutinising the accounts.
NFR...
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