NFRA Debars & Fines CA for Not Evaluating Going-Concern Despite Indications Exist and for Inappropriate Audit Reporting
- Blog|News|Account & Audit|
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- By Chetan Kulasri
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- Last Updated on 12 January, 2024
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A Chartered Accountant being the auditor of a listed company was found guilty of professional misconduct in auditing. The lapses by the auditor include not properly evaluating the company’s ability to continue as a going concern despite financial red flags, failing to verify revenue from the real estate segment, insufficient evidence on inventory, inappropriate qualification of opinions, and a lack of timely communication of internal control deficiencies. Because of these lapses, NFRA fined CA with Rs. 3 lakh and a three-year debarment from internal and financial statement audits for any corporate entity.
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