NFRA Heavily Fined Auditor and Audit Firm for Rationalising the Actions of the Company
- Blog|News|Account & Audit|
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- By Chetan Kulasri
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- Last Updated on 30 April, 2024
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NFRA imposed a monetary penalty of Rs. One Crore on Audit Firm, Rs. Fifty Lakh on Engagement Partner, Rs. Ten Lakh on Engagement Quality Control Reviewer for not exercising professional skepticism, rationalising the actions of the company, inappropriately evaluating the work of the previous auditor, and ignoring the fundamentals of auditing. Additionally, EP and EQCR partners are debarred for five years and three years respectively from being appointed as an auditor for any audit assignment.
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