NFRA Imposes Penalty for Statutory Audit Failures in FY 2017-18 by the Engagement Partner

The National Financial Reporting Authority (NFRA) has imposed a penalty on the Engagement Partner (EP) for significant lapses in the statutory audit of Religare Finvest Limited (RFL) for FY 2017-18. The EP failed to report fraud related to RFL’s Corporate Loan Book, did not properly assess fraud risks, and neglected to verify key investments and financial statement items. Additionally, the audit opinion issued was inappropriate, overlooking material misstatements, and the consolidation procedures were deficient. As a result, the EP was fined Rs. 5,00,000 and debarred from acting as an auditor or internal auditor for five years.

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