Audit Firm Failed to Analyse Going Concern Assumption Despite Prima Facia Adverse Factors, Penalised Rs. Fifty Lakhs
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- By Taxmann
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- Last Updated on 30 April, 2024
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NFRA imposed a monetary penalty of Rs. Fifty Lakhs on Audit Firm, Rs. Ten Lakh on Engagement Partner due to failure to report non-recognition of the interest accrued as liabilities on loans classified as NPAs, failure to analyse going concern despite continuous negative figures, and failure to verify existence and condition of inventory. Additionally, EP is debarred for two years from being appointed as an auditor for any audit assignment.
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