NFRA Imposes Penalty on Auditor for Negligence in Audit of Financial Statements
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- By Taxmann
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- Last Updated on 11 September, 2024
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In pursuant to the information received from the Securities and Exchange Board of India (SEBI) pertaining to the financial irregularities in the company and the failure of the auditor to qualify the matter in his report, the National Financial Reporting Authority (NFRA) initiated proceeding against the member of Institute of Chartered Accountants of India (ICAI). Through the order dated 9th September, 2024, NFRA held the auditor guilty of professional misconduct due to following failures:
- Failure relating to the audit of inventory.
- Failure relating to the audit of investments.
- Lapses relating to the audit of revenue
Considering the non-compliances of the auditor, the NFRA has penalized the auditor with monetary penalty and debarment.
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