NFRA Orders Bring Clarity on the Period of Its Jurisdiction
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- Last Updated on 21 October, 2023
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NFRA initiated action under section 132(4) of the Companies Act 2013 against a Chartered Accountant engaged as the Engagement Partner (EP), for professional or other misconduct in the statutory audit of a listed company pursuant to information received from the Securities and Exchange Board of India. The company is in the business of real estate and is required to prepare its Financial Statements in accordance with Indian Accounting Standards (‘Ind AS’ hereafter), as notified by the Ministry of Corporate Affairs. Further, the company is also under the jurisdiction of NFRA as per section 132 of the Companies Act, 2013. Below are the observations from the NFRA 58/2023 order dated 18.10.2023-
(a) Jurisdiction of NFRA as regards misconducts allegedly committed by CAs prior to the date of its establishment
(b) Failure to report non-provisioning of land advances even when the advances are 10 years or older.
(c) Failure to report non-provisioning in respect of Failure to collect revenue from Customers even after the end of 3 years
(d) Creating Indirect tax liability on the government instead of third party
(e) Non-provisioning for Refundable Security Deposit to landowners for construction of the project
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