Audit Misconduct: NFRA imposes 3 Lakh Penalty and 3 Year Ban on CA and CA Firm w.r.t. Statutory Audit of SRS Real Infrastructure Limited [Read Order]

“Independent Auditors of Publicly Listed Companies are expected to demonstrate sufficiency and appropriateness of audit work in every aspect of the critical building blocks of an audit of Financial Statements of PIE. Failure of the auditor to meet the requirements envisaged under the Law and Professional Standards on Auditing are conspicuous in this audit engagement performed by the EP.”–NFRA
Audit Misconduct-NFRA - Penalty - Ban on CA and CA Firm - Audit of SRS Real Infrastructure Limited-taxscan

The National Financial Reporting Authority (NFRA) has imposed a penalty of Three Lakh Rupees on and debarred a Chartered Accountant and CA Firm from taking up audit assignments for faults in audit amounting to professional misconduct. NFRA initiated action under section 132 (4) of Companies Act 2013 against the Auditors of SRS Real Infrastructure Limited…

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