CA Debarred by NFRA for Audit Evidence Failure, Lists Mandatory Audit Procedures for Verification of Revenue

The NFRA imposed a monetary penalty of Rs. Three Lakhs and debarred the CA-EP for two years from being appointed as an auditor or internal auditor or from undertaking any audit regarding financial statements or internal audit functions and activities of any company or corporate
CA - NFRA - Audit Evidence Failure - Lists Mandatory Audit Procedures - Verification of Revenue - taxscan

The National Financial Reporting Authority ( NFRA ) has taken decisive action against a Chartered Accountant ( CA ), debarring them for 2 years and imposing a penalty of Rs. 3,00,000 for audit misconducts. The NFRA’s analysis revealed numerous audit failures, including a failure to obtain sufficient evidence for revenue verification and non-compliance with SA…

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