AUDIT REGULATOR NFRA
First NFRA annual report on eight audit firms by November The National Financial Reporting Authority (NFRA) is set to conduct its first annual inspection of eight audit firms, including the Big Five, to reveal its findings by October or November. The inspection will focus on auditors' processes and standar...
19 Jun, 2024, 01.05 AM ISTAudit panels of companies can’t escape blame by citing auditors’ failure: NFRA chief NFRA chairman Ajay Bhushan Pandey emphasized the audit committee's responsibility in ensuring accurate financial statements, even if auditors fail in their duty. He highlighted the need for meaningful communication between audit committees and audit...
31 May, 2024, 10.23 PM ISTNFRA to engage with some big listed companies on audit compliance The regulatory outreach could involve the NFRA's engagement with audit panels, independent directors, chief financial officers and others on the boards of these companies, said one of the persons. The regulator is close to finalising a framework to ...
27 May, 2024, 12.46 AM IST- ADVERTISEMENT
NFRA imposes Rs 2.5 crore fine on two auditors in Reliance Commercial Finance case The National Financial Reporting Authority (NFRA) has penalized two auditors with fines totaling Rs 2.5 crore for professional misconduct and auditing lapses in the Reliance Commercial Finance case for FY2018-19. It imposed a Rs 2 crore fine on Shri...
20 May, 2024, 05.56 PM ISTNFRA penalises 3 auditors in Reliance Home Finance case NFRA penalizes audit firm and auditors Rs 1.6 crore for Reliance Home Finance audit misconduct. Issues with risk assessment, fraud suspicion, and compliance highlighted. Lack of quality standards and objective review mentioned.
30 Apr, 2024, 03.28 PM ISTNFRA debars auditors, imposes Rs 50 lakh penalties for lapses in Brightcom, CMIL cases The National Financial Reporting Authority (NFRA) has barred auditors of M/s Brightcom Group for up to ten years and imposed heavy monetary penalties on them, citing professional misconduct in auditing the company between FY20 and FY22.
26 Apr, 2024, 09.06 PM ISTTop auditors stop offering non-audit work to clients Top audit firms in India, including KPMG affiliate BSR & Affiliates and BDO affiliate MSKA & Associates, have stopped offering non-audit services to audit clients. This move aligns with the NFRA's strict stance on conflict-of-interest issues. EY aff...
11 Mar, 2024, 12.43 AM ISTFinancial reporting community needs to learn from India’s start-up success story, says NFRA chairman “India ranks third globally in terms of the number of start-ups that are becoming unicorns. We all should collectively think if we can do the same thing in the auditing community,” Pandey said in his closing remarks. Pandey noted that NFRA would coo...
06 Mar, 2024, 08.02 PM ISTNFRA changes tack, ramps up focus on supervision to boost audit ecosystem: Chairman AB Pandey The National Financial Reporting Authority (NFRA) in India has shifted its approach from a predominantly enforcement-driven regulator to one with a judicious approach towards both enforcement and supervision, according to its Chairman Ajay Bhushan P...
06 Mar, 2024, 12.12 AM ISTAudit panel meetings of listed firms must not be reduced to a formality: NFRA chairman Ajay Bhushan Pandey The National Financial Reporting Authority (NFRA) plans to conduct annual inspections of major audit firms to ensure compliance with standards and protect investors. The regulator will engage with audit committees and boards, expand inspections, and...
04 Mar, 2024, 12.00 PM ISTNFRA's first annual inspection of key audit firms to start by April The regulator will also gauge the Big Five's compliance with the suggestions made in its December 2023 reports in which it had flagged deficiencies in their work processes, including on non-audit services that they provide to the same companies of w...
17 Feb, 2024, 01.27 AM ISTNFRA plans to engage with audit panels of big companies to curb frauds The National Financial Reporting Authority (NFRA) is planning to directly engage audit committees of large listed companies to sensitise them about accounting standards and their role, a first-of-its kind regulatory outreach to curb corporate frauds...
18 Jan, 2024, 10.37 AM ISTNFRA plans annual auditor checks The regulator's plan comes after it released, late in December 2023, inspection reports on deficiencies in the audit processes of major firms such as BSR & Co, Deloitte Haskins & Sells, SR Batliboi & Co, Price Waterhouse Chartered Accountants LLP an...
09 Jan, 2024, 07.29 AM ISTAudit regulator NFRA slaps Rs 50 lakh penalty on chartered accountant for lapses Highest penalty of Rs 50 lakh in recent years was slapped by NFRA on a chartered accountant for professional misconduct that enabled business services provider Quess Corp to claim undue income tax deduction of almost Rs 971 crore over three years. S...
04 Jan, 2024, 05.14 PM ISTNFRA flags audit lapses by Walker Chandiok, releases inspection report The National Financial Reporting Authority (NFRA) has issued an inspection report on audit firm Walker Chandiok & Co LLP (WCCL), highlighting lapses such as the lack of integration between electronic and paper files and the provision of non-audit se...
29 Dec, 2023, 10.00 PM ISTNFRA finds certain lapses in audit quality of network entities of Big 4 The inspections of the audit firms were started in December last year and covered various aspects, including review of firm-wide quality controls evaluate their adherence to Standards on Quality Control (SQC-1) and selected audit documentation of th...
23 Dec, 2023, 01.09 AM ISTAdani auditor EY faces inquiry by India’s accounting regulator The National Financial Reporting Authority (NFRA) in India has launched an inquiry into EY member firm S.R. Batliboi, one of the longtime auditors of the Adani Group, according to sources. NFRA has requested files and communications related to the a...
25 Oct, 2023, 09.46 PM ISTNFRA penalises auditor for lapses in Sobha audit case The National Financial Reporting Authority (NFRA) has fined an auditor, Supreet Sachdev of BSR & Co LLP, Rs 5 lakh for professional misconduct and other lapses in the audit of Sobha Ltd for the fiscal years 2017-18 and 2018-19. The penalty was impos...
18 Oct, 2023, 08.34 PM ISTRegulators want effective communication between auditors and audit committees of firms to curb corporate frauds The regulators like NFRA and Sebi may tighten vigil around the need for the "effective two-way communication process" soon, they said. At present, auditors in many cases are found to give a last-minute report/presentation to the audit committee of a...
14 Sep, 2023, 11.09 AM ISTNFRA may approach SC over power to probe pre 2018 cases NFRA has already barred some auditors allegedly involved in the IL&FS crisis from undertaking fresh work, in addition to imposing fines on them, but its orders have been challenged by them at the Delhi high courts. In fact, the aggrieved auditors ha...
25 Aug, 2023, 11.12 AM IST