NFRA imposes Rs 50 Lakh Fine and 2 year Ban on Audit Firm [Read Order]

Further found that the CA failed to report a material misstatement known to them to appear in a financial statement with which the CA is concerned in a professional capacity
By Yogitha S. Yogesh - On May 2, 2024 1:02 pm - 2 mins read
NFRA - NFRA audit firm penalty - Companies Act violation - Audit firm ban - Regulatory action on audit firm - taxscan

National Financial Reporting Authority ( NFRA ) in a matter under Section 132(4) of the Companies Act 2013 read with Rule 11(6) of National Financial Reporting Authority 2018 imposed Rs 50 lakh fine and 2 year ban on audit firm. The  Order disposed of the Show Cause Notice ( SCN ) issued to an CA Firm…

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