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NFRA found CA N Bansal guilty of professional misconduct under Section 132(4) of the Companies Act and Section 22 of the Chartered Accountants Act. The EP failed to timely report fraud to the Central Government, inadequately assessed fraud risks, failed to document sufficient evidence regarding audit procedures, and failed to obtain appropriate evidence for Deferred Tax Assets recognition. Given these violations, NFRA imposed a monetary penalty of Rs. 5,00,000 and debarred CA Bansal for five years from being appointed as an auditor or internal auditor or undertaking any audit of financial statements or internal audit functions of any company or body corporate.
NFRA found CA N Bansal guilty of professional misconduct under Section 132(4) of the Companies Act and Section 22 of the Chartered Accountants Act. The EP failed to timely report fraud to the Central Government, inadequately assessed fraud risks, failed to document sufficient evidence regarding audit procedures, and failed to obtain appropriate evidence for Deferred Tax Assets recognition. Given these violations, NFRA imposed a monetary penalty of Rs. 5,00,000 and debarred CA Bansal for five years from being appointed as an auditor or internal auditor or undertaking any audit of financial statements or internal audit functions of any company or body corporate.
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