https://www.taxtmi.com/news?id=24501 NFRA's AQR found the statutory auditor's appointment prima facie illegal and void, inadequate evaluation of the going concern basis, improper valuation of financial exposures to related parties, understatement of losses due to unjustified reversal of expected credit loss provisions and incorrect impairment accounting, and incorrect treatment of letters of comfort as financial guarantees. The report also identifies failures by the engagement quality control partner to report known misstatements and exercise due diligence, and significant audit documentation deficiencies and file integrity concerns under SA 230. en-us Fri, 24 Sep 2021 09:20:23 +0530 Fri, 24 Sep 2021 09:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=24501 NFRA's AQR found the statutory auditor's appointment prima facie illegal and void, inadequate evaluation of the going concern basis, improper valuation of financial exposures to related parties, understatement of losses due to unjustified reversal of expected credit loss provisions and incorrect impairment accounting, and incorrect treatment of letters of comfort as financial guarantees. The report also identifies failures by the engagement quality control partner to report known misstatements and exercise due diligence, and significant audit documentation deficiencies and file integrity concerns under SA 230. News - Fri, 24 Sep 2021 09:20:23 +0530 https://www.taxtmi.com/news?id=24501