https://www.taxtmi.com/caselaws?id=441283 The NFRA imposed a monetary penalty of Rs. 5,00,000 on the Engagement Partner (EP) and debarred him for ten years from being appointed as an auditor or internal auditor. This penalty was due to the EP's failure to maintain and submit the Audit File, misuse of Emphasis of Matters for issuing a modified audit opinion, erroneous application of the Financial Reporting Framework, failure to report the company's non-compliance with accounting standards, and other professional misconduct. The EP's lack of cooperation and negligence led to these sanctions, effective 30 days from the date of the order. en-us Thu, 03 Aug 2023 00:00:00 +0530 Fri, 04 Aug 2023 15:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441283 The NFRA imposed a monetary penalty of Rs. 5,00,000 on the Engagement Partner (EP) and debarred him for ten years from being appointed as an auditor or internal auditor. This penalty was due to the EP's failure to maintain and submit the Audit File, misuse of Emphasis of Matters for issuing a modified audit opinion, erroneous application of the Financial Reporting Framework, failure to report the company's non-compliance with accounting standards, and other professional misconduct. The EP's lack of cooperation and negligence led to these sanctions, effective 30 days from the date of the order. Case-Laws Companies Law Thu, 03 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441283