https://www.taxtmi.com/caselaws?id=446282 NFRA found CA guilty of professional misconduct for multiple audit failures including non-consolidation of subsidiary, inadequate audit documentation, failure to assess credit risk exposure, improper audit planning, and non-performance of analytical procedures. The CA failed to determine materiality, perform risk assessment procedures, obtain sufficient audit evidence, and communicate with governance. Additional violations included non-reporting of related party loan disclosures and MSME trade payables. NFRA imposed Rs. 5 lakh penalty and 5-year debarment from audit appointments under Section 132(4)(c) of Companies Act, 2013. en-us Wed, 22 Nov 2023 00:00:00 +0530 Wed, 29 Nov 2023 21:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446282 NFRA found CA guilty of professional misconduct for multiple audit failures including non-consolidation of subsidiary, inadequate audit documentation, failure to assess credit risk exposure, improper audit planning, and non-performance of analytical procedures. The CA failed to determine materiality, perform risk assessment procedures, obtain sufficient audit evidence, and communicate with governance. Additional violations included non-reporting of related party loan disclosures and MSME trade payables. NFRA imposed Rs. 5 lakh penalty and 5-year debarment from audit appointments under Section 132(4)(c) of Companies Act, 2013. Case-Laws Companies Law Wed, 22 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446282