https://www.taxtmi.com/caselaws?id=752022 NFRA found the audit firm guilty of professional misconduct under clauses 5, 6, 7, 8, and 9 of Part I of the Second Schedule of the CA Act. The firm failed to disclose material non-compliances, report material misstatements, exercise due diligence, obtain sufficient information for opinion formation, and invite attention to departures from generally accepted audit procedures. The audit firm failed to implement quality control policies as required by Standards on Auditing and did not conduct the audit in accordance with applicable regulations. Under section 132(4) of Companies Act 2013, NFRA imposed a monetary penalty of Rs 5,00,000 on the audit firm, considering the nature of violations and principles of proportionality and deterrence. en-us Tue, 23 Apr 2024 00:00:00 +0530 Thu, 02 May 2024 06:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752022 NFRA found the audit firm guilty of professional misconduct under clauses 5, 6, 7, 8, and 9 of Part I of the Second Schedule of the CA Act. The firm failed to disclose material non-compliances, report material misstatements, exercise due diligence, obtain sufficient information for opinion formation, and invite attention to departures from generally accepted audit procedures. The audit firm failed to implement quality control policies as required by Standards on Auditing and did not conduct the audit in accordance with applicable regulations. Under section 132(4) of Companies Act 2013, NFRA imposed a monetary penalty of Rs 5,00,000 on the audit firm, considering the nature of violations and principles of proportionality and deterrence. Case-Laws Companies Law Tue, 23 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752022