https://www.taxtmi.com/caselaws?id=762650 NFRA found professional misconduct against an audit firm and CA under Section 132(4) of Companies Act 2013. The auditor failed to comply with multiple Standards on Auditing including SA 300, SA 315, and SA 510, failed to verify opening balances, report material misstatements regarding trade receivables and depreciation, conduct proper related party transaction audits, and demonstrate adequate audit procedures. NFRA imposed monetary penalties of Rs.3,00,000 on the audit firm and Rs.2,00,000 on the CA, plus debarred the CA from audit appointments for two years. en-us Fri, 05 Jul 2024 00:00:00 +0530 Thu, 05 Dec 2024 08:37:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762650 NFRA found professional misconduct against an audit firm and CA under Section 132(4) of Companies Act 2013. The auditor failed to comply with multiple Standards on Auditing including SA 300, SA 315, and SA 510, failed to verify opening balances, report material misstatements regarding trade receivables and depreciation, conduct proper related party transaction audits, and demonstrate adequate audit procedures. NFRA imposed monetary penalties of Rs.3,00,000 on the audit firm and Rs.2,00,000 on the CA, plus debarred the CA from audit appointments for two years. Case-Laws Companies Law Fri, 05 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762650