https://www.taxtmi.com/caselaws?id=762649 NFRA found the auditor guilty of professional misconduct under clauses 5-9 of Part I of the Second Schedule of the Chartered Accountant Act, 1949. The auditor failed to conduct proper audit procedures including planning, materiality assessment, related party transaction evaluation, and timely audit file assembly. The auditor also failed to report material non-compliances and misstatements in financial statements. NFRA imposed a penalty of Rs. 2,00,000 and debarred the auditor and audit firm for two years from conducting audits under Section 132(4)(c) of the Companies Act, 2013. 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=762649 NFRA found the auditor guilty of professional misconduct under clauses 5-9 of Part I of the Second Schedule of the Chartered Accountant Act, 1949. The auditor failed to conduct proper audit procedures including planning, materiality assessment, related party transaction evaluation, and timely audit file assembly. The auditor also failed to report material non-compliances and misstatements in financial statements. NFRA imposed a penalty of Rs. 2,00,000 and debarred the auditor and audit firm for two years from conducting audits under Section 132(4)(c) of the Companies Act, 2013. Case-Laws Companies Law Fri, 05 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762649