https://www.taxtmi.com/caselaws?id=762646 NFRA found auditing firm and chartered accountant guilty of professional misconduct under Section 132(4) of Companies Act 2013 for failing to disclose material facts, report misstatements, exercise due diligence, obtain sufficient information, follow audit procedures, and communicate with predecessor auditor. The auditors conducted audit of public interest entity with multiple critical omissions and violations. NFRA imposed penalty of Rs. 2 crore on firm and Rs. 50 lakhs on individual auditor, additionally debarring the auditor for 5 years from audit appointments. en-us Thu, 16 May 2024 00:00:00 +0530 Thu, 05 Dec 2024 08:37:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762646 NFRA found auditing firm and chartered accountant guilty of professional misconduct under Section 132(4) of Companies Act 2013 for failing to disclose material facts, report misstatements, exercise due diligence, obtain sufficient information, follow audit procedures, and communicate with predecessor auditor. The auditors conducted audit of public interest entity with multiple critical omissions and violations. NFRA imposed penalty of Rs. 2 crore on firm and Rs. 50 lakhs on individual auditor, additionally debarring the auditor for 5 years from audit appointments. Case-Laws Companies Law Thu, 16 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762646