Auditors Penalized for Gross Negligence and Lack of Due Diligence in Auditing Public Interest Entity.

Auditors Penalized for Gross Negligence and Lack of Due Diligence in Auditing Public Interest Entity. https://www.taxtmi.com/highlights?id=84452 The NFRA held that the Auditors were grossly negligent and failed to exercise due diligence in the audit of a public interest entity, amounting to professional misconduct u/s 132(4) of the Companies Act, 2013. Monetary penalties were imposed - Rs. 2 crore on the Audit Firm, Rs. 10 lakhs on CA A.B. Jani who was also debarred for 5 years, and Rs. 5 lakhs on CA Rakesh Sharma who was debarred for 3 years from undertaking audits of companies. en-us Wed, 01 Jan 2025 08:33:06 +0530 Wed, 01 Jan 2025 08:33:06 +0530 TaxTMI RSS Generator Auditors Penalized for Gross Negligence and Lack of Due Diligence in Auditing Public Interest Entity. https://www.taxtmi.com/highlights?id=84452 The NFRA held that the Auditors were grossly negligent and failed to exercise due diligence in the audit of a public interest entity, amounting to professional misconduct u/s 132(4) of the Companies Act, 2013. Monetary penalties were imposed - Rs. 2 crore on the Audit Firm, Rs. 10 lakhs on CA A.B. Jani who was also debarred for 5 years, and Rs. 5 lakhs on CA Rakesh Sharma who was debarred for 3 years from undertaking audits of companies. Highlights Companies Law Wed, 01 Jan 2025 08:33:06 +0530 https://www.taxtmi.com/highlights?id=84452