https://www.taxtmi.com/caselaws?id=794961 RBI prudential norms governing lenders' income recognition do not extinguish a borrower's contractual obligation to accrue interest on NPA-classified debt. Under Ind AS 109, a financial liability remains recognised unless discharged, cancelled, expired or legally modified; anticipated or unaccepted one-time settlement cash flows cannot replace contractual cash flows. The text states that auditors of listed entities must comply with mandatory Standards on Auditing, exercise professional scepticism, obtain sufficient evidence, document their work, and complete an engagement quality control review before signing. An undocumented OTS proposal cannot support non-recognition or an unmodified opinion where misstatements are material and pervasive. Audit firms retain independent quality-control responsibility under SQC 1, separate from engagement partners' obligations. en-us Mon, 13 Jul 2026 00:00:00 +0530 Wed, 15 Jul 2026 08:22:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=794961 RBI prudential norms governing lenders' income recognition do not extinguish a borrower's contractual obligation to accrue interest on NPA-classified debt. Under Ind AS 109, a financial liability remains recognised unless discharged, cancelled, expired or legally modified; anticipated or unaccepted one-time settlement cash flows cannot replace contractual cash flows. The text states that auditors of listed entities must comply with mandatory Standards on Auditing, exercise professional scepticism, obtain sufficient evidence, document their work, and complete an engagement quality control review before signing. An undocumented OTS proposal cannot support non-recognition or an unmodified opinion where misstatements are material and pervasive. Audit firms retain independent quality-control responsibility under SQC 1, separate from engagement partners' obligations. Case-Laws Companies Law Mon, 13 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=794961