Stringent approach towards ensuring compliance with auditing standards - importance of auditors' responsibilities in maintaining the integrity and reliability of financial reporting

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....orting Authority (NFRA) in India addressing allegations of professional misconduct against CA P. Kumar, a Chartered Accountant and partner at M/s SVP & Associates. The NFRA found Kumar guilty of multiple instances of professional misconduct during his tenure as the Engagement Partner for the statutory audit of SRS Real Infrastructure Limited for the Financial Year 2017-18. Key points of the case ....

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....ditor or internal auditor, or undertaking any audit in respect of financial statements or internal audit of any company or body corporate​​. * Lapses in Audit Procedures: Kumar's failures included not performing physical verification of inventory, not complying with SA 700 and SA 705 in forming opinions and reporting on financial statements, not demonstrating compliance with SA....