Chartered Accountant Penalized for Misconduct: Fined and Debarred for Two Years Due to Audit Failures and Negligence.

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Chartered Accountant Penalized for Misconduct: Fined and Debarred for Two Years Due to Audit Failures and Negligence.

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....Professional Misconduct - Chartered Accountant (CA) - Significant failures to adhere to Standards on Auditing (SAs), gross negligence, and lack of professional skepticism - Non-recognition of full interest cost on borrowings classified as Non-Performing Assets (NPAs) - material misstatement in the financial statements - The NFRA, after careful consideration of the submissions and evidence, found the CA guilty of professional misconduct as defined under the Companies Act, 2013, and the applicable standards. Consequently, the authority imposed a monetary penalty of Rs 3,00,000 and debarred CA Rathi for 2 years.....

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Chartered Accountant Penalized for Misconduct: Fined and Debarred for Two Years Due to Audit Failures and Negligence.