The NFRA held that the Auditors were grossly negligent and ...

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

January 1, 2025

Case Laws Companies Law NFRA

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.

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The NFRA held that the Auditors were grossly negligent and ...

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

January 1, 2025

Case Laws Companies Law NFRA

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