Focus Now on Supervision to Boost Audit Ecosystem, says NFRA Chief

Focus Now on Supervision to Boost Audit Ecosystem, says NFRA Chief

The National Financial Reporting Authority (NFRA) has transformed from a predominantly enforcement driven regulator in its early days to one with a judicious approach towards both enforcement and supervision, its chairman Ajay Bhushan Pandey said on Tuesday, listing out new initiatives to further bolster its supervisory role. “When NFRA began its operations (in 2018) we…

NFRA Plans to Engage with Audit Panels of Big Cos to Curb Frauds

NFRA Plans to Engage with Audit Panels of Big Cos to Curb Frauds

The National Financial Reporting Authority (NFRA) is planning to directly engage audit committees of large listed companies to sensitise them about accounting standards and their role, a first-of-its kind regulatory outreach to curb corporate frauds, people aware of the watchdog’s thinking told ET. The audit regulator is firming up a mechanism to hold regular huddles…

NFRA Slaps ₹50 lakh Fine on CA for Lapse
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NFRA Slaps ₹50 lakh Fine on CA for Lapse

The National Financial Reporting Authority (NFRA) has imposed a fine of ₹50 lakh-one of the highest in recent years-on a chartered accountant for professional misconduct that enabled business services provider Quess Corp to claim undue income tax deduction of almost ₹971 crore over three years. In an order released on Thursday, the audit regulator said…

Adani Auditors Get NFRA Queries
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Adani Auditors Get NFRA Queries

The National Financial Reporting Authority has shot off queries to audit affiliates of Deloitte, EY, KPMG, Grant Thornton, and two Ahmedabad-based CA firms regarding audit practices they followed while auditing Adani companies. The Adani Group said it has complied with relevant accounting standards and applicable laws. The requested audit information extends up to FY22 and,…

NFRA for Effective Communication between Auditors & Co Management

NFRA for Effective Communication between Auditors & Co Management

Regulators, including the National Financial Reporting Authority (NFRA), are stepping up focus on bolstering an “effective two-way communication” process between auditors and those charged with governance of a company in a bid to ensure IL&FS like scandals don’t recur, people close to the development said. The idea is to ensure early detection of corporate fraud…

NFRA Fines Auditors ₹1.1-cr for Lapses in Coffee Day Unit Case
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NFRA Fines Auditors ₹1.1-cr for Lapses in Coffee Day Unit Case

The National Financial Reporting Authority (NFRA) has slapped total fines of ₹1.10 crore on a firm and two individual auditors, citing lapses in the auditing of Tanglin Developments Ltd (TDL), an arm of Coffee Day Enterprises Ltd (CDEL), and barred them from undertaking fresh work for varying periods. In an order dated August 18, the…