which NFRA considered illegal. The matter aligns with aligning domestic audit norms with global standards. The Institute of Chartered Accountants of India (ICAI) doesn’t have the power to issue ...

The Institute of Chartered Accountants of India (ICAI) cannot independently issue standards on quality management (SQMs) or amend audit norms, Tushar Mehta, the Solicitor General of India, told the ...

After detailed discussions, NFRA board voted eight-three for aligning several audit standards (SA) with global norms and recommended the notification of standard on quality control (SQM ...

The penalty pertains to Deloitte's audit of ... the Engagement Quality Control Review (EQCR) Partner, faced a penalty of Rs 5 lakh and a three-year ban from auditing roles. NFRA clarified that ...

In the late 1990s, the introduction of dematerialization, market infrastructure development, corporate governance norms, and retail investor ... 3 Standards on 800 Series of Audit of Specialised Area ...

(Reuters) Mumbai/New Delhi: The National Financial Reporting Authority (NFRA) has penalised audit ... the order showed. And the audit quality control partner, who has been debarred for three ...

The National Financial Reporting Authority (NFRA) has highlighted significant shortcomings in the audit practices of BSR & Co LLP, a KPMG sub-licensee, particularly in related party transactions. The ...

The audit regulator found that the Deloitte’s auditors failed to identify and report misrepresentation, and were “grossly negligent”. In a 30-page order, the NFRA said that prima facie ...

Jani was the Engagement Partner (EP), and Sharma was the Engagement Quality Control Review (EQCR) Partner for the audit of the company for 2018-19 and 2019- 20. In its probe, NFRA found Deloitte ...

The National Financial Reporting Authority (NFRA) has imposed a fine ... Rakesh Sharma was the Engagement Quality Control Review (EQCR) Partner for the audit of the company for 2018-19 and 2019 ...