NEW DELHI: The National Financial Reporting Authority (NFRA) has barred audit firm ASRMP and Co from undertaking work for two years and three chartered accountants (CAs) from practising for five years, in relation to audit of Cafe Coffee Day (CCD).
In a separate case, it has imposed a penalty and also prohibited CA Anyta Tamton from K Varghese & Co, which audited some of the branches of DHFL, for a year as the appointment was not valid and there was noncompliance with the norms.
Based on its investigation in the CCD case, NFRA — the regulator for auditorsand firms engaged by large and listed companies — found that ASRMP and Co and chartered accountants A S Sundresha, Madhusudan U A and Pranav G Ambekar, who performed engagement audit, are guilty of professional misconduct. The firm has been slapped with a Rs 1-crore penalty. The three partners (CAs) in the firm face a penalty of Rs 5-10 lakh.
“NFRA’s investigations inter-alia revealed that the Coffee Day Global’s auditors for FY19 failed to meet the relevant requirements of the Standards on Auditing (SA) and provisions of the Companies Act, 2013 and also demonstrated a serious lack of competence,” an order issued on Thursday said.
The auditors are also charged with their failure in evaluating a potential conflict of interest.
In a separate case, it has imposed a penalty and also prohibited CA Anyta Tamton from K Varghese & Co, which audited some of the branches of DHFL, for a year as the appointment was not valid and there was noncompliance with the norms.
Based on its investigation in the CCD case, NFRA — the regulator for auditorsand firms engaged by large and listed companies — found that ASRMP and Co and chartered accountants A S Sundresha, Madhusudan U A and Pranav G Ambekar, who performed engagement audit, are guilty of professional misconduct. The firm has been slapped with a Rs 1-crore penalty. The three partners (CAs) in the firm face a penalty of Rs 5-10 lakh.
“NFRA’s investigations inter-alia revealed that the Coffee Day Global’s auditors for FY19 failed to meet the relevant requirements of the Standards on Auditing (SA) and provisions of the Companies Act, 2013 and also demonstrated a serious lack of competence,” an order issued on Thursday said.
The auditors are also charged with their failure in evaluating a potential conflict of interest.
For all the latest business News Click Here
Denial of responsibility! TechAI is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
