Extract of Tweet made by Central Council Member (CCM) of ICAI Dhiraj Khandelwal @kdhiraj123
There is lots of discussion on NFRA order, just to clarify I am not in active practice since 2010 however actively associated and working for my profession / Institute for a period of > 20 yrs and presently not a partner in firm but I am having my own startup called Tradereboot.com.
However there was love and support from professionals and hatred from some section as finding another reason to tarnish my image .
I have gone though this order .. here is the facts ;
The order under reference is a height of penalty for difference of opinion on a Qualified Audit Opinion OR adverse opinion , the Issue involved are due to difference of opinion :
1. Whether adverse opinion as per NFRA v/s qualified opinion as per Auditor.
2. Adequacy of ECL provision judgement on standard Loan assets including some overdue loan it’s again judgmental issue.
3. Audit planning meeting in time between NOC requested from Previous Auditor till received .
4. Agreement between EP and EQCR on some important audit issue after a detailed discussion however not documented..
5. Clean report issued by Resigned Auditor in pervious years and periods before filing 143(12) for not getting certain details and information and explanations but not specifying any specific fraud v/s qualified report
6. Qualified report issued for all Loan sanctioned and disbursed before appointment All the transaction happened before resigning of the previous auditor v/s unmodified opinion issued by the Previous auditor in audit reports for yearly as well as Limited Reviews.
Note : I was one of the first person to oppose NFRA ,had voice in council and was detained by Mumbai police for 6 hours due to dharna.
