SC permits NFRA to continue audit regulatory proceedings against CAs

National Financial Reporting Authority Petitioner (s) Vs Snehal N. Muzoomdar & Anr (Supreme Court of India)

The Supreme Court of India addressed a petition filed by the National Financial Reporting Authority (NFRA) against Snehal N. Muzoomdar & Anr, concerning the regulatory powers of the NFRA over chartered accountants involved in audits. The central issue revolved around the extent of NFRA’s authority to initiate and continue disciplinary proceedings against auditors, particularly in cases where Audit Quality Review Reports (AQRR) were not prepared. The Supreme Cour

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