Company Law - The financial landscape of India underwent a significant change on October 1, 2018, with the establishment of the National Financial Reporting Authority (NFRA). Instituted under Sub Section (1) of section 132 of the Companies Act, 2013, the NFRA was granted the pivotal role of overseeing financial reporting and audit quality, ensuring tra...
Company Law - Coffee Day Enterprises Limited (CDEL) operates in various sectors, including coffee retailing, logistics, financial services, and hospitality. NFRA has issued orders against auditors for alleged financial irregularities. This article discusses the case and the issue of provisioning interest on NPAs....
Company Law - Summary & Checklist for Chartered Accountants (CAs) to avoid NFRA penalty proceedings with reference to the matter of M/s ASRMP & Co., Chartered Accountants FACTS OF THE CASE 1. SEBI shared an investigation with NFRA in April 2022 regarding the diversion of funds worth Rs 3,535 crores from seven subsidiary companies of Coffee Day ...
Company Law - National Financial Reporting Authority (NFRA), the accounting and auditing regulator of India is working towards the quality enhancement of auditing and accounting work performed by professionals. Since 2020, NFRA has passed various judgements wherein the Auditors’ i.e., Chartered Accountants were held guilty of professional misconduct....
Company Law - The National Financial Reporting Authority (NFRA) is a statutory authority which was set up in India under the Companies Act, 2013. As per the Act, the NFRA is entrusted with the primary objective of safeguarding the interests of investors, promotion of fairness and transparency in the Indian securities market and prevention of corporate ...
Company Law - The National Financial Reporting Authority (NFRA) held a meeting to examine the proposals received from the Institute of Chartered Accountants of India (ICAI), as required u/s 133 of the Companies Act, 2013), regarding a new Standard (Ind AS) for accounting of insurance contracts viz. Ind AS 117, here yesterday. The meeting was attended b...
Company Law - NFRA undertook Financial Reporting Quality Review of Standalone Financial Statements of PSP Projects Ltd. on the basis of NFRA’s statistical sampling approach....
Company Law - As a step towards enhancing the transparency about management and governance of audit firms and their internal policy framework to ensure high quality audits and preventing conflict of interest by maintaining independence, the National Financial Reporting Authority (NFRA) has published draft requirements regarding preparation and publicat...
Company Law - The National Financial Reporting Authority (NFRA) has published its audit quality inspection guidelines as a step towards further improving the quality of audit profession. The inspection guidelines are on the lines of the best practices followed by International Audit Regulators. In fact, Audit quality inspections are integral to t...
Company Law - 1) Rule 5 of NFRA Rules 2018 (as amended from time to time) auditors of class of companies specified in Rule 3 of the above referred Rules are required to file with NFRA an annual return in specified form viz. NFRA-2, on or before 30th November every year. However, in order to provide sufficient time, […]...
Order No. 29/2023 - (21/08/2023) - NFRA Penalizes Burnpur Cement Limited Auditors for Audit Lapses, Professional Misconduct, Issues with the Going Concern Assumption, Material Misstatements in Financial Statements, Misrepresentation of Property, Plant, and Equipment (PPE), Bypassing the pivotal step of the Engagement Quality Control ...
File No. NF-28/2023 - (18/08/2023) - NFRA Penalized Auditors of Tanglin Developments Ltd for Lapses in Professional Judgment, Unreported Irregularities and Tampering with the Audit File...
Order No: 27/2023 - (03/08/2023) - National Financial Reporting Authority imposes ₹5 lakh penalty on Bartronics India's auditor, CA T. Raghavendra, with a 2-year debarment....
Order No. 26/2023 - (01/08/2023) - Review of National Financial Reporting Authority's action against CA Riya Agarwal under Companies Act 2013. Details of case and penalties inside....
Order No. 25/2023 - (01/08/2023) - Detailed report on NFRA's penalty against CA Shekhar Sharad for professional misconduct during the audit of Burnpur Cement Limited in FY 2017-18....
Order No. 29/2023 - 21/08/2023
File No. NF-28/2023 - 18/08/2023
Order No: 27/2023 - 03/08/2023
Order No. 26/2023 - 01/08/2023
Order No. 25/2023 - 01/08/2023
Order no. 24/2023 - 28/07/2023
Order No: 023/2023 - 27/07/2023
Order No. 021/2023 - 28/06/2023