Company Law : The issue concerns ineffective communication between auditors and governance bodies despite existing legal requirements. NFRA clar...
Company Law : The amendment introduces imprisonment for failure to comply with NFRA orders. Auditors now face criminal consequences beyond finan...
Company Law : The case highlights how inadequate communication between auditors and those charged with governance violates auditing standards. T...
CA, CS, CMA : CA. Shreyas Dharkar How Standards on Auditing, Guidance Notes, and Code of Ethics Collaboratively Reduce Punishments Imposed by NF...
CA, CS, CMA : NFRA's latest inspection report highlights audit lapses in top firms, raising concerns over auditor independence, ICFR verificatio...
Company Law : Provisional list of audit firms of listed companies yet to file NFRA-2 for 2023-24. Filing deadline was 30.11.2025; fines apply fo...
Company Law : NFRA introduced guidelines to evaluate audit firms’ compliance and quality control systems. The framework emphasizes governance,...
Corporate Law : NFRA has released detailed guidance focusing on auditing provisions and contingent liabilities under Ind AS 37. It emphasizes impr...
Company Law : The issue involved auditor independence concerns arising from network relationships and control weaknesses. The report highlights ...
Company Law : NFRA identified serious deficiencies in audit quality, including poor documentation and weak independence checks. The report highl...
Corporate Law : Delhi High Court dismisses Vivek Chhatre appeal against a single judges order. The case concerns the NFRA enforcement of accountin...
Corporate Law : The Delhi High Court dismisses a petition by a Chartered Accountant against an NFRA show cause notice, citing a recent Supreme Cou...
Company Law : Although this protection does not extend to civil consequences such as forfeiture of property, cancellation of licenses, or debarm...
CA, CS, CMA : Supreme Court permits NFRA to continue audit regulatory proceedings against CAs where no final orders exist, but stays execution o...
Company Law : Delhi HC examines NFRA's jurisdiction in issuing show-cause notices to Engagement Quality Control Reviewers (EQCRs) under Section ...
CA, CS, CMA : The vacancy circular highlights opportunities for professionals to contribute to financial reporting and auditing oversight. Appli...
Company Law : The Centre has amended rules governing part-time appointments to the national financial reporting regulator. The move updates the ...
Company Law : NFRA held that weak, undocumented communication between auditors and governance bodies violates auditing standards and governance ...
Company Law : NFRA requires statutory auditors to assemble, archive, and submit audit files promptly, ensuring audit documentation is authentic,...
Company Law : The Ministry of Corporate Affairs has appointed a new Chairperson and three full-time Members to the National Financial Reporting ...
NFRA highlights the ECL audit process under Ind AS 109, promoting better communication between auditors and audit committees for improved financial reporting quality
Legal opinion sought by NFRA on auditing standards, penalties, and regulatory roles in India. Analysis of NFRA’s powers under the Companies Act, 2013.
National Financial Reporting Authority (NFRA) has penalized CA Chetan Desai and CA Rakesh Rathi, partners at Haribhakti & Co. LLP, for professional misconduct during the audit of DB Realty Limited (now Valor Estate Limited) for the financial year 2015-16. Following information provided by SEBI in 2022, NFRA initiated an examination revealing significant lapses in auditing […]
The National Financial Reporting Authority imposes penalties on Deloitte and auditors for misconduct in the ZEEL audit, resulting in penalties and debarment.
एनएफआरए ने बीएसआर एंड कंपनी और लोधा एंड कंपनी के आडिट में खामियां बताते हुए रिपोर्ट जारी की, जिसमें आडिट क्वालिटी में सुधार की जरूरत है।
NFRA recommends 40 Auditing Standards for LLPs under the LLP (Amendment) Act 2021, effective from April 2026, for approval by the Central Government.
NFRA recommends revised standards on quality control and auditing, aligning with global practices. Proposed changes pending Central Government approval.
CA Chirag Doshi faces a ₹5 lakh penalty for professional misconduct in the statutory audit of Ushdev International Limited for FY 2017-18, per NFRA order.
NFRA imposes penalties on Venkatesh & Co. and debarment of partners for negligence during the audit of Coffee Day Enterprises Ltd, exposing Rs 3,535 crore fund diversion.
NFRA reiterates that auditors shall understand their responsibility under CA 2013 and SA 600 with their concomitant responsibilities in related SAs such as SA 200, SA 220 (Revised), SA 230, SA 240, SA 300, SA 315 (Revised 2019), SA 320, SA 330, SA 450 and SA 701 towards obtaining sufficient and appropriate evidence in support of the auditor’s opinion on the group financial statements and carry out audit procedures accordingly.
