National Financial Regulatory Authority

The meeting will be attended by representatives of the Institute of Chartered Accountants of India (ICAI), which had earlier drafted a Guidance Note on financial statements of LLPs

The primary objective of the NFRA has been to strengthen the financial ecosystem and ensure the credibility of financial statements

The NFRA's proposed change stems from the alleged audit failures at companies like Reliance Capital Ltd., Coffee Day Global Ltd

Auditors of PSBs, their branches, and PSUs will not be covered by ISA 600

The move to adopt ISA 600 is intended to tighten oversight on auditors who are often found shielding behind audit reports approved by subsidiary companies

2 chartered accountants of the company penalised too and barred from undertaking audits for some years

Three alleged members of the banned Popular Front of India (PFI) have been arrested by the Enforcement Directorate (ED) on money-laundering charges, official sources said on Saturday. Abdul Khader Puttur, Anshad Baddrudin and Firoz K were working as physical trainers for the PFI, the sources said, adding that they were arrested under the provisions of the Prevention of Money Laundering Act (PMLA). The arrested accused were produced before a special court here on Saturday. The agency has accused the three men of "imparting" weapons training to the PFI cadre and receiving substantial funds from the proscribed organisation for the same. The PFI was banned under the provisions of the Unlawful Activities (Prevention) Act (UAPA) by the Centre in September 2022 over its alleged links with terror activities. The PFI was formed in 2006 in Kerala. It had its headquarters in Delhi.

Conflicts of interest must be avoided

In another matter, NFRA imposed a penalty of Rs three lakhs on another CA and debarred him for three years for professional misconduct in the audit of SRS Infrastructure

China recently redesigned its financial regulatory architecture, clarifying which agency will do what. It is time for India to revisit this issue

The regulator has pulled up erring chartered accountants and firms, but is its work having an impact?

The National Financial Reporting Authority (NFRA) has imposed a ban and penalties totalling Rs 1.15 crore on three entities, including two auditors, for lapses in the auditing of Tanglin Developments Ltd and MACEL. Tanglin Developments Ltd (TDL) and Mysore Amalgamated Coffee Estate Ltd (MACEL) are subsidiaries of listed-entity of Coffee Day Enterprises Ltd (CDEL). Late VG Siddhartha and his family members controlled and owned CDEL. The case pertains to the diversion of funds worth Rs 3,535 crore from seven subsidiary companies of CDEL to MACEL. After markets regulator Sebi shared its investigation report in April 2022, NFRA started probing the professional conduct of the statutory auditors of TDL and MACEL. Separately, NFRA has imposed a fine of Rs 1 crore on audit firm Sundaresha & Associates, Rs 5 lakh on C Ramesh and further slapped a five-year ban on Ramesh and a two-year ban on Sundaresha & Associates, who were the statutory auditors of TDL during FY 2018-19. In ...

India is the second-most affected country when it comes to data broker breaches, and more than 1.8 crore (18.7 million) personal records of Indian citizens were compromised

Says NFRA has no jurisdiction over MSMEs

The auditor said in a statement that its resignation was accepted by the board of ITNL

NFRA will set up a single stakeholders' advisory group as well as a research cell to support the group while on-site inspection is not a priority for the nearly three-year-old watchdog at this stage

The move is mainly aimed at ensuring that regulation is not marred by any conflict of interest