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National Financial Regulatory Authority

BS Manthan: NFRA chairperson stresses need to align with global audit norms

For businesses to grow and companies to compete, we need to ensure we do not increase compliance burden, says Ajay Bhushan Pandey, chairperson of the National Financial Reporting Authority

BS Manthan: NFRA chairperson stresses need to align with global audit norms
Updated On : 27 Feb 2025 | 9:17 PM IST

NFRA likely to propose audit norms for LLPs at Nov 25 board meeting

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

NFRA likely to propose audit norms for LLPs at Nov 25 board meeting
Updated On : 10 Nov 2024 | 10:31 PM IST

Six years on, NFRA remains key to restoring trust in financial reporting

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

Six years on, NFRA remains key to restoring trust in financial reporting
Updated On : 23 Sep 2024 | 9:58 PM IST

NFRA, ICAI clash over proposed changes in auditor responsibility for firms

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

NFRA, ICAI clash over proposed changes in auditor responsibility for firms
Updated On : 23 Sep 2024 | 1:07 PM IST

Financial regulators back ISA 600 for auditors of listed companies

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

Financial regulators back ISA 600 for auditors of listed companies
Updated On : 26 Aug 2024 | 11:24 PM IST

Latest global audit norm adoption on regulators' table to upgrade standards

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

Latest global audit norm adoption on regulators' table to upgrade standards
Updated On : 21 Aug 2024 | 12:07 AM IST

Regulator fines BSR & Associates Rs 10 cr for lapses in Coffee Day audit

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

Regulator fines BSR & Associates Rs 10 cr for lapses in Coffee Day audit
Updated On : 20 Aug 2024 | 10:55 AM IST

ED arrests three members of banned PFI on money laundering charges

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.

ED arrests three members of banned PFI on money laundering charges
Updated On : 30 Mar 2024 | 2:51 PM IST

Auditing the auditors

Conflicts of interest must be avoided

Auditing the auditors
Updated On : 14 Jan 2024 | 10:33 PM IST

NFRA imposes Rs 20 lakh penalty on CA for professional misconduct

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

NFRA imposes Rs 20 lakh penalty on CA for professional misconduct
Updated On : 09 Jan 2024 | 7:04 PM IST

Learning from China's regulatory redesign

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

Learning from China's regulatory redesign
Updated On : 27 Jul 2023 | 9:33 PM IST

Audit trail: 5 years of NFRA cracking the whip

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

Audit trail: 5 years of NFRA cracking the whip
Updated On : 02 May 2023 | 4:34 PM IST

Coffee Day audit lapses: NFRA slaps Rs 1.15 cr fine on 2 auditors, 1 firm

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 ...

Coffee Day audit lapses: NFRA slaps Rs 1.15 cr fine on 2 auditors, 1 firm
Updated On : 26 Apr 2023 | 11:49 PM IST

Over 18 mn Indian citizens' personal data exposed in data broker breaches

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

Over 18 mn Indian citizens' personal data exposed in data broker breaches
Updated On : 10 Mar 2023 | 3:29 PM IST
Updated On : 11 Oct 2021 | 1:00 AM IST

SRBC resigns as auditor of IL&FS Transportation Networks after NFRA report

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

SRBC resigns as auditor of IL&FS Transportation Networks after NFRA report
Updated On : 06 Oct 2021 | 3:04 AM IST

NFRA to set up single stakeholders' advisory group, research cell

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

NFRA to set up single stakeholders' advisory group, research cell
Updated On : 13 Sep 2021 | 9:12 PM IST

No CAs in Centre's new regulatory body for accounting professionals

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

No CAs in Centre's new regulatory body for accounting professionals
Updated On : 07 Mar 2018 | 11:58 PM IST