The confirmation comes after the ICAI's recent introduction of new SQMs to modify auditing standards in October 2024.

which NFRA considered illegal. The matter aligns with aligning domestic audit norms with global standards. The Institute of Chartered Accountants of India (ICAI) doesn’t have the power to issue ...

The Institute of Chartered Accountants of India (ICAI) cannot independently issue standards on quality management (SQMs) or amend audit norms, Tushar Mehta, the Solicitor General of India, told the ...

After detailed discussions, NFRA board voted eight-three for aligning several audit standards (SA) with global norms and recommended the notification of standard on quality control (SQM ...

The penalty pertains to Deloitte's audit of ... the Engagement Quality Control Review (EQCR) Partner, faced a penalty of Rs 5 lakh and a three-year ban from auditing roles. NFRA clarified that ...

The National Financial Reporting Authority (NFRA) has identified lapses in the audit practices of MSKA & Associates, ...

The NFRA has fined Deloitte Haskins & Sells LLP Rs 2 crore and imposed penalties on two auditors for failing in their audit ...

(Reuters) Mumbai/New Delhi: The National Financial Reporting Authority (NFRA) has penalised audit ... the order showed. And the audit quality control partner, who has been debarred for three ...

NFRA has also imposed a penalty of ₹5 lakh on Rakesh Sharma, Engagement Quality Control Review (EQCR) Partner, and debarred him from undertaking any audit work of a corporate for three years.

Jani was the Engagement Partner (EP), and Sharma was the Engagement Quality Control Review (EQCR) Partner for the audit of the company for 2018-19 and 2019- 20. In its probe, NFRA found Deloitte ...