S. No.
DATE OF ORDER
PERSON
ENTITY
COMPETENT AUTHORITY
REGULATORY CHARGES
REGULATORY ACTION(S) / DATE OF ORDER
FURTHER DEVELOPMENTS
1
05-JUL-2024
PRIYANK MITTAL
(M.No.: 405669)
SINGH AJAY & CO.
NFRA
DID NOT PLAN AUDIT AND DID NOT UNDERSTAND ENTITY AND ITS ENVIRONMENT DID NOT VERIFY OPENING BALANCES DID NOT DETERMINE MATERIALITY AND PERFORMANCE MATERIALITY VIOLATING PARA 10 OF STANDARDS ON AUDITING 320 DID NOT REPORT NON-PROVISIONING IN RESPECT OF EXPECTED CREDIT LOSS DID NOT REPORT ON ENTITY’S ABILITY TO CONTINUE AS A GOING CONCERN
DID NOT EVALUATE ARM’S LENGTH PRICING FOR TRANSACTIONS ENTERED WITH RELATED PARTIES DID NOT REPORT NON CHARGING OF DEPRECIATION OF LEASE HOLD AND PLANT & MACHINERY DID NOT ASSEMBLE AUDIT FILE WITHIN SIXTY DAYS OF COMPLETION OF AUDIT DID NOT OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE THROUGH EXTERNAL CONFIRMATIONS DID NOT APPOINT ENGAGEMENT OF QUALITY CONTROL REVIEWER (EQCR) DID NOT COMMUNICATE WITH THOSE CHARGED WITH GOVERNANCE (TCWG)
IMPOSED PENALTY RS.2,00,000 DEBARRED FROM BEING APPOINTED AS AUDITOR OR INTERNAL AUDITOR OR UNDERTAKING ANY AUDIT IN RESPECT OF FINANCIAL STATEMENTS OR INTERNAL AUDIT OF FUNCTIONS AND ACTIVITIES OF ANY COMPANY OR BODY CORPORATE FROM 05-08-2024 TO 04-08-2026 05-JUL-2024
2
05-JUL-2024
YOGESH MAHIPAL
(M.No.: 530620)
YOGESH MAHIPAL & ASSOCIATES
NFRA
DID NOT PLAN AUDIT AND DID NOT UNDERSTAND ENTITY AND ITS ENVIRONMENT DID NOT EVALUATE INTERNAL AUDIT FUNCTION DID NOT DETERMINE MATERIALITY AND PERFORMANCE MATERIALITY DID NOT REPORT NON-PROVISIONING IN RESPECT OF EXPECTED CREDIT LOSS DID NOT EVALUATE ARM’S LENGTH PRICING FOR TRANSACTIONS ENTERED WITH RELATED PARTIES DID NOT ASSEMBLE AUDIT FILE WITHIN SIXTY DAYS OF COMPLETION OF AUDIT DID NOT REPORT NON CHARGING OF DEPRECIATION OF LEASE HOLD AND PLANT & MACHINERY DID NOT OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE THROUGH EXTERNAL CONFIRMATIONS DID NOT APPOINT ENGAGEMENT OF QUALITY CONTROL REVIEWER (EQCR)
IMPOSED PENALTY RS.2,00,000 DEBARRED FROM BEING APPOINTED AS AUDITOR OR INTERNAL AUDITOR OR UNDERTAKING ANY AUDIT IN RESPECT OF FINANCIAL STATEMENTS OR INTERNAL AUDIT OF FUNCTIONS AND ACTIVITIES OF ANY COMPANY OR BODY CORPORATE FROM 05-08-2024 TO 04-08-2026 05-JUL-2024
3
21-JUN-2024
KASHINATH CHATURVEDI
(M.No.: 030932)
K.B.CHATURVEDI & ASSOCIATES
NFRA
ACCEPTED AUDIT ENGAGEMENT WITHOUT VALID AUTHORIZATION AND WITHOUT COMPLYING WITH ETHICAL REQUIREMENTS AND ISSUED AUDIT REPORT WITHOUT VALID APPOINTMENT AS PER THE CHARTERED ACCOUNTS ACT, 1949 IN MATTER OF DEWAN HOUSING FINANCE CORP.LTD. AUDIT FILE DID NOT CONTAIN AGREEMENT ON TERMS OF AUDIT ENGAGEMENTS WITH MANAGEMENT OR THOSE CHARGED WITH GOVERNANCE (TCWG) DID NOT ADHERE TO AUDIT DOCUMENTATION VIOLATING STANDARDS OF AUDITING IN MATTER OF DEWAN HOUSING FINANCE CORP.LTD.
IMPOSED PENALTY RS.1,00,000 DEBARRED FROM BEING APPOINTED AS AUDITOR OR INTERNAL AUDITOR OR UNDERTAKING ANY AUDIT IN RESPECT OF FINANCIAL STATEMENTS OR INTERNAL AUDIT OF FUNCTIONS AND ACTIVITIES OF ANY COMPANY OR BODY CORPORATE FROM 21-07-2024 TO 20-07-2025 21-JUN-2024
4
21-JUN-2024
KRISHNA BIHARI CHATURVEDI
(M.No.: 413754)
K.B.CHATURVEDI & ASSOCIATES
NFRA
DID NOT EXERCISE DUE DILIGENCE AND BEING GROSSLY NEGLIGENT IN CONDUCT OF PROFESSIONAL DUTIES DID NOT OBTAIN SUFFICIENT INFORMATION NECESSARY FOR EXPRESSION OF OPINION OR ITS EXCEPTIONS SUFFICIENTLY MATERIAL TO NEGATE EXPRESSION OF OPINION
IMPOSED PENALTY RS.1,00,000 DEBARRED FROM BEING APPOINTED AS AUDITOR OR INTERNAL AUDITOR OR UNDERTAKING ANY AUDIT IN RESPECT OF FINANCIAL STATEMENTS OR INTERNAL AUDIT OF FUNCTIONS AND ACTIVITIES OF ANY COMPANY OR BODY CORPORATE FROM 21-07-2024 TO 20-07-2025 21-JUN-2024
5
16-MAY-2024
AJAY VASTANI
(M.No.: 132265)
SHRIDHAR & ASSOCIATES,THE
NFRA
ACCEPTED AUDIT ENGAGEMENT WITHOUT FIRST COMMUNICATING WITH PREVIOUS AUDITOR AND WITHOUT WAITING FOR A REASONABLE TIME FOR A REPLY MISUSED EMPHASIS OF MATTERS SECTION TO REPORT FINDING REGARDING SUSPECTED FRAUD BY PREVIOUS AUDITOR IN AUDIT REPORT TO MEMBERS DID NOT CONTAIN SUFFICIENT BASIS FOR AUDITORS TO CONCLUDE AND REPORT THAT THERE WAS NO MATERIAL UNCERTAINTY REGARDING GOING CONCERN STATUS OF RELIANCE COMMERCIAL FINANCE LTD. DID NOT OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE DID NOT REPORT ABSENCE OF ADEQUATE PROVISION FOR ORIGINATED CREDIT-IMPAIRED LOANS DID NOT EXERCISE PROFESSIONAL SKEPTICISM IN AUDITING COMPLEX ACCOUNTING ESTIMATES OF EXPECTED CREDIT LOSS (ECL) DID NOT ASSESS AND DOCUMENT IMPACT OF MATERIAL WEAKNESS IN INTERNAL CONTROL ON EXPECTED CREDIT LOSS (ECL) DID NOT ADEQUATELY EXAMINE END-USE OF LOANS, INDICATIONS OF SIPHONING OF FUNDS FROM COMPANY, MANAGEMENT OF OVERRIDE OF CONTROLS, BUSINESS RATIONALE OF SANCTIONING AND DISBURSING LOANS BY THE COMPANY DID NOT COMMUNICATE KEY AUDIT MATTER (KAM) WITH THOSE CHARGED WITH GOVERNANCE (TCWG)
IMPOSED PENALTY RS.50,00,000 DEBARRED FROM BEING APPOINTED AS AUDITOR OR INTERNAL AUDITOR OR UNDERTAKING ANY AUDIT IN RESPECT OF FINANCIAL STATEMENTS OR INTERNAL AUDIT OF FUNCTIONS AND ACTIVITIES OF ANY COMPANY OR BODY CORPORATE FROM 16-06-2024 TO 15-06-2029 16-MAY-2024
6
26-APR-2024
GOPALA KRISHNA KANDULA
(M.No.: 203605)
PCN & ASSOCIATES
NFRA
DID NOT SUBMIT REQUISITE INFORMATION AND DID NOT CO-OPERATE WITH NFRA
IMPOSED PENALTY RS.30,00,000 DEBARRED FROM BEING APPOINTED AS AUDITOR OR INTERNAL AUDITOR OR UNDERTAKING ANY AUDIT IN RESPECT OF FINANCIAL STATEMENTS OR INTERNAL AUDIT OF FUNCTIONS AND ACTIVITIES OF ANY COMPANY OR BODY CORPORATE FROM 26-05-2024 TO 25-05-2034 26-APR-2024
7
26-APR-2024
KRISHNA KUMAR NEERAJ
(M.No.: 506669)
KRISHNA NEERAJ & ASSOCIATES
NFRA
DID NOT RELATED TO NON-RECOGNITION OF LIABILITIES CLASSIFIED AS NON-PERFORMING ASSETS (NPAS) BY LENDER BANKS DID NOT EVALUATE MANAGEMENT’S ASSESSMENT OF ENTITY’S ABILITY TO CONTINUE AS GOING CONCERN DID NOT IDENTIFY AND ASSESS RISK OF MATERIAL MISSTATEMENT DUE TO FRAUD RELATED TO REVENUE RECOGNITION DID NOT ADHERE TO RESPONSIBILITIES RELATING TO AUDIT DOCUMENTATION DID NOT OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE REGARDING EXISTENCE AND CONDITION OF INVENTORY DID NOT FORM OPINION ON FINANCIAL STATEMENT WITHOUT OBTAINING SUFFICIENT APPROPRIATE AUDIT EVIDENCE DID NOT PERFORM ROLE OF ENGAGEMENT QUALITY CONTROL REVIEW (EQCR) OBJECTIVELY DID NOT DETERMINE MATERIALITY AND PERFORMANCE MATERIALITY VIOLATING PARA 10 OF STANDARDS ON AUDITING 320 DID NOT AUDIT TRADE RECEIVABLES IN ACCORDANCE WITH REQUIREMENT OF STANDARDS ON AUDITING DID NOT COMMUNICATE WITH THOSE CHARGED WITH GOVERNANCE (TCWG) DID NOT ADHERE TO STANDARDS ON AUDITING VIOLATING SECTION 143(9) OF COMPANIES ACT, 2013
IMPOSED PENALTY RS.10,00,000 DEBARRED FROM BEING APPOINTED AS AUDITOR OR INTERNAL AUDITOR OR UNDERTAKING ANY AUDIT IN RESPECT OF FINANCIAL STATEMENTS OR INTERNAL AUDIT OF FUNCTIONS AND ACTIVITIES OF ANY COMPANY OR BODY CORPORATE FROM 26-05-2024 TO 25-05-2026 26-APR-2024
8
26-APR-2024
PAWAN KUMAR GUPTA
(M.No.: 051713)
DHIRAJ & DHEERAJ
NFRA
ACCEPTED AUDIT ENGAGEMENT BEFORE COMMUNICATION WITH PRICE WATERHOUSE & CO.CHARTERED ACCOUNTS LLP AND WITHOUT WAITING FOR A REASONABLE TIME TO RESPOND TO THE COMMUNICATION DID NOT OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE TO SUPPORT THE MATTERS REPORTED BY PRICE WATERHOUSE & CO. CHARTERED ACCOUNTS LLP TO THE GOVERNMENT
DID NOT OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE REGARDING ENTITY’S ABILITY TO CONTINUE AS GOING CONCERN DID NOT NOTICE DEFICIENCIES IN THE INTERNAL CONTROLS OVER EXPECTED CREDIT LOSS (ECL) ON THE LOANS ETC.FINANCIAL ASSETS
DID NOT CARRY OUT ADEQUATE AUDIT PROCEDURES DID NOT PERFORM ROLE OF ENGAGEMENT QUALITY CONTROL REVIEW (EQCR) OBJECTIVELY
IMPOSED PENALTY RS.10,00,000 DEBARRED FROM BEING APPOINTED AS AUDITOR OR INTERNAL AUDITOR OR UNDERTAKING ANY AUDIT IN RESPECT OF FINANCIAL STATEMENTS OR INTERNAL AUDIT OF FUNCTIONS AND ACTIVITIES OF ANY COMPANY OR BODY CORPORATE FROM 26-05-2024 TO 25-05-2027 26-APR-2024
9
26-APR-2024
PIYUSH PATNI
(M.No.: 143869)
DHIRAJ & DHEERAJ
NFRA
ACCEPTED AUDIT ENGAGEMENT BEFORE COMMUNICATION WITH PRICE WATERHOUSE & CO.CHARTERED ACCOUNTS LLP AND WITHOUT WAITING FOR A REASONABLE TIME TO RESPOND TO THE COMMUNICATION DID NOT OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE TO SUPPORT THE MATTERS REPORTED BY PRICE WATERHOUSE & CO. CHARTERED ACCOUNTS LLP TO THE GOVERNMENT
DID NOT OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE REGARDING ENTITY’S ABILITY TO CONTINUE AS GOING CONCERN DID NOT NOTICE DEFICIENCIES IN THE INTERNAL CONTROLS OVER EXPECTED CREDIT LOSS (ECL) ON THE LOANS ETC.FINANCIAL ASSETS
DID NOT CARRY OUT ADEQUATE AUDIT PROCEDURES DID NOT PERFORM ROLE OF ENGAGEMENT QUALITY CONTROL REVIEW (EQCR) OBJECTIVELY
IMPOSED PENALTY RS.50,00,000 DEBARRED FROM BEING APPOINTED AS AUDITOR OR INTERNAL AUDITOR OR UNDERTAKING ANY AUDIT IN RESPECT OF FINANCIAL STATEMENTS OR INTERNAL AUDIT OF FUNCTIONS AND ACTIVITIES OF ANY COMPANY OR BODY CORPORATE FROM 26-05-2024 TO 25-05-2029 26-APR-2024
10
12-APR-2024
PARIMAL KUMAR JHA
(M.No.: 124262)
PATHAK H.D.& ASSOCIATES
NFRA
DID NOT CARRY OUT ANY INDEPENDENT PROCEDURES REGARDING RESPONSIBILITIES OF JOINT AUDITOR INDULGED IN SELF-REVIEW BY PREPARING MATERIAL INFORMATION FOR FINANCIAL STATEMENTS OF THE COMPANY MISLED USERS OF THE FINANCIAL STATEMENTS DID NOT OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE SUPPORTING SIGNIFICANT ACCOUNTS, INCLUDING ACCOUNTS DESIGNATED AS A FRAUD RISK OR SIGNIFICANT RISK AND DID NOT COMPLYING WITH MULTIPLE PUBLIC COMPANY ACCOUNTING OVERSIGHT BOARD (PCAOB) AUDITING STANDARDS DID NOT OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE REGARDING COMPLIANCE WITH LENDING POLICY DID NOT OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE DID NOT IDENTIFY AND RESPOND APPROPRIATELY TO RISK OF MATERIAL MISSTATEMENT DUE TO FRAUD IN MANAGEMENT OVERRIDE OF CONTROLS AND REVENUE DID NOT OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE REGARDING REASONABILITY OF ESTIMATE OF EXPECTED CREDIT LOSS (ECL) AND RELATED DISCLOSURES IN FINANCIAL STATEMENTS DID NOT PERFORM ROLE OF ENGAGEMENT QUALITY CONTROL REVIEW (EQCR) OBJECTIVELY
IMPOSED PENALTY RS.1,00,00,000 DEBARRED FROM BEING APPOINTED AS AUDITOR OR INTERNAL AUDITOR OR UNDERTAKING ANY AUDIT IN RESPECT OF FINANCIAL STATEMENTS OR INTERNAL AUDIT OF FUNCTIONS AND ACTIVITIES OF ANY COMPANY OR BODY CORPORATE FROM 12-05-2024 TO 11-05-2034 12-APR-2024
11
12-APR-2024
VISHAL D.SHAH
(M.No.: 119303)
PATHAK H.D.& ASSOCIATES
NFRA
DID NOT CARRY OUT ANY INDEPENDENT PROCEDURES REGARDING RESPONSIBILITIES OF JOINT AUDITOR INDULGED IN SELF-REVIEW BY PREPARING MATERIAL INFORMATION FOR FINANCIAL STATEMENTS OF THE COMPANY MISLED USERS OF THE FINANCIAL STATEMENTS DID NOT OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE SUPPORTING SIGNIFICANT ACCOUNTS, INCLUDING ACCOUNTS DESIGNATED AS A FRAUD RISK OR SIGNIFICANT RISK AND DID NOT COMPLYING WITH MULTIPLE PUBLIC COMPANY ACCOUNTING OVERSIGHT BOARD (PCAOB) AUDITING STANDARDS DID NOT OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE REGARDING COMPLIANCE WITH LENDING POLICY DID NOT OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE DID NOT IDENTIFY AND RESPOND APPROPRIATELY TO RISK OF MATERIAL MISSTATEMENT DUE TO FRAUD IN MANAGEMENT OVERRIDE OF CONTROLS AND REVENUE DID NOT OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE REGARDING REASONABILITY OF ESTIMATE OF EXPECTED CREDIT LOSS (ECL) AND RELATED DISCLOSURES IN FINANCIAL STATEMENTS DID NOT PERFORM ROLE OF ENGAGEMENT QUALITY CONTROL REVIEW (EQCR) OBJECTIVELY
IMPOSED PENALTY RS.50,00,000 DEBARRED FROM BEING APPOINTED AS AUDITOR OR INTERNAL AUDITOR OR UNDERTAKING ANY AUDIT IN RESPECT OF FINANCIAL STATEMENTS OR INTERNAL AUDIT OF FUNCTIONS AND ACTIVITIES OF ANY COMPANY OR BODY CORPORATE FROM 12-05-2024 TO 11-05-2029 12-APR-2024
12
22-FEB-2024
RATAN LAXMINARAYAN RATHI
(M.No.: 014739)
R.L.RATHI & CO.
NFRA
DID NOT REPORT NON-RECOGNITION OF INTEREST COST ON BORROWINGS CLASSIFIED AS NON PERFORMING ASSETS (NPAS) DID NOT PERFORM NECESSARY AUDIT PROCEDURE TO VERIFY RELATED PARTY TRANSACTIONS DID NOT OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE DID NOT APPOINT ENGAGEMENT OF QUALITY CONTROL REVIEWER (EQCR) DID NOT SUBMIT AUDIT FILE TO NFRA DESPITE REMINDERS
IMPOSED PENALTY RS.3,00,000 DEBARRED FROM BEING APPOINTED AS AUDITOR OR INTERNAL AUDITOR OR UNDERTAKING ANY AUDIT IN RESPECT OF FINANCIAL STATEMENTS OR INTERNAL AUDIT OF FUNCTIONS AND ACTIVITIES OF ANY COMPANY OR BODY CORPORATE FROM 22-03-2024 TO 21-03-2026 22-FEB-2024
13
08-JAN-2024
PANKAJ KUMAR
(M.No.: 091822)
SVP & ASSOCIATES
NFRA
DID NOT OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE REGARDING ENTITY’S ABILITY TO CONTINUE AS GOING CONCERN DID NOT EVALUATE RISK OF FRAUD IN REVENUE RECOGNITION DID NOT ADHERE TO RESPONSIBILITIES RELATING TO AUDIT DOCUMENTATION DID NOT OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE REGARDING EXISTENCE AND CONDITION OF INVENTORY DID NOT GIVE APPROPRIATE AUDIT OPINION DID NOT APPOINT ENGAGEMENT OF QUALITY CONTROL REVIEWER (EQCR) DID NOT DETERMINE MATERIALITY FOR FINANCIAL STATEMENTS AS A WHOLE WHILE ESTABLISHING AUDIT STRATEGY VIOLATING STANDARDS ON AUDITING 320 DID NOT PLAN AUDIT OF FINANCIAL STATEMENTS AS PER STANDARDS ON AUDITING 300 DID NOT COMMUNICATE WITH THOSE CHARGED WITH GOVERNANCE (TCWG) DID NOT COMMUNICATE DEFICIENCIES IN INTERNAL CONTROL TO THOSE CHARGED WITH GOVERNANCE (TCWG) AND MANAGEMENT VIOLATING STANDARDS OF AUDITING DID NOT IDENTIFY AND ASSESS RISK OF MATERIAL MISSTATEMENT THROUGH UNDERSTANDING NATURE OF ENTITY DID NOT ADHERE TO STANDARDS ON AUDITING VIOLATING SECTION 143(9) OF COMPANIES ACT, 2013
IMPOSED PENALTY RS.3,00,000 DEBARRED FROM BEING APPOINTED AS AUDITOR OR INTERNAL AUDITOR OR UNDERTAKING ANY AUDIT IN RESPECT OF FINANCIAL STATEMENTS OR INTERNAL AUDIT OF FUNCTIONS AND ACTIVITIES OF ANY COMPANY OR BODY CORPORATE FROM 21-05-2023 TO 20-05-2026 08-JAN-2024
14
05-JAN-2024
ANIL CHAUHAN
(M.No.: 166286)
ANIL CHAUHAN & ASSOCIATES
NFRA
DID NOT MAINTAIN AUDIT FILE AND DID NOT CO-OPERATE WITH NFRA DID NOT SUBMIT AUDIT FILES & RELATED DOCUMENTATION TO NFRA AND DID NOT RESPOND TO SCN ISSUED BY NFRA
IMPOSED PENALTY RS.20,00,000 DEBARRED FROM BEING APPOINTED AS AUDITOR OR INTERNAL AUDITOR OR UNDERTAKING ANY AUDIT IN RESPECT OF FINANCIAL STATEMENTS OR INTERNAL AUDIT OF FUNCTIONS AND ACTIVITIES OF ANY COMPANY OR BODY CORPORATE FROM 05-02-2024 TO 04-02-2034 05-JAN-2024
15
03-JAN-2024
PAWAN JAIN
(M.No.: 228026)
KUMAR JAIN & ASSOCIATES
NFRA
DID NOT VERIFY REORGANIZATION OF BUSINESS WITH VARIOUS PARTIES DID NOT EXCLUDE EMPLOYEES WHOSE CONTRIBUTION WAS PAID BY THE GOVERNMENT LAPSES IN REPORTING ADDITIONAL EMPLOYEES DID NOT VERIFY PAYMENT OF ADDITIONAL EMPLOYEE COST BY ACCOUNT PAYEE CHEQUE/DRAFT/ELECTRONIC MEANS DID NOT VERIFY SALARY OF RS.25,000.00 PER MONTH FOR NEW EMPLOYEES
IMPOSED PENALTY RS.50,00,000 03-JAN-2024
16
20-DEC-2023
SHYAM MALPANI
(M.No.: 034171)
SMMP & CO.
NFRA
DID NOT MAINTAIN INDEPENDENCE OF AUDITOR DID NOT FORM AUDIT OPINIONS IN INDEPENDENT AUDITOR’S REPORT VIOLATING STANDARDS ON AUDITING 705
IMPOSED PENALTY RS.5,00,000 DEBARRED FROM BEING APPOINTED AS AUDITOR OR INTERNAL AUDITOR OR UNDERTAKING ANY AUDIT IN RESPECT OF FINANCIAL STATEMENTS OR INTERNAL AUDIT OF FUNCTIONS AND ACTIVITIES OF ANY COMPANY OR BODY CORPORATE FROM 20-01-2024 TO 19-01-2029 20-DEC-2023
17
05-DEC-2023
AMIT VINAY CHATURVEDI
(M.No.: 103141)
CHATURVEDI & SHAH LLP
NFRA
DID NOT EXERCISE DUE DILIGENCE AND BEING GROSSLY NEGLIGENT IN CONDUCT OF PROFESSIONAL DUTIES DID NOT OBTAIN SUFFICIENT INFORMATION NECESSARY FOR EXPRESSION OF OPINION OR ITS EXCEPTIONS SUFFICIENTLY MATERIAL TO NEGATE EXPRESSION OF OPINION DID NOT INVITE ATTENTION TO ANY MATERIAL DEPARTURE FROM GENERALLY ACCEPTED PROCEDURE OF AUDIT APPLICABLE TO CIRCUMSTANCES
IMPOSED PENALTY RS.5,00,000 DEBARRED FROM BEING APPOINTED AS AUDITOR OR INTERNAL AUDITOR OR UNDERTAKING ANY AUDIT IN RESPECT OF FINANCIAL STATEMENTS OR INTERNAL AUDIT OF FUNCTIONS AND ACTIVITIES OF ANY COMPANY OR BODY CORPORATE FROM 05-01-2024 TO 04-01-2029 05-DEC-2023
18
05-DEC-2023
JIGNESH MEHTA
(M.No.: 102749)
CHATURVEDI & SHAH LLP
NFRA
DID NOT PERFORM AUDIT PROCEDURES REQUIRED FOR COMPANY’S BRANCHES DID NOT EXERCISE PROFESSIONAL SKEPTICISM AND DID NOT REPORT MATERIAL MISSTATEMENTS DID NOT ADHERE TO PROFESSIONAL SKEPTICISM IN CONSIDERATION OF LAWS AND REGULATIONS IN AUDIT OF FINANCIAL STATEMENTS DID NOT OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE REGARDING ENTITY’S ABILITY TO CONTINUE AS GOING CONCERN DID NOT APPROPRIATELY IDENTIFY, CLASSIFY AND ASSESS RISK OF MATERIAL MISSTATEMENTS DID NOT IDENTIFY DEFICIENCIES IN INTERNAL CONTROL RELATING TO APPRAISAL AND SANCTION OF LOAN DID NOT OBTAIN SUFFICIENT INFORMATION NECESSARY FOR EXPRESSION OF OPINION ON INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING (ICFR) AND ISSUED BASELESS AUDIT REPORT DID NOT IDENTIFY RELATED PARTY AND/OR RELATED PARTY TRANSACTIONS
IMPOSED PENALTY RS.5,00,000 DEBARRED FROM BEING APPOINTED AS AUDITOR OR INTERNAL AUDITOR OR UNDERTAKING ANY AUDIT IN RESPECT OF FINANCIAL STATEMENTS OR INTERNAL AUDIT OF FUNCTIONS AND ACTIVITIES OF ANY COMPANY OR BODY CORPORATE FROM 05-01-2024 TO 04-01-2034 05-DEC-2023
19
22-NOV-2023
NILESH CHHEDA
(M.No.: 124810)
NFRA
DID NOT REPORT NON-CONSOLIDATION OF SUBSIDIARY DID NOT PREPARE AUDIT DOCUMENTS AS PER STANDARDS ON AUDITING 230 DID NOT REPORT ISSUES RELATED TO DISCLOSURE OF CREDIT RISK EXPOSURE DID NOT PLAN AUDIT OF FINANCIAL STATEMENTS AS PER STANDARDS ON AUDITING 300 DID NOT DESIGN AND PERFORM ANALYTICAL PROCEDURES VIOLATING PARAS 3(B) AND 6 OF STANDARDS ON AUDITING 520 DID NOT DETERMINE MATERIALITY FOR FINANCIAL STATEMENTS AS A WHOLE WHILE ESTABLISHING AUDIT STRATEGY VIOLATING STANDARDS ON AUDITING 320 DID NOT PERFORM RISK ASSESSMENT PROCEDURE TO IDENTIFY, ASSESS AND RESPOND TO RISK OF MATERIAL MISSTATEMENT IN FINANCIAL STATEMENTS DID NOT OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE DID NOT PREPARE DOCUMENTATION REGARDING AUDITOR’S RESPONSIBILITIES RELATING TO FRAUD IN AUDIT FINANCIAL STATEMENTS DID NOT COMMUNICATE WITH THOSE CHARGED WITH GOVERNANCE (TCWG) DID NOT REPORT NON-DISCLOSURE OF RELATED PARTY LOAN ON GROSS BASIS DID NOT REPORT NON-DISCLOSURE OF TRADE PAYABLE COVERED UNDER MICRO, SMALL AND MEDIUM ENTERPRISES DEVELOPMENT ACT, 2006 DID NOT REPORT FULL PARTICULARS OF LOAN TO RELATED PARTY
IMPOSED PENALTY RS.5,00,000 DEBARRED FROM BEING APPOINTED AS AUDITOR OR INTERNAL AUDITOR OR UNDERTAKING ANY AUDIT IN RESPECT OF FINANCIAL STATEMENTS OR INTERNAL AUDIT OF FUNCTIONS AND ACTIVITIES OF ANY COMPANY OR BODY CORPORATE FROM 22-12-2023 TO 21-12-2028 22-NOV-2023
20
04-OCT-2023
RAHUL JANGIR
(M.No.: 435804)
ASHOK HOLANI & CO.
NFRA
ARTIFICIALLY DECREASED LIABILITIES AND INFLATED INCOME DID NOT EVALUATE ACCOUNTING POLICIES & VALUATION OF INVENTORIES AND NOT PERFORMED PHYSICAL VERIFICATION OF INVENTORY REPORTED MATTERS THROUGH KEY AUDIT MATTERS (KAM) WITHOUT OBTAINING SUFFICIENT APPROPRIATE AUDIT EVIDENCE WITHOUT OBTAINING PRIOR COMMUNICATION WITH THOSE CHARGED WITH GOVERNANCE (TCWG) DID NOT OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE INCLUDE WHEN MANAGEMENT PREVENTS AUDITOR FROM REQUESTING EXTERNAL CONFIRMATION OF SPECIFIC ACCOUNT BALANCES DID NOT OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE FOR REPORTING UNDER COMPANIES (AUDITOR’S REPORT) ORDER, 2016 REGARDING UTILIZATION OF IPO PROCEEDS DID NOT IDENTIFY RELATED PARTY AND/OR RELATED PARTY TRANSACTIONS DID NOT APPOINT ENGAGEMENT OF QUALITY CONTROL REVIEWER (EQCR) ISSUED AUDIT REPORT WITHOUT ENGAGEMENT QUALITY CONTROL REVIEW (EQCR)
IMPOSED PENALTY RS.5,00,000 DEBARRED FROM BEING APPOINTED AS AUDITOR OR INTERNAL AUDITOR OR UNDERTAKING ANY AUDIT IN RESPECT OF FINANCIAL STATEMENTS OR INTERNAL AUDIT OF FUNCTIONS AND ACTIVITIES OF ANY COMPANY OR BODY CORPORATE FROM 04-11-2023 TO 03-11-2026 04-OCT-2023
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.
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