Audit Committees of corporate Boards cannot avoid culpability by blaming auditors: NFRA Chief
The Chairman of the National Financial Reporting Authority (NFRA), Ajay Bhushan Prasad Pandey, emphasised that a company's Audit Committee, primarily composed of Independent Directors, cannot shirk its responsibility for ensuring accurate financial statements, even if auditors fail in their duty.
Two auditors in Reliance Commercial Finance case are fined Rs 2.5 crore by NFRA
The National Financial Reporting Authority (NFRA) has imposed penalties totalling Rs 2.5 crore on two auditors for professional misconduct and auditing lapses related to the Reliance Commercial Finance case for FY 2018-19.
J & K Bank Removes Auditors Prematurely Amidst Concerns
Jammu and Kashmir Bank removed its central statutory auditors prematurely. The Comptroller and Auditor General of India (CAG) took this step in September, before the auditors could complete their three-year term, which was supposed to end in the current financial year (FY24).
NFRA bats for effective, regular two-way communication between auditors and Boards
National Financial Reporting Authority (NFRA) along with other regulators is focusing more on improving "effective two-way communication" between the auditors and the audit committee of the board and independent directors of the company.
SEBI prohibits Brightcom’s auditors from engaging with the company, bars CMD and CFO from board positions
Market regulator SEBI issued an interim order against Brightcom Group (BGL) on August 22, demanding that the company cease any engagement with its statutory auditors, P. Murali & Co. and PCN & Associates, along with their present and past partners, until further notice.