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By instituting a more structured and stringent framework, Section 132 ensures that audit firms and professionals adhere to internationally recognized standards, thereby fostering greater transparency, accountability, and confidence in financial reporting.
A quick legal roundup to cover important stories from Tribunals, Regulatory Bodies, Commissions for the month of October and November 2023.
It is the duty of the auditor to conduct audit with professional skepticism and due diligence and report their opinions in an unbiased manner and the same was not done in this case.
National Financial Reporting Authority: The National Financial Reporting Authority (‘NFRA’) has imposed monetary penalty of Rs. 1.10 Crore on 1 Auditor Firm