NFRA imposed Penalty of Rs. 1 Lakh and Debarred Auditor of SRS Ltd. for 1 year
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Coming down heavily on a chartered accountant (CA) for negligent review, failure to apply professional skills and lack of sufficient experience while working as an engagement quality control (EQC) partner for the audit of a listed company, the National Financial Reporting Authority (NFRA), barred CA Apoorve Bansal, the ECQ reviewer of SVP & Associates for one year. NFRA also imposed a fine of Rs1 lakh on the CA.
Considering the proved professional misconduct and keeping in mind the nature of violations, principles of proportionality and deterrence against future professional misconduct, we, in exercise of powers under Section 132( 4)( c) of the Companies Act, 2013, hereby order imposition of a monetary penalty of Rs. 1,00,000/- (Rupees One Lakh) upon CA Apoorve Bansal. In addition, CA Apoorve Bansal is debarred for 1 year (one year) from being appointed as an auditor or internal auditor or from undertaking any audit in respect of financial statements or internal audit of the. functions and activities of any company or body corporate.
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