NFRA Slapped Rs 5 lakh Fine and 5 Year Ban on Auditor for Lapses
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The National Financial Reporting Authority (NFRA) on Friday slapped a fine of Rs 5 lakh and a five-year ban on Auditor (CA Rakesh Puri) for alleged professional misconduct in connection with the audit of Sun and Shine Worldwide Ltd (SSWL) for the financial years 2012-13 and 2013-14.
Besides, Puri has been debarred for a period of five years from undertaking any audit in respect of financial statements or internal audit of the functions and activities of any company or body corporate during the ban period.
The regulator received information from Sebi pertaining to overstatement in reporting of sales and purchase figures to the tune of Rs 1,417 crore in the financial statements of SSWL for 2012-13 and 2013-14.
Besides, Puri has been debarred for a period of five years from undertaking any audit in respect of financial statements or internal audit of the functions and activities of any company or body corporate during the ban period.
The regulator received information from Sebi pertaining to overstatement in reporting of sales and purchase figures to the tune of Rs 1,417 crore in the financial statements of SSWL for 2012-13 and 2013-14.
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