Quick Summary
In a recent development, CCM Dhiraj Khandelwal has addressed the concerns on X surrounding the NFRA order imposing a significant penalty on Audit Firm M/s Dhiraj Dheeraj. Amidst the controversy, Khandelwal provides a detailed clarification, shedding light on the facts and nuances of the case.
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FAQ :
ICAI Central Council Member Dhiraj Khandelwal has clarified the NFRA order.
The NFRA order imposed a penalty of Rs 1 crore on the audit firm M/s Dhiraj & Dheeraj.
There was a difference between the adverse opinion from NFRA and the qualified opinion from the auditor regarding audit findings.
The adequacy of the Expected Credit Loss (ECL) provision judgment on standard loan assets, including overdue loans, was identified as a judgmental issue.
Yes, a discrepancy was noted between a clean report from a resigned auditor in previous years and a qualified report issued later.
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