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Latest Update: ICAI CCM Dhiraj Khandelwal Clarifies On NFRA Order of Rs 1 Crore Penalty! Click here to know more in details. Following an investigation and proceedings under section 134(4) of the Companies Act, a significant verdict has been reached against an audit firm and its key personnel
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FAQ :
The audit firm M/s Dhiraj & Dheeraj has been imposed a monetary penalty of Rupees One crore.
CA Piyush Patni (Engagement Partner) has been fined Rs 50,00,000 and debarred for five years. CA Pawan Kumar Gupta (Engagement Quality Control Review Partner) has been fined Rs 10,00,000 and debarred for three years.
The penalties were imposed due to professional misconduct found during the statutory audit of Reliance Home Finance Limited for FY 2018-19, including failure to exercise professional skepticism, perform adequate audit procedures, and ensure proper quality control.
The debarment prevents CA Piyush Patni and CA Pawan Kumar Gupta from holding positions as auditors or internal auditors and undertaking any audit-related responsibilities within companies or corporate bodies for their respective debarment periods.
The audit under scrutiny was the statutory audit of Reliance Home Finance Limited for the Financial Year 2018-19.
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