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The National Financial Reporting Authority (NFRA) has imposed a penalty of Rs 2 crore on the statutory auditor and Rs 15 lakh on two chartered accountants for professional misconduct during the audit of Coffee Day Enterprises Limited (CDEL) for the financial year 2019-20. NFRA has also debarred the two CAs involved from undertaking any audit work for periods of 10 years and five years, respectively. According to NFRA's order, the auditors failed to perform mandatory procedures and neglected t
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FAQ :
The NFRA has imposed a penalty of Rs 2 crore on the statutory auditor and Rs 15 lakh on two chartered accountants.
The two chartered accountants have been debarred from undertaking any audit work for 10 years and five years, respectively, due to professional misconduct.
The auditors failed to perform mandatory procedures, neglected the risk of material misstatement and fraud, and began the audit without a no-objection certificate from the previous auditors.
The investigation was prompted by a report from SEBI regarding the diversion of Rs 3,535 crore from seven subsidiaries of CDEL to MACEL.
MACEL served as a conduit for transferring funds to personal accounts linked to CDEL's late chairman and his associates.
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