Quick Summary
The National Financial Reporting Authority (NFRA) has imposed a penalty of Rs 2 crore on Deloitte Haskins Sells LLP for lapses in its audit of Zee Entertainment Enterprises Ltd (ZEEL) during the financial years 2018-19 and 2019-20. Additionally, two chartered accountants (CAs) involved in the audit have been penalized and barred from practicing for multiple years. Penalties Imposed on Auditors CA AB Jani, the Engagement Partner (EP), has been fined Rs 10 lakh and barred for five years fro
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Community
- Daily E-Newsletter
- Unlimited News Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
1 Year PLAN
1999
(Excl. of GST ₹359)
BEST VALUE
2 Years PLAN
3499
(Excl. of GST ₹629)
3 Months PLAN
999
(Excl. of GST ₹179)
View all CCI PRO benefits
Already a PRO member? Login here for an ad-free experience.
FAQ :
The National Financial Reporting Authority (NFRA) has imposed a fine of Rs 2 crore on Deloitte Haskins & Sells LLP.
Deloitte failed to identify and report irregularities concerning a Rs 200 crore fixed deposit held by ZEEL in Yes Bank, which was used as a guarantee for loans to a promoter group company without proper approvals.
Yes, two chartered accountants involved in the audit have been penalised. CA AB Jani, the Engagement Partner, was fined Rs 10 lakh and banned for five years, while CA Rakesh Sharma, the EQCR Partner, was fined Rs 5 lakh and banned for three years.
The audit lapses occurred during the financial years 2018-19 and 2019-20.
The ruling underscores NFRA's commitment to enforcing high standards in auditing and serves as a warning to audit firms to exercise diligence, professional scepticism, and ensure regulatory compliance.
CAclubindia
