| S.No. |
PERSON |
ENTITY |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
| 21 |
|
DESIKAN G.
(M.No.:219101)
|
|
|
|
VENKATESH & CO.
(M.No.:004636S)
|
|
ACCEPTED AUDIT ENGAGEMENT AS STATUTORY AUDITOR OF COFFEE DAY ENTERPRISES LTD. WITHOUT PERFORMING MANDATORY AUDIT PROCEDURES AND WITHOUT FIRST COMMUNICATING WITH RESIGNING AUDITOR
DID NOT EXERCISE DUE DILIGENCE AND BEING GROSSLY NEGLIGENT IN PREPARATION OF INDEPENDENT AUDITOR’S REPORT
DID NOT EXERCISE PROFESSIONAL SKEPTICISM & JUDGEMENT TO IDENTIFY AND ASSESS FRAUD RISK RAISED DUE TO DIVERSION OF RS.3,535.00 CRORE TO MYSORE AMALGAMATED COFFEE ESTATE LTD., EVERGREENING OF LOANS THROUGH CIRCULATION OF FUNDS AND DIVERSION OF RS.245 CRORES TO OTHER PARTIES IN THE NAME OF LAND ADVANCES
DID NOT PERFORM ROLE OF ENGAGEMENT QUALITY CONTROL REVIEW (EQCR) OBJECTIVELY
DID NOT REPORT FRAUDULENT DIVERSION OF FUNDS TO CENTRAL GOVERNMENT
|
IMPOSED PENALTY RS.5,00,000
DEBARRED FROM BEING APPOINTED AS AUDITOR OR INTERNAL AUDITOR OR UNDERTAKING ANY AUDIT IN RESPECT OF FINANCIAL STATEMENTS OR INTERNAL AUDIT OF FUNCTIONS AND ACTIVITIES OF ANY COMPANY OR BODY CORPORATE FROM 10-11-2024 TO 09-11-2029
10-OCT-2024
|
|
| 22 |
|
|
DEVANG DALAL
(M.No.:109049)
|
|
|
DID NOT PERFORM RISK ASSESSMENT PROCEDURE TO IDENTIFY, ASSESS AND RESPOND TO RISK OF MATERIAL MISSTATEMENT IN FINANCIAL STATEMENTS
DID NOT PLAN AUDIT OF FINANCIAL STATEMENTS AS PER STANDARDS ON AUDITING 300
DID NOT PREPARE AUDIT DOCUMENTS AS PER STANDARDS ON AUDITING 230
DID NOT DETERMINE MATERIALITY AND PERFORMANCE MATERIALITY VIOLATING PARA 10 OF STANDARDS ON AUDITING 320
DID NOT MAKE DISCLOSURE OF OUTSTANDING CAPITAL ADVANCE OF RS.56.41 CRORE RECEIVABLE FROM RELATED PARTY VIZ MERINO SHELTERS PVT.LTD.
DID NOT OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE IN RESPECT OF NUMBER OF MATERIAL ACCOUNT BALANCES AND TRANSACTIONS
DID NOT PERFORM AUDIT PROCEDURE IN RESPECT OF IDENTIFICATION AND ASSESSMENT OF RISK OF MATERIAL MISSTATEMENT VIOLATING STANDARDS ON AUDITING 315
DID NOT REPORT NON-CONSOLIDATION OF SUBSIDIARY
DID NOT REPORT NON-DISCLOSURE BY MAN INDUSTRIES (INDIA) LTD. OF PLEDGING OF EQUITY SHARES OF ITS SUBSIDIARY MERINO SHELTERS PVT.LTD. OF RS.102.30 CRORE FOR OBTAINING CREDIT FACILITIES FROM SOUTH INDIAN BANK
DID NOT REPORT NON-DISCLOSURE OF CREDIT RISK PROFILE OF TRADE RECEIVABLES
DID NOT REPORT NON-DISCLOSURE OF FULL PARTICULARS OF THE PURPOSE AND UTILISATION OF LOAN OF RS.8.47 CRORE FROM RELATED PARTY MERINO SHELTERS PVT.LTD.
DID NOT REPORT NON-DISCLOSURE OF RELATED PARTY LOAN ON GROSS BASIS
DID NOT CHALLENGE MANAGEMENT DECISION OF RECOGNIZING ONLY A SMALL AMOUNT OF IMPAIRMENT LOSS ALLOWANCES IN RESPECT OF TRADE RECEIVABLES
DID NOT COMMUNICATE WITH THOSE CHARGED WITH GOVERNANCE (TCWG)
DID NOT DESIGN AND IMPLEMENT AUDITOR’S RESPONSE TO ASSESSED RISKS
DID NOT DESIGN AND PERFORM ANALYTICAL PROCEDURES VIOLATING PARAS 3(B) AND 6 OF STANDARDS ON AUDITING 520
|
IMPOSED PENALTY RS.10,00,000
DEBARRED FROM BEING APPOINTED AS AUDITOR OR INTERNAL AUDITOR OR UNDERTAKING ANY AUDIT IN RESPECT OF FINANCIAL STATEMENTS OR INTERNAL AUDIT OF FUNCTIONS AND ACTIVITIES OF ANY COMPANY OR BODY CORPORATE FROM 28-07-2023 TO 27-07-2028
28-JUN-2023
|
|
| 23 |
|
|
DHIRAJ PARASMAL JAIN
(M.No.:144738)
|
|
|
|
ATUL DHIRAJ & CO.
(M.No.:133405W)
|
|
ACCEPTED AUDIT ENGAGEMENT WITHOUT VALID AUTHORIZATION AND WITHOUT COMPLYING WITH ETHICAL REQUIREMENTS AND ISSUED AUDIT REPORT WITHOUT VALID APPOINTMENT AS PER THE CHARTERED ACCOUNTS ACT, 1949 IN MATTER OF DEWAN HOUSING FINANCE CORP.LTD.
DID NOT ADHERE TO AUDIT DOCUMENTATION VIOLATING STANDARDS OF AUDITING IN MATTER OF DEWAN HOUSING FINANCE CORP.LTD.
DID NOT ADHERE TO PROFESSIONAL SKEPTICISM AND PROFESSIONAL JUDGEMENT IN UNDERSTANDING THE OBJECTIVE AND SCOPE OF AUDIT VIOLATING OF STATUTORY AUDITOR 200 IN MATTER OF DEWAN HOUSING FINANCE CORP.LTD.
DID NOT ADHERE TO STANDARD OF ACCOUNTING FOR FORMING OPINION AND REPORTING ON FINANCIAL STATEMENTS VIOLATING STANDARDS OF AUDITING IN MATTER OF DEWAN HOUSING FINANCE CORP.LTD.
DID NOT ADHERE TO STANDARDS ON AUDITING VIOLATING CHARTERED ACCOUNTS ACT, 1949 IN MATTER OF DEWAN HOUSING FINANCE CORP.LTD.
ISSUED AUDIT REPORT WITHOUT COMPLYING WITH REQUIREMENTS OF STANDARDS OF AUDITING IN MATTER OF DEWAN HOUSING FINANCE CORP.LTD.
|
IMPOSED PENALTY RS.1,00,000
DEBARRED FROM BEING APPOINTED AS AUDITOR OR INTERNAL AUDITOR OR UNDERTAKING ANY AUDIT IN RESPECT OF FINANCIAL STATEMENTS OR INTERNAL AUDIT OF FUNCTIONS AND ACTIVITIES OF ANY COMPANY OR BODY CORPORATE FROM 29-10-2023 TO 28-04-2024
29-SEP-2023
|
|
| 24 |
|
|
GOPALA KRISHNA KANDULA
(M.No.:203605)
|
|
|
|
PCN & ASSOCIATES
(M.No.:016016S)
|
|
DID NOT SUBMIT REQUISITE INFORMATION AND DID NOT CO-OPERATE WITH NFRA
|
IMPOSED PENALTY RS.30,00,000
DEBARRED FROM BEING APPOINTED AS AUDITOR OR INTERNAL AUDITOR OR UNDERTAKING ANY AUDIT IN RESPECT OF FINANCIAL STATEMENTS OR INTERNAL AUDIT OF FUNCTIONS AND ACTIVITIES OF ANY COMPANY OR BODY CORPORATE FROM 26-05-2024 TO 25-05-2034
26-APR-2024
|
|
| 25 |
|
|
GULSHAN JAGDISH JHAM
(M.No.:408315)
|
|
|
DID NOT EXERCISE DUE DILIGENCE OR GROSSLY NEGLIGENT IN CONDUCT OF PROFESSIONAL DUTIES
DID NOT INVITE ATTENTION TO ANY MATERIAL DEPARTURE FROM GENERALLY ACCEPTED PROCEDURE OF AUDIT APPLICABLE TO CIRCUMSTANCES
DID NOT MAKE DISCLOSURE OF MATERIAL NON-COMPLIANCES THE COMPANY MADE AS PER SECTION 132(4) OF THE COMPANIES ACT READ WITH SECTION 22 OF THE CHARTERED ACCOUNTANTS ACT 1949 (NO.38 OF 1949) AND CLAUSE 5 OF PART 1 OF THE SECOND SCHEDULE OF THE CHARTERED ACCOUNTANTS ACT 1949IN MATTER OF PRABHU STEEL INDUSTRIES LTD.
DID NOT OBTAIN SUFFICIENT INFORMATION NECESSARY FOR EXPRESSION OF OPINION OR ITS EXCEPTIONS MATERIAL TO NEGATE EXPRESSION OF OPINION
DID NOT REPORT MATERIAL MISSTATEMENTS KNOWN TO HIM IN TO APPEAR IN FINANCIAL STATEMENTS AS PER SECTION 132(4) OF THE COMPANIES ACTREAD WITH SECTION 22 OF THE CHARTERED ACCOUNTANTS ACT 1949 (NO.38 OF 1949) AND CLAUSE 6 OF PART I OF THE SECOND SCHEDULE OF CHARTERED ACCOUNTANT ACT, 1949 IN MATTER OF PRABHU STEEL INDUSTRIES LTD.
|
IMPOSED PENALTY RS.1,00,000
DEBARRED FROM BEING APPOINTED AS AUDITOR OR INTERNAL AUDITOR OR UNDERTAKING ANY AUDIT IN RESPECT OF FINANCIAL STATEMENTS OR INTERNAL AUDIT OF FUNCTIONS AND ACTIVITIES OF ANY COMPANY OR BODY CORPORATE FROM 21-07-2022 TO 20-07-2023
21-JUN-2022
|
|
| 26 |
|
|
HARISH KUMAR T.K.
(M.No.:212219)
|
|
|
|
K.VARGHESE & CO.
(M.No.:004525S)
|
|
ACCEPTED AUDIT ENGAGEMENT WITHOUT VALID AUTHORIZATION AND WITHOUT COMPLYING WITH ETHICAL REQUIREMENTS AND ISSUED AUDIT REPORT WITHOUT VALID APPOINTMENT AS PER THE CHARTERED ACCOUNTS ACT, 1949 IN MATTER OF DEWAN HOUSING FINANCE CORP.LTD.
DID NOT ADHERE TO AUDIT DOCUMENTATION VIOLATING STANDARDS OF AUDITING IN MATTER OF DEWAN HOUSING FINANCE CORP.LTD.
DID NOT ADHERE TO PROFESSIONAL SKEPTICISM AND PROFESSIONAL JUDGEMENT IN UNDERSTANDING THE OBJECTIVE AND SCOPE OF AUDIT VIOLATING OF STATUTORY AUDITOR 200 IN MATTER OF DEWAN HOUSING FINANCE CORP.LTD.
DID NOT ADHERE TO STANDARD OF ACCOUNTING FOR FORMING OPINION AND REPORTING ON FINANCIAL STATEMENTS VIOLATING STANDARDS OF AUDITING IN MATTER OF DEWAN HOUSING FINANCE CORP.LTD.
DID NOT ADHERE TO STANDARDS ON AUDITING VIOLATING CHARTERED ACCOUNTS ACT, 1949 IN MATTER OF DEWAN HOUSING FINANCE CORP.LTD.
ISSUED AUDIT REPORT WITHOUT COMPLYING WITH REQUIREMENTS OF STANDARDS OF AUDITING IN MATTER OF DEWAN HOUSING FINANCE CORP.LTD.
|
IMPOSED PENALTY RS.1,00,000
DEBARRED FROM BEING APPOINTED AS AUDITOR OR INTERNAL AUDITOR OR UNDERTAKING ANY AUDIT IN RESPECT OF FINANCIAL STATEMENTS OR INTERNAL AUDIT OF FUNCTIONS AND ACTIVITIES OF ANY COMPANY OR BODY CORPORATE FROM 13-05-2023 TO 12-05-2024
13-APR-2023
|
|
| 27 |
|
|
HARISH SHARMA
(M.No.:403129)
|
|
|
|
R.SHAH & CO.
(M.No.:502010C)
|
|
ACCEPTED AUDIT ENGAGEMENT WITHOUT VALID AUTHORIZATION AND WITHOUT COMPLYING WITH ETHICAL REQUIREMENTS AND ISSUED AUDIT REPORT WITHOUT VALID APPOINTMENT AS PER THE CHARTERED ACCOUNTS ACT, 1949 IN MATTER OF DEWAN HOUSING FINANCE CORP.LTD.
DID NOT ADHERE TO AUDIT DOCUMENTATION VIOLATING STANDARDS OF AUDITING IN MATTER OF DEWAN HOUSING FINANCE CORP.LTD.
DID NOT ADHERE TO PROFESSIONAL SKEPTICISM AND PROFESSIONAL JUDGEMENT IN UNDERSTANDING THE OBJECTIVE AND SCOPE OF AUDIT VIOLATING OF STATUTORY AUDITOR 200 IN MATTER OF DEWAN HOUSING FINANCE CORP.LTD.
DID NOT ADHERE TO STANDARD OF ACCOUNTING FOR FORMING OPINION AND REPORTING ON FINANCIAL STATEMENTS VIOLATING STANDARDS OF AUDITING IN MATTER OF DEWAN HOUSING FINANCE CORP.LTD.
DID NOT ADHERE TO STANDARDS ON AUDITING VIOLATING CHARTERED ACCOUNTS ACT, 1949 IN MATTER OF DEWAN HOUSING FINANCE CORP.LTD.
ISSUED AUDIT REPORT WITHOUT COMPLYING WITH REQUIREMENTS OF STANDARDS OF AUDITING IN MATTER OF DEWAN HOUSING FINANCE CORP.LTD.
|
IMPOSED PENALTY RS.1,00,000
DEBARRED FROM BEING APPOINTED AS AUDITOR OR INTERNAL AUDITOR OR UNDERTAKING ANY AUDIT IN RESPECT OF FINANCIAL STATEMENTS OR INTERNAL AUDIT OF FUNCTIONS AND ACTIVITIES OF ANY COMPANY OR BODY CORPORATE FROM 29-10-2023 TO 28-10-2024
29-SEP-2023
|
|
| 28 |
|
|
HEMANT KHATOR
(M.No.:117596)
|
|
|
|
GSV & CO.
(M.No.:123334W)
|
|
DID NOT IDENTIFY AND COMMUNICATE WITH THOSE CHARGED WITH GOVERNANCE (TCWG) VIOLATING PARAS 11 AND 14 TO 16 AND STANDARDS ON AUDITING 260 AND 265
DID NOT IDENTIFY RELATED PARTY AND/OR RELATED PARTY TRANSACTIONS
DID NOT PLAN AUDIT AND DID NOT UNDERSTAND ENTITY AND ITS ENVIRONMENT
DID NOT DETERMINE MATERIALITY AND PERFORMANCE MATERIALITY VIOLATING PARA 10 OF STANDARDS ON AUDITING 320
DID NOT DOCUMENT SAMPLING METHODOLOGY ADOPTED FOR SUBSTANTIVE TESTING VIOLATING PARA 1 OF STANDARDS ON AUDITING 500
DID NOT OBTAIN ENGAGEMENT QUALITY REVIEW VIOLATING STANDARDS ON AUDITING 220
DID NOT OBTAIN EXTERNAL CONFIRMATION OF FOR TRADE RECEIVABLES AND TRADE PAYABLES
DID NOT OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE REGARDING EXISTENCE AND CONDITION OF INVENTORY
DID NOT REPORT NON-COMPLIANCE WITH LAWS AND REGULATIONS
|
IMPOSED PENALTY RS.2,00,000
DEBARRED FROM BEING APPOINTED AS AUDITOR OR INTERNAL AUDITOR OR UNDERTAKING ANY AUDIT IN RESPECT OF FINANCIAL STATEMENTS OR INTERNAL AUDIT OF FUNCTIONS AND ACTIVITIES OF ANY COMPANY OR BODY CORPORATE FROM 28-05-2023 TO 27-05-2025
28-APR-2023
|
|
| 29 |
|
|
JIGNESH MEHTA
(M.No.:102749)
|
|
|
|
CHATURVEDI & SHAH LLP
|
|
DID NOT ADHERE TO PROFESSIONAL SKEPTICISM IN CONSIDERATION OF LAWS AND REGULATIONS IN AUDIT OF FINANCIAL STATEMENTS
DID NOT APPROPRIATELY IDENTIFY, CLASSIFY AND ASSESS RISK OF MATERIAL MISSTATEMENTS
DID NOT EXERCISE PROFESSIONAL SKEPTICISM AND DID NOT REPORT MATERIAL MISSTATEMENTS
DID NOT IDENTIFY DEFICIENCIES IN INTERNAL CONTROL RELATING TO APPRAISAL AND SANCTION OF LOAN
DID NOT IDENTIFY RELATED PARTY AND/OR RELATED PARTY TRANSACTIONS
DID NOT OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE REGARDING ENTITY’S ABILITY TO CONTINUE AS GOING CONCERN
DID NOT OBTAIN SUFFICIENT INFORMATION NECESSARY FOR EXPRESSION OF OPINION ON INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING (ICFR) AND ISSUED BASELESS AUDIT REPORT
DID NOT PERFORM AUDIT PROCEDURES REQUIRED FOR COMPANY’S BRANCHES
|
IMPOSED PENALTY RS.5,00,000
DEBARRED FROM BEING APPOINTED AS AUDITOR OR INTERNAL AUDITOR OR UNDERTAKING ANY AUDIT IN RESPECT OF FINANCIAL STATEMENTS OR INTERNAL AUDIT OF FUNCTIONS AND ACTIVITIES OF ANY COMPANY OR BODY CORPORATE FROM 05-01-2024 TO 04-01-2034
05-DEC-2023
|
|
| 30 |
|
|
KASHINATH CHATURVEDI
(M.No.:030932)
|
|
|
|
K.B.CHATURVEDI & ASSOCIATES
(M.No.:016107c)
|
|
ACCEPTED AUDIT ENGAGEMENT WITHOUT VALID AUTHORIZATION AND WITHOUT COMPLYING WITH ETHICAL REQUIREMENTS AND ISSUED AUDIT REPORT WITHOUT VALID APPOINTMENT AS PER THE CHARTERED ACCOUNTS ACT, 1949 IN MATTER OF DEWAN HOUSING FINANCE CORP.LTD.
AUDIT FILE DID NOT CONTAIN AGREEMENT ON TERMS OF AUDIT ENGAGEMENTS WITH MANAGEMENT OR THOSE CHARGED WITH GOVERNANCE (TCWG)
DID NOT ADHERE TO AUDIT DOCUMENTATION VIOLATING STANDARDS OF AUDITING IN MATTER OF DEWAN HOUSING FINANCE CORP.LTD.
|
IMPOSED PENALTY RS.1,00,000
DEBARRED FROM BEING APPOINTED AS AUDITOR OR INTERNAL AUDITOR OR UNDERTAKING ANY AUDIT IN RESPECT OF FINANCIAL STATEMENTS OR INTERNAL AUDIT OF FUNCTIONS AND ACTIVITIES OF ANY COMPANY OR BODY CORPORATE FROM 21-07-2024 TO 20-07-2025
21-JUN-2024
|
|
| 31 |
|
|
KRISHNA BIHARI CHATURVEDI
(M.No.:413754)
|
|
|
|
K.B.CHATURVEDI & ASSOCIATES
(M.No.:016107c)
|
|
DID NOT EXERCISE DUE DILIGENCE AND BEING GROSSLY NEGLIGENT IN CONDUCT OF PROFESSIONAL DUTIES
DID NOT OBTAIN SUFFICIENT INFORMATION NECESSARY FOR EXPRESSION OF OPINION OR ITS EXCEPTIONS SUFFICIENTLY MATERIAL TO NEGATE EXPRESSION OF OPINION
|
IMPOSED PENALTY RS.1,00,000
DEBARRED FROM BEING APPOINTED AS AUDITOR OR INTERNAL AUDITOR OR UNDERTAKING ANY AUDIT IN RESPECT OF FINANCIAL STATEMENTS OR INTERNAL AUDIT OF FUNCTIONS AND ACTIVITIES OF ANY COMPANY OR BODY CORPORATE FROM 21-07-2024 TO 20-07-2025
21-JUN-2024
|
|
| 32 |
|
|
KRISHNA KUMAR NEERAJ
(M.No.:506669)
|
|
|
|
KRISHNA NEERAJ & ASSOCIATES
(M.No.:023233N)
|
|
DID NOT ADHERE TO RESPONSIBILITIES RELATING TO AUDIT DOCUMENTATION
DID NOT EVALUATE MANAGEMENT’S ASSESSMENT OF ENTITY’S ABILITY TO CONTINUE AS GOING CONCERN
DID NOT FORM OPINION ON FINANCIAL STATEMENT WITHOUT OBTAINING SUFFICIENT APPROPRIATE AUDIT EVIDENCE
DID NOT IDENTIFY AND ASSESS RISK OF MATERIAL MISSTATEMENT DUE TO FRAUD RELATED TO REVENUE RECOGNITION
DID NOT PERFORM ROLE OF ENGAGEMENT QUALITY CONTROL REVIEW (EQCR) OBJECTIVELY
DID NOT RELATED TO NON-RECOGNITION OF LIABILITIES CLASSIFIED AS NON-PERFORMING ASSETS (NPAS) BY LENDER BANKS
DID NOT DETERMINE MATERIALITY AND PERFORMANCE MATERIALITY VIOLATING PARA 10 OF STANDARDS ON AUDITING 320
DID NOT ADHERE TO STANDARDS ON AUDITING VIOLATING SECTION 143(9) OF COMPANIES ACT, 2013
DID NOT OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE REGARDING EXISTENCE AND CONDITION OF INVENTORY
DID NOT AUDIT TRADE RECEIVABLES IN ACCORDANCE WITH REQUIREMENT OF STANDARDS ON AUDITING
DID NOT COMMUNICATE WITH THOSE CHARGED WITH GOVERNANCE (TCWG)
|
IMPOSED PENALTY RS.10,00,000
DEBARRED FROM BEING APPOINTED AS AUDITOR OR INTERNAL AUDITOR OR UNDERTAKING ANY AUDIT IN RESPECT OF FINANCIAL STATEMENTS OR INTERNAL AUDIT OF FUNCTIONS AND ACTIVITIES OF ANY COMPANY OR BODY CORPORATE FROM 26-05-2024 TO 25-05-2026
26-APR-2024
|
|
| 33 |
|
|
LAVITHA SHETTY
(M.No.:220473)
|
|
|
|
LAVITHA & ASSOCIATES
(M.No.:011882S)
|
|
DID NOT ADHERE TO PARA 2 OF STANDARDS ON AUDITING 220 AND PARA 3 OF STANDARDS ON QUALITY CONTROL WHICH STIPULATES THAT QUALITY CONTROL SYSTEMS, POLICIES AND PROCEDURES ARE RESPONSIBILITY OF THE AUDIT FIRM IN MATTER OF MYSORE AMALGAMATED COFFEE ESTATE LTD.
DID NOT EVALUATE APPROPRIATENESS OF CONTINGENT LIABILITIES AND CREATION OF CHARGES ON THE ASSETS OF MYSORE AMALGAMATED COFFEE ESTATE LTD.
DID NOT PERFORM RISK ASSESSMENT PROCEDURE AND ANALYTICAL PROCEDURE AND DID NOT EXERCISE PROFESSIONAL SKEPTICISM IN RESPECT OF INAPPROPRIATE RECOGNITION OF AS CORRESPONDING BORROWINGS WERE NOT USED FOR BUSINESS ACTIVITY OF MYSORE AMALGAMATED COFFEE ESTATE LTD.
DID NOT PERFORM RISK ASSESSMENT PROCEDURE TO IDENTIFY AND ASSESS RISK OF MATERIAL MIS-STATEMENT DUE TO FRAUD AND DID NOT EXERCISE PROFESSIONAL SKEPTICISM WHILE PERFORMING AUDIT OF RELATED PARTY BALANCES WHICH WERE FRAUDULENTLY UNDERSTATED BY ANOTHER ACCOUNTING FRAUD INVOLVING ISSUANCE OF CHEQUES SHOWING REPAYMENT OF RELATED PARTY LOANS IN F.Y.2018-19 IN MATTER OF MYSORE AMALGAMATED COFFEE ESTATE LTD.
DID NOT UNDERSTAND NATURE OF BUSINESS OF MYSORE AMALGAMATED COFFEE ESTATE LTD. IN AUDIT RELATING TO FRAUDULENT DIVERSION OF FUNDS
DID NOT REPORT MATERIAL MIS-STATEMENT IN CASH FLOW STATEMENT OF MYSORE AMALGAMATED COFFEE ESTATE LTD.
DID NOT CONSIDER MATERIAL MIS-STATEMENTS WHILE MAKING AUDIT CONCLUSIONS AND FORMING AUDIT OPINION OF MYSORE AMALGAMATED COFFEE ESTATE LTD.
|
IMPOSED PENALTY RS.5,00,000
DEBARRED FROM BEING APPOINTED AS AUDITOR OR INTERNAL AUDITOR OR UNDERTAKING ANY AUDIT IN RESPECT OF FINANCIAL STATEMENTS OR INTERNAL AUDIT OF FUNCTIONS AND ACTIVITIES OF ANY COMPANY OR BODY CORPORATE FROM 13-05-2023 TO 12-05-2028
13-APR-2023
|
|
| 34 |
|
|
LAVITHA SHETTY
(M.No.:220473)
|
|
|
|
LAVITHA & ASSOCIATES
(M.No.:011882S)
|
|
DID NOT ADHERE TO PARA 2 OF STANDARDS ON AUDITING 220 AND PARA 3 OF STANDARDS ON QUALITY CONTROL WHICH STIPULATES THAT QUALITY CONTROL SYSTEMS, POLICIES AND PROCEDURES ARE RESPONSIBILITY OF THE AUDIT FIRM IN MATTER OF MYSORE AMALGAMATED COFFEE ESTATE LTD.
DID NOT EVALUATE APPROPRIATENESS OF CONTINGENT LIABILITIES AND CREATION OF CHARGES ON THE ASSETS OF MYSORE AMALGAMATED COFFEE ESTATE LTD.
DID NOT PERFORM RISK ASSESSMENT PROCEDURE AND ANALYTICAL PROCEDURE AND DID NOT EXERCISE PROFESSIONAL SKEPTICISM IN RESPECT OF INAPPROPRIATE RECOGNITION OF AS CORRESPONDING BORROWINGS WERE NOT USED FOR BUSINESS ACTIVITY OF MYSORE AMALGAMATED COFFEE ESTATE LTD.
DID NOT UNDERSTAND NATURE OF BUSINESS OF MYSORE AMALGAMATED COFFEE ESTATE LTD. IN AUDIT RELATING TO FRAUDULENT DIVERSION OF FUNDS
DID NOT REPORT MATERIAL MIS-STATEMENT IN CASH FLOW STATEMENT OF MYSORE AMALGAMATED COFFEE ESTATE LTD.
DID NOT CONSIDER MATERIAL MIS-STATEMENTS WHILE MAKING AUDIT CONCLUSIONS AND FORMING AUDIT OPINION OF MYSORE AMALGAMATED COFFEE ESTATE LTD.
DID NOT DETECT EVERGREENING OF LOANS THROUGH STRUCTURING CIRCULAR TRANSACTIONS OF FUNDS
|
IMPOSED PENALTY RS.10,00,000
DEBARRED FROM BEING APPOINTED AS AUDITOR OR INTERNAL AUDITOR OR UNDERTAKING ANY AUDIT IN RESPECT OF FINANCIAL STATEMENTS OR INTERNAL AUDIT OF FUNCTIONS AND ACTIVITIES OF ANY COMPANY OR BODY CORPORATE FROM 25-05-2023 TO 24-05-2033
25-APR-2023
|
|
| 35 |
|
|
M.BASKARAN
(M.No.:216637)
|
|
|
|
K.VARGHESE & CO.
(M.No.:004525S)
|
|
ACCEPTED AUDIT ENGAGEMENT WITHOUT VALID AUTHORIZATION AND WITHOUT COMPLYING WITH ETHICAL REQUIREMENTS AND ISSUED AUDIT REPORT WITHOUT VALID APPOINTMENT AS PER THE CHARTERED ACCOUNTS ACT, 1949 IN MATTER OF DEWAN HOUSING FINANCE CORP.LTD.
DID NOT ADHERE TO AUDIT DOCUMENTATION VIOLATING STANDARDS OF AUDITING IN MATTER OF DEWAN HOUSING FINANCE CORP.LTD.
DID NOT ADHERE TO PROFESSIONAL SKEPTICISM AND PROFESSIONAL JUDGEMENT IN UNDERSTANDING THE OBJECTIVE AND SCOPE OF AUDIT VIOLATING OF STATUTORY AUDITOR 200 IN MATTER OF DEWAN HOUSING FINANCE CORP.LTD.
DID NOT ADHERE TO STANDARD OF ACCOUNTING FOR FORMING OPINION AND REPORTING ON FINANCIAL STATEMENTS VIOLATING STANDARDS OF AUDITING IN MATTER OF DEWAN HOUSING FINANCE CORP.LTD.
DID NOT ADHERE TO STANDARDS ON AUDITING VIOLATING CHARTERED ACCOUNTS ACT, 1949 IN MATTER OF DEWAN HOUSING FINANCE CORP.LTD.
ISSUED AUDIT REPORT WITHOUT COMPLYING WITH REQUIREMENTS OF STANDARDS OF AUDITING IN MATTER OF DEWAN HOUSING FINANCE CORP.LTD.
|
IMPOSED PENALTY RS.1,00,000
DEBARRED FROM BEING APPOINTED AS AUDITOR OR INTERNAL AUDITOR OR UNDERTAKING ANY AUDIT IN RESPECT OF FINANCIAL STATEMENTS OR INTERNAL AUDIT OF FUNCTIONS AND ACTIVITIES OF ANY COMPANY OR BODY CORPORATE FROM 13-05-2023 TO 12-05-2024
13-APR-2023
|
|
| 36 |
|
|
M.VAMAN KARNATH
(M.No.:023992)
|
|
|
|
KARNATH & KARNATH ASSOCIATES
(M.No.:001685S)
|
|
ACCEPTED AUDIT ENGAGEMENT WITHOUT VALID AUTHORIZATION AND WITHOUT COMPLYING WITH ETHICAL REQUIREMENTS AND ISSUED AUDIT REPORT WITHOUT VALID APPOINTMENT AS PER THE CHARTERED ACCOUNTS ACT, 1949 IN MATTER OF DEWAN HOUSING FINANCE CORP.LTD.
DID NOT ADHERE TO AUDIT DOCUMENTATION VIOLATING STANDARDS OF AUDITING IN MATTER OF DEWAN HOUSING FINANCE CORP.LTD.
DID NOT ADHERE TO PROFESSIONAL SKEPTICISM AND PROFESSIONAL JUDGEMENT IN UNDERSTANDING THE OBJECTIVE AND SCOPE OF AUDIT VIOLATING OF STATUTORY AUDITOR 200 IN MATTER OF DEWAN HOUSING FINANCE CORP.LTD.
DID NOT ADHERE TO STANDARD OF ACCOUNTING FOR FORMING OPINION AND REPORTING ON FINANCIAL STATEMENTS VIOLATING STANDARDS OF AUDITING IN MATTER OF DEWAN HOUSING FINANCE CORP.LTD.
DID NOT ADHERE TO STANDARDS ON AUDITING VIOLATING CHARTERED ACCOUNTS ACT, 1949 IN MATTER OF DEWAN HOUSING FINANCE CORP.LTD.
ISSUED AUDIT REPORT WITHOUT COMPLYING WITH REQUIREMENTS OF STANDARDS OF AUDITING IN MATTER OF DEWAN HOUSING FINANCE CORP.LTD.
|
IMPOSED PENALTY RS.1,00,000
DEBARRED FROM BEING APPOINTED AS AUDITOR OR INTERNAL AUDITOR OR UNDERTAKING ANY AUDIT IN RESPECT OF FINANCIAL STATEMENTS OR INTERNAL AUDIT OF FUNCTIONS AND ACTIVITIES OF ANY COMPANY OR BODY CORPORATE FROM 29-10-2023 TO 28-10-2024
29-SEP-2023
|
|
| 37 |
|
|
MADHUSUDAN U.A.
(M.No.:238953)
|
|
|
|
ASRMP & CO.
(M.No.:018350S)
|
|
DID NOT DRAW ATTENTION TO PRESENCE OF MATERIAL MISSTATEMENTS OF RS.7514.10 CRORE IN FINANCIAL STATEMENTS OF COFFEE DAY GLOBAL LTD.
DID NOT EXERCISE DUE DILIGENCE IN AUDIT OF UNUSUALLY HIGH AMOUNT OF RS.87.92 CRORE CAPITAL ADVANCE GIVEN BY COFFEE DAY GLOBAL LTD. TO DARK FOREST FURNITURE CO.PVT.LTD.
DID NOT EXERCISE PROFESSIONAL SKEPTICISM AND DID NOT OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE IN RESPECT OF LOAN RS.130.55 CRORE TO CLASSIC COFFEE CURING WORKS
DID NOT EXERCISE PROFESSIONAL SKEPTICISM WHILE PERFORMING AUDIT OF FRAUDULENT TRANSACTIONS OF RS.3,769.61 CRORE WITH MYSORE AMALGAMATED COFFEE ESTATE LTD.
DID NOT GET APPROVAL OF FINANCIAL STATEMENTS BY BOARD AND ITS SIGNING BY PERSONS AUTHORIZED BY BOARD BEFORE AUDITOR REPORT
DID NOT PERFORM RISK ASSESSMENT PROCEDURE TO IDENTIFY, ASSESS AND RESPOND TO RISK OF MATERIAL MISSTATEMENT IN FINANCIAL STATEMENTS
DID NOT PERFORM RISK ASSESSMENT PROCEDURE TO IDENTIFY, ASSESS AND RESPOND TO RISK OF MATERIAL MISSTATEMENTS IN FINANCIAL STATEMENTS DUE TO FRAUD IN RELATION TO FRAUDULENT UNDERSTATEMENT OF SUPPLIER ADVANCE TO MYSORE AMALGAMATED COFFEE ESTATE LTD. FOR RS.222.50 CRORE
DID NOT PLAN AUDIT OF FINANCIAL STATEMENTS VIOLATING STANDARDS OF AUDITING
DID NOT PERFORM APPROPRIATE AUDIT PROCEDURES TO EVALUATE AND MAINTAIN INDEPENDENCE
DID NOT REPORT LOANS OF RS.3,840.51 CRORE TO PROMOTER OWNED ENTITY VIZ MYSORE AMALGAMATED COFFEE ESTATE LTD. IN INDEPENDENT AUDITOR’S REPORT
TEMPERED AUDIT FILE WITHOUT VALID REASON AND MAKING AUDIT FILE UNRELIABLE IN THE MATTER OF COFFEE DAY GLOBAL LTD.
DID NOT COMMUNICATE DEFICIENCIES IN INTERNAL CONTROL TO THOSE CHARGED WITH GOVERNANCE (TCWG) AND MANAGEMENT VIOLATING STANDARDS OF AUDITING
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IMPOSED PENALTY RS.5,00,000
DEBARRED FROM BEING APPOINTED AS AUDITOR OR INTERNAL AUDITOR OR UNDERTAKING ANY AUDIT IN RESPECT OF FINANCIAL STATEMENTS OR INTERNAL AUDIT OF FUNCTIONS AND ACTIVITIES OF ANY COMPANY OR BODY CORPORATE FROM 13-05-2023 TO 12-05-2028
12-APR-2023
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| 38 |
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MADHUSUDAN U.A.
(M.No.:238953)
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ASRMP & CO.
(M.No.:018350S)
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DID NOT ADHERE TO RESPONSIBILITIES RELATING TO AUDIT DOCUMENTATION
DID NOT EXERCISE PROFESSIONAL JUDGEMENT AND SKEPTICISM DURING AUDIT OF TRANSACTIONS RELATING TO SALE OF FRESH AND GROUND BUSINESS INVOLVING DIVERSION OF FUNDS
DID NOT EXERCISE PROFESSIONAL SKEPTICISM AND DID NOT OBTAIN SUFFICIENT APPROPRIATE AUDIT EVIDENCE IN RESPECT OF LOAN RS.130.55 CRORE TO CLASSIC COFFEE CURING WORKS
DID NOT PERFORM RISK ASSESSMENT PROCEDURES TO IDENTIFY, ASSESS AND RESPOND TO THE RISK OF MATERIAL MISSTATEMENTS DUE TO FRAUD IN THE AUDIT OF PROVISIONS MADE FOR SUPPLIER ADVANCES, DOUBTFUL DEBTS AND DOUBTFUL ADVANCE
DID NOT REPORT FRAUDULENT DIVERSION OF FUNDS TO CENTRAL GOVERNMENT
DID NOT PERFORM APPROPRIATE AUDIT PROCEDURES TO EVALUATE AND MAINTAIN INDEPENDENCE
DID NOT DETECT EVERGREENING OF LOANS THROUGH STRUCTURED CIRCULAR TRANSACTIONS OF FUNDS
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IMPOSED PENALTY RS.5,00,000
DEBARRED FROM BEING APPOINTED AS AUDITOR OR INTERNAL AUDITOR OR UNDERTAKING ANY AUDIT IN RESPECT OF FINANCIAL STATEMENTS OR INTERNAL AUDIT OF FUNCTIONS AND ACTIVITIES OF ANY COMPANY OR BODY CORPORATE FROM 28-08-2023 TO 27-08-2028
28-JUL-2023
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| 39 |
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MANGESH VITHAL KEKRE
(M.No.:403739)
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MANGESH V.KEKRE & ASSOCIATE
(M.No.:012530C)
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ACCEPTED AUDIT ENGAGEMENT WITHOUT VALID AUTHORIZATION AND WITHOUT COMPLYING WITH ETHICAL REQUIREMENTS AND ISSUED AUDIT REPORT WITHOUT VALID APPOINTMENT AS PER THE CHARTERED ACCOUNTS ACT, 1949 IN MATTER OF DEWAN HOUSING FINANCE CORP.LTD.
DID NOT ADHERE TO AUDIT DOCUMENTATION VIOLATING STANDARDS OF AUDITING IN MATTER OF DEWAN HOUSING FINANCE CORP.LTD.
DID NOT ADHERE TO PROFESSIONAL SKEPTICISM AND PROFESSIONAL JUDGEMENT IN UNDERSTANDING THE OBJECTIVE AND SCOPE OF AUDIT VIOLATING OF STATUTORY AUDITOR 200 IN MATTER OF DEWAN HOUSING FINANCE CORP.LTD.
DID NOT ADHERE TO STANDARD OF ACCOUNTING FOR FORMING OPINION AND REPORTING ON FINANCIAL STATEMENTS VIOLATING STANDARDS OF AUDITING IN MATTER OF DEWAN HOUSING FINANCE CORP.LTD.
DID NOT ADHERE TO STANDARDS ON AUDITING VIOLATING CHARTERED ACCOUNTS ACT, 1949 IN MATTER OF DEWAN HOUSING FINANCE CORP.LTD.
ISSUED AUDIT REPORT WITHOUT COMPLYING WITH REQUIREMENTS OF STANDARDS OF AUDITING IN MATTER OF DEWAN HOUSING FINANCE CORP.LTD.
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IMPOSED PENALTY RS.1,00,000
DEBARRED FROM BEING APPOINTED AS AUDITOR OR INTERNAL AUDITOR OR UNDERTAKING ANY AUDIT IN RESPECT OF FINANCIAL STATEMENTS OR INTERNAL AUDIT OF FUNCTIONS AND ACTIVITIES OF ANY COMPANY OR BODY CORPORATE FROM 29-10-2023 TO 28-04-2023
29-SEP-2023
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| 40 |
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MANJEET KUMAR VERMA
(M.No.:075926)
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K.PANDEYA & CO.
(M.No.:000135C)
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DID NOT ADHERE TO PROCEDURES RELATING TO ACCEPTANCE OF AUDIT
DID NOT APPOINT ENGAGEMENT OF QUALITY CONTROL REVIEWER (EQCR)
DID NOT EVALUATE APPROPRIATENESS OF GOING CONCERN ASSUMPTION IN PREPARATION OF FINANCIAL STATEMENTS
DID NOT EVALUATE IMPAIRMENT OF PROPERTY, PLANT AND EQUIPMENT
DID NOT REPORT EFFECT OF INCOME TAX ORDER IN FINANCIAL STATEMENTS OF COMPANY
DID NOT REPORT NON-RECOGNITION OF INTEREST COST ON BORROWINGS CLASSIFIED AS NON PERFORMING ASSETS (NPAS)
DID NOT UNDERSTAND NATURE OF BUSINESS OF THE ENTITY BY GAINING UNDERSTANDING OF NATURE OF THE ENTITY, ITS OPERATIONS, OWNERSHIP, GOVERNANCE AND CAPITAL STRUCTURE AND APPLICABLE FINANCIAL REPORTING FRAMEWORK ETC.
DID NOT ENSURE REQUIRE AGREEMENT WITH MANAGEMENT TO UNDERTAKE AUDIT
DID NOT ASSESS RISK OF MATERIAL MISSTATEMENT IN BALANCES OF TRADE RECEIVABLES
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IMPOSED PENALTY RS.5,00,000
DEBARRED FROM BEING APPOINTED AS AUDITOR OR INTERNAL AUDITOR OR UNDERTAKING ANY AUDIT IN RESPECT OF FINANCIAL STATEMENTS OR INTERNAL AUDIT OF FUNCTIONS AND ACTIVITIES OF ANY COMPANY OR BODY CORPORATE FROM 21-09-2023 TO 20-09-2028
21-AUG-2023
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