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April 14, 2023

ASRMP, 3 CAs are prohibited from accepting work, per CCD audit

ASRMP, 3 CAs are prohibited from accepting work, per CCD audit

In connection with the audit of Cafe Coffee Day (CCD), the National Financial Reporting Authority (NFRA) has prohibited the audit company ASRMP and Co. from working for two years and three chartered accountants (CAs) from practising for five years.

In a different instance, it fined and disqualified CA Anyta Tamton from K Varghese & Co., which audited several of the DHFL branches, for a year since the appointment was invalid and there was a violation of the rules.

The regulator for auditors and businesses hired by major and listed corporations, NFRA, conducted an investigation into the CCD case and determined that ASRMP and Co and chartered accountants A S Sundresha, Madhusudan U A, and Pranav G Ambekar, who carried out the engagement audit, were guilty of professional misconduct. A Rs 1 crore fine has been levied against the company. The three partners (CAs) in the company could be fined between Rs 5 and Rs 10 lakh.

An decision published on Thursday stated that “NFRA’s investigations, among other things, revealed that the auditors for Coffee Day Global for FY19 failed to meet the relevant requirements of the Standards on Auditing (SA) and provisions of the Companies Act, 2013, and also demonstrated a serious lack of competence.”

The auditors are also accused of failing to consider a possible conflict of interest.

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