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⚠️ NFRA Debars 85 Chartered Accountants Till 2025 Over Audit Lapses! 🧾

📢 Major shakeup in the world of auditing!
The National Financial Reporting Authority (NFRA) has taken strict action by debarring 85 Chartered Accountants until 2025 due to multiple audit lapses. This move reinforces NFRA’s commitment to transparent and ethical financial reporting. ⚖️🔍

📌 What Went Wrong?

🧩 According to an analysis by ICAI’s Western India Regional Council, here are some serious violations noted by NFRA:

🚫 Wrong Auditor Appointments – Ignoring SA 210 rules
📝 Missing or Tampered Documentation – Breach of SA 230
💸 Failure to Detect Fraud – Over ₹3,769 crore undetected! SA 240 ignored
🧠 Lack of Professional Skepticism – Inflated revenue & fake entries unchecked

🏢 Companies like Dewan Housing Finance Ltd. and Coffee Day Global Ltd. were part of these high-profile lapses! 😮‍💨

🔍 What This Means for the CA Community

This move is a wake-up call 🛎️ for all auditors and CA firms to:

✅ Follow auditing standards (SAs) strictly
✅ Maintain honest and clear documentation
✅ Apply critical thinking and ethical independence
✅ Keep audits clean, transparent, and accountable 📊