NFRA slaps fine on 2 auditors

New Delhi: National Financial Reporting Authority (NFRA) has slapped penalties totalling Rs2.5 crore on two auditors for professional misconduct and auditing lapses in the Reliance Commercial Finance case for 2018-19 financial year.

The audit regulator imposed a fine of Rs2 crore on Shridhar & Associates and Rs50 lakh on Ajay Vastani. In addition, the regulator also barred Vastani for 5 years from undertaking any audit in respect of financial statements or internal audit of the functions and activities of any company or body corporate. The order came after the corporate affairs ministry informed NFRA that Price Waterhouse & Co Chartered Accountants LLP (PW) had filed a report to the ministry under the Companies Act, 2013.