Question
NFRA (National Financial Reporting Authority) has the
power to debar an individual auditor or firm registered with the ICAI for up to ________, in case of professional or any other misconduct.Solution
The National Financial Reporting Authority (NFRA) is empowered to investigate cases of professional or other misconduct by members of the ICAI, including both individual Chartered Accountants and CA firms. • NFRA can impose monetary penalties: o For an individual auditor: ₹1 lakh to 5 times the audit fee. o For a firm: ₹10 lakh to 10 times the audit fee. • In addition, NFRA has the authority to debar or suspend an auditor or firm for a period ranging from 6 months to 10 years, depending on the severity of the misconduct. • Any NFRA order requires approval from the Ministry of Corporate Affairs (MCA) and further confirmation by the National Company Law Tribunal (NCLT). Appeals can be made to the NCLAT. Thus, the maximum period of debarment under NFRA’s powers is 10 years.
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