RBI debars Haribhakti & Co. LLP, CA Firm for undertaking NBFC audit for 2 years

RBI debars Haribhakti & Co. LLP, Chartered Accountants from NBFC audit for 2 years from 01.04.2022

The Reserve Bank of India (RBI) has debarred M/s Haribhakti & Co. LLP, Chartered Accountants from undertaking any type of audit assignment/s in any of the entities regulated by RBI for a period of two years with effect from April 1, 2022.

The action has been taken in exercise of the powers vested under section 45MAA of the Reserve Bank of India Act, 1934 against Statutory Auditors of NBFC 

As per RBI Press Release, the ban has been imposed  on account of the failure on the part of the audit firm to comply with a specific direction issued by RBI with respect to its statutory audit of a Systemically Important Non-Banking Financial Company.

However it has been clarified that the ban will not impact audit assignment/s of M/s Haribhakti & Co. LLP in RBI regulated entities for the financial year 2021-22

Read RBI Press Release Click Here >>

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