RBI bans audit firm Haribhakti & Co for two years


PTI, Oct 12, 2021, 1:17 PM IST

Mumbai: The Reserve Bank of India on Tuesday banned chartered accountant firm Haribhakti & Co LLP from undertaking any type of audit assignments for regulated entities for a period of two years starting April 1, 2022.

The banking sector regulator has taken this action against the firm for failure to comply with a specific direction issued by the RBI with respect to its statutory audit of a Systemically Important Non-Banking Financial Company (NBFC), the central bank said in a statement.

This is the first time that the RBI has taken such action against an auditor of any systemically important NBFC.

“The Reserve Bank of India (RBI) in exercise of the powers vested under section 45MAA of the Reserve Bank of India Act, 1934, has, by an order dated September 23, 2021, debarred M/s Haribhakti & Co LLP, Chartered Accountants (ICAI Firm Registration No 103523W / W100048), 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,” it said.

The first debarment was done under this provision of the RBI Act.

This will not impact audit assignments of Haribhakti & Co LLP in RBI regulated entities for the financial year 2021-22, it added.

In 2019, the RBI had imposed a one-year ban on SR Batliboi & Co, an affiliate of global auditing firm EY, after it found several lapses in the audit report of a bank.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Woman dies after being hit by luxury car driven by ‘drunk’ youth in Karnataka

MLA Bharat Shetty condemns attack on Edneer Math Swamiji’s vehicle in Kerala

‘Idiot’: Former Canadian Sikh minister slams Justin Trudeau over Khalistan issue

Salman Khan gets another threat, asked to cough up Rs 5 cr

Canadian cop suspended for attending pro-Khalistan protest outside Hindu temple

Rahul Gandhi to attend caste census meeting in Hyderabad today

Udupi: Gas cylinder explosion during party causes extensive damage in apartment

Related Articles More

Markets fall in early trade amid unabated foreign fund outflows

New software for fast-tracking project approvals: Karnataka Minister Patil

In-flight passengers can access WiFi services only when allowed, say new rules

SEBI mulls separation of non-regulated activities; ‘cross-default’ definition for debenture trustees

Sensex plunges 942 points to settle at nearly 3-month low; RIL, HDFC Bank biggest drag

MUST WATCH

Gho Pooja in Deepavali Festival

Melukote Deepavali

Ganapathi Co-operative Society Ltd

Udayavani Chinnara Banna 2024

Annapoorna Aahar | Food Places In Mysore


Latest Additions

Woman dies after being hit by luxury car driven by ‘drunk’ youth in Karnataka

Mangaluru: Coastal K’taka professionals shine globally, says MResult CEO Chandrashekhar Naik

MLA Bharat Shetty condemns attack on Edneer Math Swamiji’s vehicle in Kerala

‘Idiot’: Former Canadian Sikh minister slams Justin Trudeau over Khalistan issue

Markets fall in early trade amid unabated foreign fund outflows

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.