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The National Financial Reporting Authority (NFRA) has penalised and imposed a three-year ban on a chartered accountant for lapses in the audit of the financials of guar gum powder maker Vikas WSP Ltd during FY 2019-20. In August 2021, NFRA had received an information from markets regulator Sebi regarding Vikas WSP Ltd (VWL) wherein it was mentioned that the company did not recognise the interest expense on its borrowings from banks for FY 2019-20, resulting in overstatement of profits.
In a 15-page order dated September 12, NFRA has slapped a fine of Rs 3 lakh on Som Prakash Aggarwal and also imposed the three-year ban on him. He has been debarred from “being appointed as an auditor or internal auditor or undertaking any audit in respect of financial statements or internal audit of the functions and activities of any company or body corporate”.
According to NFRA, Aggarwal has a poor understanding of standards on auditing and Ind AS. The regulator has also advised him to undertake training on standards on auditing and Ind ASs, and submit the proof of completion of the training within 180 days from the date of this order.
The directives will be effective after 30 days from the date of issue of the order. Prakash Aggarwal & Co was the statutory auditor and Som Prakash Aggarwal was the engagement partner for the company’s statutory audit for FY 2019-20.
It was alleged that the individual failed to report lapses in accounting of interest costs pertaining to borrowings classified as Non-Performing Assets (NPAs). Besides, there were also lapses in conduct of the audit.
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