In four separate orders, NFRA levied a fine of Rs 1 lakh each on auditors Mathew Samuel, Sam Varghese, Harish Kumar T K, and M Baskaran. The auditors are partners of audit firm K Varghese & Co.
The Financial Reporting Council (FRC) has outlined its plans to deliver greater choice in the audit market, improve audit quality and, crucially, establish a framework to hand over powers to the new audit regulator.