NFRA Appeals to Supreme Court After Delhi HC Quashes Audit Firm Notices

The National Financial Reporting Authority (NFRA) has petitioned the Supreme Court against the Delhi High Court's ruling quashing show-cause notices to several auditing firms. The High Court had quashed the notices on technical grounds, observing that the NFRA did not have duly constituted divisions and neutrality in its processes. The NFRA monitors and enforces compliance with accounting and auditing standards. The Supreme Court has invited responses to the appeal. The Delhi High Court's judgment had nullified 11 show cause notices to various auditors and CAs. NFRA's appeal in the Supreme Court shows its intent to pursue disciplinary actions against auditors for professional misconduct.

Source: Bar and Bench