IFIN: NFRA bars CA Shrenik Baid from auditing for 5 years

Source :IANS
Author :IANS
Last Updated: Wed, Jul 29th, 2020, 22:37:32hrs
IL&FS

New Delhi: National Financial Reporting Authority (NFRA) barred an auditor with Deloitte Haskins and Sells LLP, Shrenik Baid from auditing activities for five years for professional misconduct in the statutory audit of IL&FS Financial Services (IFIN) for the year 2017-18.

The authority in its order July 28 also imposed a penalty of Rs 15 lakh on Baid.

"CA Shrenik Baid is debarred for a period of five years 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," the order said.

The authority noted that "implicitly" Baid accepted all the charges levelled against him including loss of independence, failure to company with the mandatory quality standards among others.

Citing his argument that CA Udayan Sen, who has already been barred for seven years was responsible for everything, NFRA said that Baid has come up with patently lame excuses to try and transfer the blame to someone else.

Saying that the role of a partner or an auditor is to provide the leadership and direction necessary to the engagement team to achieve the necessary audit quality, the order copy said: "The charges proved have shown the colossal failure of the CA to discharge this duty."

The order comes, after the authority last week issued two orders barring former Deloitte India CEO, Udayan Sen and CA Rukshad Daruvala for seven and five years respectively, in the IFIN matter.