The Reserve Bank of India said on Tuesday it has debarred chartered accountancy firm Haribhakti and Co from undertaking any audit assignments in regulated entities for a two-year period due to non-compliance of regulatory direction.
Reserve Bank of India (RBI) has barred chartered accountant firm Haribhakti & Co. LLP, from undertaking any type of audit assignments for any entities regulated by it for a period of two years with effect from April 1, 2022.
Reserve Bank 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 stated in a notification.
step has been taken “on account of the failure on the part of the audit firm to comply with a specific direction issued by the central bank with respect to its statutory audit of a Systemically Important Non-Banking Financial Company,” the RBI added.