The Reserve Bank of India (RBI) on Tuesday debarred Haribhakti & Co. LLP from undertaking any type of audit assignments in any of the entities regulated by the RBI for a period of two years with effect from April 1, 2022.
The RBI has exercised the powers vested under Section 45MAA of the Reserve Bank of India Act, 1934.
"The Reserve Bank of India (RBI) in the 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," RBI said in a circular.
The RBI further said that this action has been taken on account of the failure on the part of the audit firm to comply with a specific direction issued by RBI with respect to its statutory audit of a Systemically Important Non-Banking Financial Company.
"This will not impact audit assignment/s of M/s Haribhakti & Co. LLP in RBI regulated entities for the financial year 2021-22," it said.
( With inputs from ANI )
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