The Reserve Bank of India (RBI) 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. 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.
2. This will not impact audit assignment/s of M/s Haribhakti & Co. LLP in RBI regulated entities for the financial year 2021-22.
This is the first case of debarment of a CA firm under Section 45MAA of the Reserve Bank of India Act, 1934, dealing with the central bank’s powers to take action against auditors.
“This action has been taken on account of the failure 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,” the RBI said in a statement
Thus, after the above debarment by RBI, the Firm cannot undertake any type of Audit assignments i.e. statutory audit, concurrent audit of Banks, NBFC etc which are regulated by RBI.
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