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RBI bans Haribhakti & Co from undertaking audit assignments for two years – Economic Times

The 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.

“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,” RBI said without naming the NBFC.

The ban is the first since the RBI put in place a framework to take action against erring auditors for lapses during audits in 2018.

The RBI action will not impact audit assignments of Haribhakti & Co in RBI regulated entities for the financial year 2021-22.