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Honrable Supreme Court of India has permitted the NFRA to continue regulatory and disciplinary proceedings against chartered accountants, even in cases where an AQRR was not prepared.
This decision came in response to a petition by the NFRA against Snehal N. Muzoomdar & Anr, where the core issue was the scope of NFRA’s powers to initiate and sustain disciplinary actions against auditors.
NFRA can continue investigations but cannot pass final orders until further instructions. This interim step maintains the regulatory oversight, while ensuring fairness until the Supreme Court’s final verdict.
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