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CA Auditya Audi

Stealth • 2d

NFRA Findings on CA firm - inadequate control over *audit documentation 1. NFRA revealed that MSKA's system for maintaining Audit Work Papers had serious flaws, including allowing modifications to finalized documents without proper sign-offs. Also, the firm was found to have signed off blank work papers, raising doubts about the reliability of the audit evidence. 2. NFRA report highlighted several instances where NAS{Non-Audit Fees} fees exceeded audit fees, raising a potential self-interest threat & created self-review threats by involving services related to the *preparation of FS audited by MSKA. 3. It also has deficiencies in the testing of ICFR, in revenue recognition i.e., not testing key IT controls & missing essential test areas related to customer creation & invoicing. 4. On impairment of non-financial assets, NFRA found that the firm failed testing raising doubts about the adequacy of the audits. Also, in 2 selected co's the impairment showed significant deficiencies.

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