RBI bars Haribhakti & Co. LLP from undertaking audits in regulated entities

The Reserve Bank of India (RBI) on October 12 barred chartered accounting firm Haribhakti & Co from undertaking any type of audit assignments in any of the entities regulated by RBI for a period of two years with effect from April 1, 2022.

"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," the RBI said in a release.

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, the RBI said.

Although the RBI press release didn't name the NBFC, it is learned that the company in question is Srei Infrastructure Finance Ltd . Haribhakti & Co is the auditor of SIFL.