India Accounting Regulator Fines Deloitte for Zee Audit Lapses

The National Financial Reporting Authority, or NFRA, imposed a fine of 20 million rupees ($234,550) on Deloitte Haskins & Sells LLP for “major lapses” in Zee Entertainment Enterprises Ltd.’s audit in FY19 and FY20, the Indian accounting regulator said in a Dec. 23 order.

• Zee’s auditors were “grossly negligent, failed to apply professional skepticism and due diligence, did not adequately challenge the management’s assertions, and failed to evaluate reporting of suspected fraud” as required by India law: NFRA order
• NFRA imposed a penalty of 1 million rupees on accountant A.B. Jani, barring him from audits for five years ...