Summary
- The National Financial Reporting Authority (NFRA) has identified significant deficiencies in the audit procedures of M/s CNK & Associates LLP during an inspection under Section 132 of the Companies Act, 2013.
- Key issues included inadequate documentation for leadership roles, independence evaluations, and serious gaps in revenue recognition and loans assessments across multiple audit engagements.
- The firm acknowledged these findings and committed to enhancing its policies, documentation, and compliance systems moving forward.
- This inspection report highlights critical areas for improvement that could reshape audit quality standards in India.
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