Professional misconduct - Auditor's conflict of interest with ...

Case Laws Companies Law

December 30, 2023

Professional misconduct - Auditor's conflict of interest with the auditee company - In this case the audit done by the EP related to SKNL which was a large public listed company and involved interest of large number of shareholders and other stake holders such as banks, creditors etc. It is critical that the auditor and the EP performed their job with due diligence to give assurance to the investors and stakeholders on true and fairness of the financial statements and thereby protect public interest. Any default on this account impacts and jeopardizes the larger public interest which needs to be considered while determining the quantum of punishment. - NFRA

View Source

← Previous Next →

Professional misconduct - Auditor's conflict of interest with ...

Case Laws Companies Law

December 30, 2023

You may also like:

Alleged professional misconduct by auditors involving diversion of funds, understatement of diverted funds, evergreening of loans through fund circulation, fraudulent...

Professional Misconduct by CA - Liability of the Engagement Partner (EP) with Audit Firm - The NFRA found that the auditors did not adequately report the non-recognition...

Professional misconduct by CA - Liability of the Engagement partner with audit firm - Acceptance of the Audit Engagement - The NFRA concluded that the audit firm and the...

Professional misconduct - default of audit party - Chartered Accountants - The obligation of the auditor concerning transactions which are merely book entries was...

Professional misconduct - Debarment from being appointed as an auditor or internal auditor or from undertaking any audit - levy of penalty - The court observed that the...

Professional misconduct by CA - The NFRA concluded that the actions of the firm and the engagement partner constituted professional misconduct. They failed to cooperate...

Professional Misconduct by CA - Liability of the Engagement Partner (EP) with Audit Firm - The NFRA refuted the firm’s claims that only the EP was accountable,...

Professional Misconduct by CA - The NFRA found that the auditors neglected their duty to perform an independent and thorough audit. They overlooked critical signals of...

Professional Misconduct - Acceptance of audit engagement disregarding Independence requirements - Tampering of Audit File and related lapses-SA 230, Audit Documentation...

Professional Misconduct - Chartered Accountant (CA) - Lapses in evaluation of writing-back of liabilities - Failure in evaluation and attendance at physical verification...

Professional Misconduct - Chartered Accountant (CA) - Significant failures to adhere to Standards on Auditing (SAs), gross negligence, and lack of professional...

Powers and duties of auditors and auditing standards - auditors shall have access to accounts and records associate companies along with subsidiary companies - Section...

This document discusses the responsibilities and obligations of auditors, particularly principal auditors, in conducting audits of group financial statements under the...

CA - Professional misconduct - respondent, while holding position of auditor of a company, agreed to act as an arbitrator/mediator in transaction of shares - respondent...

Liability to pay the audit fee of the auditors on the Company - auditors were appointed by the Tribunal - the Respondent company is liable to pay the audit fee of the...

Quick Updates: