Register Price / Packages DEMO Option My Bookmarks Daily Newsletters Feedback/ Suggestions
Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


Case Laws Acts Notifications Circulars Classification Forms Manuals Articles News D. Forum Highlights Notes
TMI - e-Newsletter     TaxTMI    Money Laundering - The petitioner sought exemption...     TaxTMI    Rectification of mistake u/s 254 - Deduction u/s...     TaxTMI    Refund with interest - statutory period of 60 days...     TaxTMI    Levy of penalty - Compliance with the E-Way bill as...     TaxTMI    Illegal arrest or not - detention for more than 24...     TaxTMI    Validity of assessment order - The court noted that...     TaxTMI    Levy of GST - Place of supply - Tax imposed on...     TaxTMI    Validity of reduction of fine and penalty -...     TaxTMI    Addition u/s 68 - burden of proof - share...     TaxTMI    LTCG - exemption claimed u/s 54F - fractional...     TaxTMI    Validity of assessment order - Best judgment...     TaxTMI    Nature of land sold - agricultural land - distance...     TaxTMI    The Allahabad High Court addressed the denial of a...     TaxTMI    Service of SCN - plea of not having accessed the...     TaxTMI    Condonation of delay in filing an appeal before the...     TaxTMI    Latest Case-Laws     TaxTMI    Latest Notifications + Circulars     TaxTMI    GST Council Decisions     TaxTMI       Right Stop
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Companies Law - Highlights / Catch Notes

Home Highlights May 2024 Year 2024 This

Professional Misconduct by CA - Liability of the Engagement ...

Companies Law

May 3, 2024

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 of liabilities classified as NPAs, which led to an understatement of liabilities and losses. This was a serious lapse as it misrepresented the financial position of the company. The auditors failed to perform adequate tests and provide sufficient evidence regarding their evaluation of the company's ability to continue as a going concern despite several negative financial indicators. - Based on the findings, the NFRA imposed substantial penalties on the audit firm and the individual auditor involved. - The individual auditor was also barred from auditing financial statements or conducting internal audits for any company for two years.

View Source

 

← Previous Next →

 

You may also like:

  1. 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,...

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

  3. 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...

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

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

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

  7. Professional mis-conduct by CA - The NFRA held the individual guilty of professional misconduct under relevant sections of the Companies Act and imposed penalties. The...

  8. 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...

  9. 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...

  10. Fee payable to CA Firms, for Special Audits directed u/s 142(2A) - CA Firm registered as MSME - Recovery of fees due from the Income Tax Department invoking the...

  11. Demand in respect of firm raised in the name of Partner - In the light of the legal nature of a partnership firm, a demand raised on the managing partner can never be...

  12. Vicarious liability of partner of the firm - separate identity of partnership firm - merely the petitioner running a firm, but it is not a legal entity and it cannot be...

  13. Professional Misconduct - Failure to report non-consolidation of subsidiary - Failure to prepare audit documentation - Failure to report issues related to disclosure of...

  14. Short paid duty by firm - liability of the partners to make good such shot paid duty - joint and several liability - two / three partnership firms with common partners...

  15. Professional Misconduct - The reports issued in form 10 DA u/s 80 JJAA of Income Tax Act by the Chartered Accountant - failure to obtain sufficient appropriate evidence...

 

Quick Updates:Latest Updates

What's New:
    Latest Case Laws
What's New:
    Latest Notifications
What's New:
    Latest Circulars
F: notice u/s 73 converted to 74
F: Partner Remuneration
H: Jurisdiction - power of Joint Commissioner (Investigation) Enforcement...
H: Valuation of export goods - Iron Ore Fines - transaction value - FOB p...
H: Foreign Tax Credit (FTC) u/s 90 r.w. Article 25 India US Treaty (DTAA)...
H: Levy of GST on Extra Neutral Alcohol (ENA) supplied by the petitioner ...
H: Liability to pay Service Tax when the main contractor has already paid...
H: Implementation of the Resolution Plan and change in management and con...
N: Rate of exchange of one unit of foreign currency equivalent to Indian ...
H: Addition u/s 50C r.w.s. 56(2)(vii) (b) - the buyer of the property - T...
H: Cancellation of warehouse licenses - Penalty u/s 117 - The Tribunal fo...
N: Seeks to impose Anti-dumping duty on import of Pentaerythritol from Ch...
H: Freezing the Demat Accounts of the petitioners - The Calcutta High Cou...
H: Assessment against non existent company - name of company struck off b...
H: Computation of capital Gain - Disallowance being expenses towards the ...
H: CENVAT Credit - exempt service or not - amount of interest received by...
H: Levy of safeguard duty - Determination of effective date and time of i...
H: Dishonour of Cheque - vicarious liability - Whether service of notice ...
H: Defreezing of bank accounts - Implication of Non-Reporting of Seizure ...
A: ITC is not available for the construction of the immovable property fo...
A: CORE BANKING SYSTEM
A: Liability to pay GST under RCM goes beyond taxable territory
F: composition dealer - DRC - 01
N: Seeks to amend No. 18/2022-Central Excise, dated the 19th July, 2022 t...
N: Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold ...
A: Deciphering GST Notification: Tax Implications of Corporate Guarantees
A: Tax leviable at 12 percent on Mango Pulp from the beginning of GST
A: ONUS IS ON THE PART OF SERVICE PROVIDER TO PROVE THAT THE SERVICES ARE...
A: GSTR 2A and GSTR 3B during 2018-19
A: Delhi Court rules against ITC denial to NBFCs’ recovery agents.