Auditor penalties include fines, imprisonment for intentional deception, refund of remuneration and damages liability, and joint firm liability. Contravention of audit duties under the cited provisions triggers corporate fines and officer-level imprisonment or fines; auditors who breach audit provisions face fines, and where deception is proven face imprisonment and enhanced fines. Convicted auditors must refund remuneration and pay damages for losses from misleading audit statements. If audit firm partners act fraudulently or collude in fraud, partners and the firm are jointly and severally liable, and implicated partners are punishable under the statute for severe fraud-related offences.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Auditor penalties include fines, imprisonment for intentional deception, refund of remuneration and damages liability, and joint firm liability.
Contravention of audit duties under the cited provisions triggers corporate fines and officer-level imprisonment or fines; auditors who breach audit provisions face fines, and where deception is proven face imprisonment and enhanced fines. Convicted auditors must refund remuneration and pay damages for losses from misleading audit statements. If audit firm partners act fraudulently or collude in fraud, partners and the firm are jointly and severally liable, and implicated partners are punishable under the statute for severe fraud-related offences.
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