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of <h1>Company auditor appointment and audit report breaches u/ss 139-146: fines, possible jail for wilful deceit, refunds and damages.</h1> Contravention of sections 139 to 146 attracts monetary penalties on the company and defaulting officers: the company is punishable with fine from twenty-five thousand rupees up to five lakh rupees, and each officer in default with fine from ten thousand rupees up to one lakh rupees. An auditor contravening section 139, section 144 or section 145 is punishable with fine from twenty-five thousand rupees up to five lakh rupees or four times the auditor's remuneration, whichever is less; where the contravention is knowing or wilful with intent to deceive, punishment extends to imprisonment up to one year and fine from fifty thousand rupees up to twenty-five lakh rupees or eight times remuneration, whichever is less. On conviction, the auditor must refund remuneration and pay damages for losses from incorrect or misleading audit report statements, with a notified mechanism for prompt payment; in audit-firm fraud, liability is joint and several, with non-fine criminal liability limited to culpable partners.
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