Auditor penalties linked to remuneration increase sanction flexibility while criminal liability limited to culpable partners. The amendment ties monetary penalties under section 147 to the auditor's remuneration by prescribing penalty ceilings expressed as multiples of that remuneration and modifies minimum and maximum fine thresholds; it also narrows disclosure recipients to members or creditors and confines non-fine criminal liability of an audit firm to the partner(s) who acted fraudulently or colluded in fraud.
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 linked to remuneration increase sanction flexibility while criminal liability limited to culpable partners.
The amendment ties monetary penalties under section 147 to the auditor's remuneration by prescribing penalty ceilings expressed as multiples of that remuneration and modifies minimum and maximum fine thresholds; it also narrows disclosure recipients to members or creditors and confines non-fine criminal liability of an audit firm to the partner(s) who acted fraudulently or colluded in fraud.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
