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 ... Summary
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.
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