https://www.taxtmi.com/acts?id=15582 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. en-us Wed, 21 Dec 2011 14:45:34 +0530 Wed, 21 Dec 2011 14:45:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=15582 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. Act-Rules Bills Wed, 21 Dec 2011 14:45:34 +0530 https://www.taxtmi.com/acts?id=15582