https://www.taxtmi.com/caselaws?id=440616 Independence, audit documentation, professional skepticism and related auditing standards were breached where audit and non-audit relationships created unresolved independence threats, the audit file was altered after requisition, and key work-paper responsibilities were not properly recorded. The auditors also failed to detect and report material misstatements, related party irregularities, fraudulent diversion indicators, evergreening of loans and deficiencies in internal financial controls, despite significant advances and promoter-linked transactions. These breaches were held to constitute professional misconduct, including gross negligence and failure to report departures from accepted audit procedures, warranting monetary penalty and debarment. en-us Wed, 12 Apr 2023 00:00:00 +0530 Fri, 21 Jul 2023 18:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440616 Independence, audit documentation, professional skepticism and related auditing standards were breached where audit and non-audit relationships created unresolved independence threats, the audit file was altered after requisition, and key work-paper responsibilities were not properly recorded. The auditors also failed to detect and report material misstatements, related party irregularities, fraudulent diversion indicators, evergreening of loans and deficiencies in internal financial controls, despite significant advances and promoter-linked transactions. These breaches were held to constitute professional misconduct, including gross negligence and failure to report departures from accepted audit procedures, warranting monetary penalty and debarment. Case-Laws Companies Law Wed, 12 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440616