https://www.taxtmi.com/caselaws?id=440972 Auditors and the audit firm were found guilty of professional misconduct for serious failures in the audit of financial statements and internal controls. The Order identified material lapses in related party disclosures, credit risk reporting, impairment testing, subsidiary non-consolidation, inventory verification, revenue recognition, analytical procedures, fraud assessment, governance communications, and audit documentation. It held that the auditors did not obtain sufficient appropriate audit evidence, lacked professional skepticism and due diligence, and issued opinions without a defensible audit basis. The firm was also found deficient in quality control and supervision. Monetary penalties were imposed on both, and the engagement partner was debarred from audit-related appointments for five years. en-us Wed, 28 Jun 2023 00:00:00 +0530 Sun, 30 Jul 2023 18:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440972 Auditors and the audit firm were found guilty of professional misconduct for serious failures in the audit of financial statements and internal controls. The Order identified material lapses in related party disclosures, credit risk reporting, impairment testing, subsidiary non-consolidation, inventory verification, revenue recognition, analytical procedures, fraud assessment, governance communications, and audit documentation. It held that the auditors did not obtain sufficient appropriate audit evidence, lacked professional skepticism and due diligence, and issued opinions without a defensible audit basis. The firm was also found deficient in quality control and supervision. Monetary penalties were imposed on both, and the engagement partner was debarred from audit-related appointments for five years. Case-Laws Companies Law Wed, 28 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440972