https://www.taxtmi.com/caselaws?id=441083 The court found the Engagement Partner grossly negligent in multiple aspects of the audit, including failing to obtain audit evidence on inventory, identify related parties, obtain external confirmations, plan the audit, communicate with governance, report non-compliance, determine materiality, document sampling methodology, and appoint an Engagement Quality Control Reviewer. As a result, the National Financial Reporting Authority imposed a monetary penalty of Rs. Two Lakhs on the CA and debarred them for two years from certain auditing roles. en-us Fri, 28 Apr 2023 00:00:00 +0530 Tue, 01 Aug 2023 11:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441083 The court found the Engagement Partner grossly negligent in multiple aspects of the audit, including failing to obtain audit evidence on inventory, identify related parties, obtain external confirmations, plan the audit, communicate with governance, report non-compliance, determine materiality, document sampling methodology, and appoint an Engagement Quality Control Reviewer. As a result, the National Financial Reporting Authority imposed a monetary penalty of Rs. Two Lakhs on the CA and debarred them for two years from certain auditing roles. Case-Laws Companies Law Fri, 28 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441083