https://www.taxtmi.com/caselaws?id=441083 Material deficiencies in the audit evidence, planning and documentation proved multiple breaches of core auditing standards. The engagement partner failed to obtain sufficient appropriate evidence on inventory, related party identification, and external confirmations for receivables and payables, and also failed to document an audit plan, determine materiality and performance materiality, communicate properly with those charged with governance, record non-compliance, document sampling methodology, or secure an engagement quality control review. These lapses were held to amount to gross negligence and lack of due diligence, satisfying the test for professional misconduct. Monetary penalty and two-year debarment from audit-related appointments were imposed. 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 Material deficiencies in the audit evidence, planning and documentation proved multiple breaches of core auditing standards. The engagement partner failed to obtain sufficient appropriate evidence on inventory, related party identification, and external confirmations for receivables and payables, and also failed to document an audit plan, determine materiality and performance materiality, communicate properly with those charged with governance, record non-compliance, document sampling methodology, or secure an engagement quality control review. These lapses were held to amount to gross negligence and lack of due diligence, satisfying the test for professional misconduct. Monetary penalty and two-year debarment from audit-related appointments were imposed. Case-Laws Companies Law Fri, 28 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441083