https://www.taxtmi.com/caselaws?id=441151 An engagement quality control reviewer in a listed-company statutory audit was assessed against section 132(4) of the Companies Act, 2013, the NFRA Rules, 2018, section 22 of the Chartered Accountants Act, 1949, the Second Schedule, and SQC 1 with Standards on Auditing 220, 230 and 320. The analysis found that the reviewer lacked the required experience for a listed-entity engagement, did not conduct an objective review of significant judgments, relied mainly on checklist-based review, and maintained inadequate documentation. It also found deficiencies in timing and review of going concern, deferred tax assets, independence and audit planning, resulting in proved professional misconduct under clauses 7, 8 and 9 of Part I of the Second Schedule and a monetary penalty. en-us Tue, 01 Aug 2023 00:00:00 +0530 Wed, 02 Aug 2023 16:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441151 An engagement quality control reviewer in a listed-company statutory audit was assessed against section 132(4) of the Companies Act, 2013, the NFRA Rules, 2018, section 22 of the Chartered Accountants Act, 1949, the Second Schedule, and SQC 1 with Standards on Auditing 220, 230 and 320. The analysis found that the reviewer lacked the required experience for a listed-entity engagement, did not conduct an objective review of significant judgments, relied mainly on checklist-based review, and maintained inadequate documentation. It also found deficiencies in timing and review of going concern, deferred tax assets, independence and audit planning, resulting in proved professional misconduct under clauses 7, 8 and 9 of Part I of the Second Schedule and a monetary penalty. Case-Laws Companies Law Tue, 01 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441151