https://www.taxtmi.com/caselaws?id=441282 A branch auditor was required to verify that the appointment complied with Section 139 of the Companies Act, 2013 before accepting the engagement, and acceptance on the basis of an invalid appointment showed lack of due diligence, professional skepticism, and ethical compliance. The audit file was also found deficient for want of proper engagement terms, planning, risk assessment, materiality determination, sufficient audit evidence, and contemporaneous documentation, and later additions did not cure the defects. These failures were held to amount to professional misconduct under the Chartered Accountants Act, 1949, including gross negligence and failure to obtain sufficient information for an opinion, resulting in monetary penalty and temporary debarment. en-us Thu, 13 Apr 2023 00:00:00 +0530 Sat, 05 Aug 2023 08:02:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441282 A branch auditor was required to verify that the appointment complied with Section 139 of the Companies Act, 2013 before accepting the engagement, and acceptance on the basis of an invalid appointment showed lack of due diligence, professional skepticism, and ethical compliance. The audit file was also found deficient for want of proper engagement terms, planning, risk assessment, materiality determination, sufficient audit evidence, and contemporaneous documentation, and later additions did not cure the defects. These failures were held to amount to professional misconduct under the Chartered Accountants Act, 1949, including gross negligence and failure to obtain sufficient information for an opinion, resulting in monetary penalty and temporary debarment. Case-Laws Companies Law Thu, 13 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441282