https://www.taxtmi.com/caselaws?id=441379 A branch auditor must be validly appointed under the Companies Act and cannot rely on internal forms or communications to bypass the statutory appointment process; failure to verify compliance before accepting the engagement was treated as lack of due diligence. The branch audit was also found non-compliant with the Standards on Auditing because the file lacked a proper engagement letter, contemporaneous documentation, planning, risk assessment, materiality, sufficient appropriate evidence and compliant sampling. These combined lapses were held to constitute gross negligence and professional misconduct under the Chartered Accountants Act, warranting monetary penalty and one-year debarment. en-us Wed, 12 Apr 2023 00:00:00 +0530 Sat, 05 Aug 2023 13:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441379 A branch auditor must be validly appointed under the Companies Act and cannot rely on internal forms or communications to bypass the statutory appointment process; failure to verify compliance before accepting the engagement was treated as lack of due diligence. The branch audit was also found non-compliant with the Standards on Auditing because the file lacked a proper engagement letter, contemporaneous documentation, planning, risk assessment, materiality, sufficient appropriate evidence and compliant sampling. These combined lapses were held to constitute gross negligence and professional misconduct under the Chartered Accountants Act, warranting monetary penalty and one-year debarment. Case-Laws Companies Law Wed, 12 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441379