https://www.taxtmi.com/caselaws?id=309075 For a public interest entity audit, failure to comply with the applicable financial reporting framework and mandatory Standards on Auditing, while issuing an unmodified report without adequate audit evidence, was treated as professional misconduct. The financial statements showed material reporting deficiencies and the audit file did not demonstrate proper compliance with requirements on planning, risk assessment, evidence, confirmations, documentation, related parties, written representations, and communication with those charged with governance. The authority noted that later revision of the financial statements did not cure the earlier breach and that the auditor admitted the lapses. Applying proportionality, it imposed statutory sanctions in the form of a monetary penalty and one-year debarment. en-us Tue, 21 Jun 2022 00:00:00 +0530 Wed, 09 Aug 2023 21:32:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=309075 For a public interest entity audit, failure to comply with the applicable financial reporting framework and mandatory Standards on Auditing, while issuing an unmodified report without adequate audit evidence, was treated as professional misconduct. The financial statements showed material reporting deficiencies and the audit file did not demonstrate proper compliance with requirements on planning, risk assessment, evidence, confirmations, documentation, related parties, written representations, and communication with those charged with governance. The authority noted that later revision of the financial statements did not cure the earlier breach and that the auditor admitted the lapses. Applying proportionality, it imposed statutory sanctions in the form of a monetary penalty and one-year debarment. Case-Laws Companies Law Tue, 21 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=309075