https://www.taxtmi.com/caselaws?id=443201 An auditor of a listed public-interest entity must obtain sufficient appropriate audit evidence, exercise professional skepticism, document the basis of opinion, and report material misstatements and disclosure failures. The article states that the auditors failed to report non-recognition of interest cost on NPAs, inadequate disclosure of income-tax exposure, and deficiencies in going concern and impairment assessment. It further says the audit file did not support proper risk assessment for trade receivables, engagement quality review, planning, or documentation. These cumulative lapses were treated as professional misconduct under the NFRA disciplinary framework, resulting in penalties and debarment of the audit firm and the engagement partner. en-us Mon, 21 Aug 2023 00:00:00 +0530 Mon, 18 Sep 2023 15:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=443201 An auditor of a listed public-interest entity must obtain sufficient appropriate audit evidence, exercise professional skepticism, document the basis of opinion, and report material misstatements and disclosure failures. The article states that the auditors failed to report non-recognition of interest cost on NPAs, inadequate disclosure of income-tax exposure, and deficiencies in going concern and impairment assessment. It further says the audit file did not support proper risk assessment for trade receivables, engagement quality review, planning, or documentation. These cumulative lapses were treated as professional misconduct under the NFRA disciplinary framework, resulting in penalties and debarment of the audit firm and the engagement partner. Case-Laws Companies Law Mon, 21 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=443201