https://www.taxtmi.com/caselaws?id=443201 Auditors of a listed public-interest entity must continue to recognise borrowing costs until the liability is discharged, cancelled or expires, and must report material misstatements or disclose tax provisions or contingent liabilities where supported by audit evidence. Persistent losses, negative working capital, indebtedness and debt-service defaults require documented going-concern and asset-impairment assessments; an emphasis of matter cannot replace substantive audit work. Heightened risk assessment, reliable evidence on receivables, engagement quality review, and complete planning documentation are required. NFRA treated failures in these areas, including inadequate quality control, as professional misconduct, resulting in penalties and debarment of the audit firm and 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 Auditors of a listed public-interest entity must continue to recognise borrowing costs until the liability is discharged, cancelled or expires, and must report material misstatements or disclose tax provisions or contingent liabilities where supported by audit evidence. Persistent losses, negative working capital, indebtedness and debt-service defaults require documented going-concern and asset-impairment assessments; an emphasis of matter cannot replace substantive audit work. Heightened risk assessment, reliable evidence on receivables, engagement quality review, and complete planning documentation are required. NFRA treated failures in these areas, including inadequate quality control, as professional misconduct, resulting in penalties and debarment of the audit firm and engagement partner. Case-Laws Companies Law Mon, 21 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=443201