https://www.taxtmi.com/caselaws?id=446803 NFRA was held to have jurisdiction to examine professional misconduct for audit work relating to a period before its commencement, as the proceeding was treated as one of forum and procedure rather than creation of a new offence. On the merits, the auditor was found to have committed professional misconduct by failing in several mandatory audit responsibilities, including branch audit oversight, assessment of consolidated financial statements, compliance issues, going concern evaluation, risk assessment, internal controls, internal financial controls, and related party verification. The audit was found to lack sufficient evidence, documentation, professional skepticism, and reasonable assurance, leading to penalty and debarment. en-us Tue, 05 Dec 2023 00:00:00 +0530 Mon, 11 Dec 2023 20:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446803 NFRA was held to have jurisdiction to examine professional misconduct for audit work relating to a period before its commencement, as the proceeding was treated as one of forum and procedure rather than creation of a new offence. On the merits, the auditor was found to have committed professional misconduct by failing in several mandatory audit responsibilities, including branch audit oversight, assessment of consolidated financial statements, compliance issues, going concern evaluation, risk assessment, internal controls, internal financial controls, and related party verification. The audit was found to lack sufficient evidence, documentation, professional skepticism, and reasonable assurance, leading to penalty and debarment. Case-Laws Companies Law Tue, 05 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446803