https://www.taxtmi.com/caselaws?id=762588 A disclaimer of opinion did not relieve the auditor of duties of professional skepticism, fraud reporting, adequate audit evidence, proper documentation, or compliance reporting. NFRA found gross negligence in failing to act on fraud indicators such as rising expected credit loss provisions, defaulted borrowings, fresh credit sales to defaulters, and insolvency proceedings, and held that the audit file lacked adequate fraud-focused examination. It also found insufficient appropriate audit evidence on non-current investments, deficient impairment assessment, missing and incomplete audit documentation, and inadequate reporting of property, plant and equipment restrictions and the basis for the internal financial controls disclaimer. Professional misconduct was found proved and a monetary penalty was imposed. en-us Mon, 21 Oct 2024 00:00:00 +0530 Tue, 03 Dec 2024 12:38:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762588 A disclaimer of opinion did not relieve the auditor of duties of professional skepticism, fraud reporting, adequate audit evidence, proper documentation, or compliance reporting. NFRA found gross negligence in failing to act on fraud indicators such as rising expected credit loss provisions, defaulted borrowings, fresh credit sales to defaulters, and insolvency proceedings, and held that the audit file lacked adequate fraud-focused examination. It also found insufficient appropriate audit evidence on non-current investments, deficient impairment assessment, missing and incomplete audit documentation, and inadequate reporting of property, plant and equipment restrictions and the basis for the internal financial controls disclaimer. Professional misconduct was found proved and a monetary penalty was imposed. Case-Laws Companies Law Mon, 21 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762588