https://www.taxtmi.com/caselaws?id=762648 A chartered accountant was found guilty of professional misconduct for issuing branch audit reports without demonstrating that the audit work was actually performed or supervised, or that contemporaneous audit evidence and documentation supported the opinion. The authority recorded failures in audit documentation, evidence, quality control, planning, materiality, opening balances, analytical procedures, sampling, written representations and reporting, together with breach of ethical obligations. Because the branch audit formed part of statutory financial reporting and the lapses were treated as serious, the authority imposed monetary penalty and debarment under Section 132(4) of the Companies Act, 2013, taking into account proportionality, deterrence, and non-cooperation during proceedings. en-us Fri, 21 Jun 2024 00:00:00 +0530 Thu, 05 Dec 2024 08:37:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762648 A chartered accountant was found guilty of professional misconduct for issuing branch audit reports without demonstrating that the audit work was actually performed or supervised, or that contemporaneous audit evidence and documentation supported the opinion. The authority recorded failures in audit documentation, evidence, quality control, planning, materiality, opening balances, analytical procedures, sampling, written representations and reporting, together with breach of ethical obligations. Because the branch audit formed part of statutory financial reporting and the lapses were treated as serious, the authority imposed monetary penalty and debarment under Section 132(4) of the Companies Act, 2013, taking into account proportionality, deterrence, and non-cooperation during proceedings. Case-Laws Companies Law Fri, 21 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762648