https://www.taxtmi.com/caselaws?id=763956 NFRA held that it could proceed against auditors for alleged misconduct relating to an audit period before its constitution, because the misconduct was already prohibited under the governing disciplinary law and the forum merely changed. It also found that the auditors failed to exercise due diligence and professional skepticism, did not obtain sufficient appropriate audit evidence, inadequately assessed valuation reports and expert competence, and failed to test recoverability, existence, and bank evidence for material balances. The engagement partner's supervision and the engagement quality control review were also found deficient. These breaches of the Standards on Auditing and the disciplinary framework resulted in findings of professional misconduct, with penalty and debarment imposed. en-us Mon, 23 Dec 2024 00:00:00 +0530 Wed, 01 Jan 2025 08:33:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763956 NFRA held that it could proceed against auditors for alleged misconduct relating to an audit period before its constitution, because the misconduct was already prohibited under the governing disciplinary law and the forum merely changed. It also found that the auditors failed to exercise due diligence and professional skepticism, did not obtain sufficient appropriate audit evidence, inadequately assessed valuation reports and expert competence, and failed to test recoverability, existence, and bank evidence for material balances. The engagement partner's supervision and the engagement quality control review were also found deficient. These breaches of the Standards on Auditing and the disciplinary framework resulted in findings of professional misconduct, with penalty and debarment imposed. Case-Laws Companies Law Mon, 23 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763956