Dear Friends,
Plz help me on this...
If a CA is suspended by ICAI under professional misconduct for a tenure of 3yrs w.e.f 2011 and during that period he signs the Balance Sheet of a Listed and an unlisted company as an auditor for F.Y. 2011-12, F.Y. 2012-13 and F.Y. 2014-15, what will be the obligations and the duty of the company whose balance sheet he has signed.
Does the books of accounts become void ab initio? Are the companies required to get their books reaudited?
Facts of the case:
1. The companies were not aware of his suspension and disqualification for appointment as an auditor.
2. The companies have obtained the auditor's acceptance at the time of his reappointment(as per Co. Act, 1956) and ratification(as per Co. Act, 2013).
Also, please specify if there is any penalty specified under the SEBI guidelines as well (as one of the companies is listed)
CAclubindia
