Can any please let me know, what action can an I.T.O. take in case he finds an audited Balance sheet with difference in total assets and total liabilities.
02 June 2007
It means the BS is not true and fair , and the auditor has certified as true and fair . Now whether it is due to bonafide error or negligence or gross negligence will be on facts of the case . The AO may complaine to ICAI or initiate legal action for issuing false certificate.
CAclubindia
