Non Compliance of Provisio of CARO,2003
This query is : Resolved
CA S Sundararajan
(Querist)
07 March 2008
Dear Sir,
what is the liability to an Auditor , if he failed to consider anyone or more than one of the clause of CARO,2003 in his report.can he justify , it is the matter of materiality . If he is liable under companies Act , under which section he found liable ?
What is the laiblity under CA Act,1949 ?
what is the liability to an Auditor , if he failed to consider anyone or more than one of the clause of CARO,2003 in his report.can he justify , it is the matter of materiality . If he is liable under companies Act , under which section he found liable ?
What is the laiblity under CA Act,1949 ?
S.Srinivasaraghavan
(Expert)
07 March 2008
It is not possible to answer this question in a general way. The severity depends upon case to case basis.
CA S Sundararajan
(Querist)
07 March 2008
Thank you Sir,
Is an auditor specifically liable for non-cpmliance of provisions of CARO ,2003 or not ?
Is an auditor specifically liable for non-cpmliance of provisions of CARO ,2003 or not ?
07 March 2008
DEFINITELY AN AUDITOR IS RESPONSIBLE FOR ACTS OF OMISSION OR COMMISSION AND PROFESSIONAL LAPSES OR EVEN POOR JUDGEMENTS OR BIASED JUDGEMENTS .
UNDER SEC 233 FOR PENALTY (FOR NON COMPLIANCE UNDER SEC 227 TO 229,)THE AUDITOR IS LIABLE FOR ANY DOCUMENT SIGNED OR AUTHENTICATED WHICH IS NOT IN CONFORMITY WITH REQUIREMENTS OF SEC 227 TO SEC 229 .
ANY DCUMENT INCLUDES OBVIOUSLY CARO 2003 ALSO.
R.V.RAO
UNDER SEC 233 FOR PENALTY (FOR NON COMPLIANCE UNDER SEC 227 TO 229,)THE AUDITOR IS LIABLE FOR ANY DOCUMENT SIGNED OR AUTHENTICATED WHICH IS NOT IN CONFORMITY WITH REQUIREMENTS OF SEC 227 TO SEC 229 .
ANY DCUMENT INCLUDES OBVIOUSLY CARO 2003 ALSO.
R.V.RAO
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CA S Sundararajan
(Querist)
07 March 2008
THANK YOU VERY MUCH FOR PAINED TO ANSWERE MT QUERY
S.Srinivasaraghavan
(Expert)
08 March 2008
Ok
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