EXCESS TAX AUDITS - CONSEQUENCES

M/s ABC & Co, Chartered Accountants, New - Delhi is a vast expertise audit firm in Delhi. The staff of ABC & Co after completion of the Tax Audit Season ending 15.10.2010 found that their principle have done 46 Tax Audits for the financial year 2009 -10. The auditor signed the reports keeping reliance on their staff. 

Does the auditor have to face any penal or legal consequences? If yes State them

Its happened case...... Experts  -  Please reply urgent !

Replies (3)

its a case of professional misconduct...ICAI will take strict action..

Thanks for comment.

Whether there will be any relief to the auditor, on proving that the mistake was committed due to heavy work burden and that to by the staff.???    

Yes memeber are guilty under professional Miscounduct... Now ICAI also ask from CBDT the details of CAs who had Crossed their limit... According to my personal View, No Remdy Possibel Exept you have to revised the retun of that excess Client and mentation the name of Other auditor and get the audit report from that other auditor....


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