There is a company which has not complied with regulations on related parties transactions.the auditor is aware of this and it has also been pointed out by a shareholder to the auditor. the Auditor now refuses to answer to the shareholder stating that they cannot reply without the consent of the company. What is the remedy??
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Failure By auditor to furnish information
Replies (1)
hi !
You can file a Complaint with ICAI against the Auditor for Professional Misconduct under the following clauses :-
1) Failure to disclose a material fact known to the Auditors which is not disclosed in the Financial Statements ( Clause (5) of Part I of the Second Schedule);
2) Not exercising due diligence or being grossly neligent in the conduct of his professional duties. ( Clause (7) of Part I of The Second Schedule)
Thanks,
Vinod
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