Project Controller ACA MBA(Fin.)
8019 Points
Joined July 2007
No its not the case. For every audit, the partner who is considering the audit is the main incharge. However, if any wrong thing is done by that partner, then he is liable to the firm i.e the other partners.
Regarding, CA Misconduct, the Partner who is the main auditor in the wrong doing, is held to be guilty of misconduct along with the other consented partners to the act, and ICAI can levy penalties on firm as well as on the partners
Further, in case any penalty is levied on the firm because of the wrong doing, then the guilty partners are liable to compensate the loss to the firm as per the partnership deed.
In Nut shell, every partner who is aware of the wrong doing and has asserted to it, will be held liable as guilty.
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