Hello,
There is a small firm for whom the audit for previous years (FY20/FY21/FY22) is conducted. The audit is completed and FS are also prepared and audit report is also completed.
But the current management of the firm is refusing to sign the report. The management during the period was different and they are in different positions and some have also left the firm. Because of their internal politics, neither the old management is signing the report nor the new management is signing the report.
I explained them the SAs and general practice that the current management needs to signt the report, but the current management is raising their hands and saying that they can't take responsibility of accounts prepared for previous management's tenure.
What is the way out? Is there any specific guideline/rule/clause that I can show the current management to convince them to sign the audit report?
CAclubindia
