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loans & advances taken by a company

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(Querist)
25 July 2009 I want to ask that a auditor has given advances to a company in which he is the auditor. My query is that can he sign the auditors report or it is professional misconduct on the part of the auditor.

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Ankur Garg

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Ankur Garg (Expert)
25 July 2009 Hi,

I think it would be professional misconduct on the part of the auditor.

Refer section 226 (3)(d) of companies Act, 1956

Regards

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