what is the liability to an Auditor , if he failed to consider anyone or more than one of the clause of CARO,2003 in his report.can he justify , it is the matter of materiality . If he is liable under companies Act , under which section he found liable ? What is the laiblity under CA Act,1949 ?
07 March 2008
DEFINITELY AN AUDITOR IS RESPONSIBLE FOR ACTS OF OMISSION OR COMMISSION AND PROFESSIONAL LAPSES OR EVEN POOR JUDGEMENTS OR BIASED JUDGEMENTS . UNDER SEC 233 FOR PENALTY (FOR NON COMPLIANCE UNDER SEC 227 TO 229,)THE AUDITOR IS LIABLE FOR ANY DOCUMENT SIGNED OR AUTHENTICATED WHICH IS NOT IN CONFORMITY WITH REQUIREMENTS OF SEC 227 TO SEC 229 . ANY DCUMENT INCLUDES OBVIOUSLY CARO 2003 ALSO. R.V.RAO
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