Responsibility of audit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

31 January 2011 whether only signing partner would be liable or all partners would be equally liable, in case of death of signing partner, financial statement found misappropriated then others partners would be liable or not.....?

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
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31 January 2011

All the partners are equally responsible.

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However; more responsbilities are born by the person who signs the Audit Report.

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Whenever such cases are found; then the case is lodged in the name of the firm and not in the name of individual partner.