MOST URGENT QUERY - ANSWERS PLEASE

K N V S SIVAKUMAR (QUALITY LEAD AT CHEGG INDIA PVT LTD)   (964 Points)

13 October 2010  

 

M/s ABC & Co, Chartered Accountants, New - Delhi is a vast expertise audit firm in Delhi. The staff of ABC & Co after completion of the Tax Audit Season ending 15.10.2010 found that their principle have done 46 Tax Audits for the financial year 2009 -10. The auditor signed the reports keeping reliance on their staff. 

Does the auditor have to face any penal or legal consequences? If yes State them

Its happened case...... Experts  -  Please reply urgent !