Auditors Should Gather Independent Evidence over Management Assertions during Audits: ICAI Disciplinary Committee
An auditor should not only depend on representation received from the management but should also collect other necessary evidence which are necessary and relevant at the time of doing the audit.
By Navasree A.M - On May 22, 2024 7:04 am - 3 mins read
The Institute of Chartered Accountants of India ( ICAI ) reprimanded the Chartered Accountant ( CA ) with a Fine of Rs. 1,00,000/- stating that the CA has merely relied upon the representations of the management and failed to exercise requisite due diligence while auditing and was grossly negligent in reporting material fact and misstatement….
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