Failure to Detect Fraud in Financial Statement is Professional Misconduct: ICAI Removes Name of CA for 1 Year [Read Order]

Failure - Failure to Detect Fraud - Fraud - Financial Statement - Failure to Detect Fraud in Financial Statement - taxscan

The Institute of Chartered Accountants of India(ICAI) removed the name of a Chartered Accountant for one year and noted that failure to detect fraud in financial statement is professional misconduct. The Committee noted that the Respondent was the statutory auditor of the Indian Bullion Market Association Limited (“IBMAL Company”) and he had audited and submitted…

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