Failure to Verify Scrap Sale Transaction During Audit is Gross Professional Misconduct under CA Act: ICAI imposes 50000 Fine [Read Order]

Failure to Verify Scrap Sale Transaction - Verify Scrap Sale Transaction - Scrap Sale Transaction - Audit - Gross Professional Misconduct under CA Act - CA Act - ICAI Imposes 50000 Fine - ICAI - Fine -Taxscan

The Institute of Chartered Accountants of India (ICAI) imposed a 50000 fine on failure to verify scrap sale transactions during an audit is gross professional misconduct under Chartered Accountants (CA) Act. CA. Sudhakar C did the statutory audit of M/S. Metal Closures (P) Ltd (‘the Company’). The Company was enjoying comprehensive credit facilities under a…

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