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Prosecutions filed against auditor after inspecting DDCA books - Govt
PrintThe corporate affairs ministry said an inspection was conducted on functioning of Delhi and District Cricket Association (DDCA) and prosecutions were filed against the auditor.
In written reply to the Lok Sabha, Minister of State for Corporate Affairs P P Chaudhary said the government had received number of complaints alleging various irregularities in the functioning of DDCA from MP Kirti Azad and others.
Following the complaints, the government had ordered inspection in September 2012 of books of account and other papers of DDCA under the Companies Act.
The inspection report "indicated violations" of several sections of the Companies Act and also Accounting Standards.
"All the...offences were compoundable in nature and the company and officers in default have compounded the said offences before the then Company Law Board," Chaudhary said.
Further, non-compliance of certain provisions of the Companies Act were also pointed out against the auditors of the company in the inspection report.
"...prosecutions were filed against the auditor" and a complaint was also lodged with the Institute of Chartered Accountants of India, the minister said. #casansaar (Source - PIB, PTI, Economic Times)
In written reply to the Lok Sabha, Minister of State for Corporate Affairs P P Chaudhary said the government had received number of complaints alleging various irregularities in the functioning of DDCA from MP Kirti Azad and others.
Following the complaints, the government had ordered inspection in September 2012 of books of account and other papers of DDCA under the Companies Act.
The inspection report "indicated violations" of several sections of the Companies Act and also Accounting Standards.
"All the...offences were compoundable in nature and the company and officers in default have compounded the said offences before the then Company Law Board," Chaudhary said.
Further, non-compliance of certain provisions of the Companies Act were also pointed out against the auditors of the company in the inspection report.
"...prosecutions were filed against the auditor" and a complaint was also lodged with the Institute of Chartered Accountants of India, the minister said. #casansaar (Source - PIB, PTI, Economic Times)
Category : Auditing | Comments : 2 | Hits : 1863
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Comments
KAPIL MITTAL
22-Mar-2018 , 07:13:34 amThere is a need for a regime where the qualification in auditors'report should invite penalty & if required the prosecution of the auditee so that menace of non-compliance as far as the auditee is concerned is automatically checked and would also result in empowering the statutory audit as an institution.
KAPIL MITTAL
22-Mar-2018 , 07:14:31 amNot just the audito, even the auditee management should be sent behind the bar in case of DDCA non-compliances and mis-managements of affairs