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| The Tax Publishers2019 TaxPub(DT) 7290 (Del-HC) : (2019) 267 TAXMAN 0370 CHARTERED ACCOUNTANTS ACT, 1949
Section 22
In terms of clause (8) of First Schedule to the Act, there is no requirement for an auditor to secure a no objection certificate from previous auditor as only requirement is that Chartered Accountant, who accepts position as an auditor, must communicate with previous auditor about same.
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Professional or other misconduct - Petition being appointed as an auditor - -
Petitioner filed the present petition against order passed by Board of Discipline of ICAI. By order, Board had found M/s. K not guilty of professional misconduct within the meaning of Clause (8) of Part I of the First Schedule to the Chartered Accountants Act, 1949. Petitioner-firm claimed that it was appointed as an auditor to audit the accounts of TIL for the financial year commencing 1-4-2006. Petitioner asserted that it continues to be the statutory auditor of TIL, as it had neither resigned nor it was removed. The petitioner claims that it did not complete the audit for financial year ending 31-3-2007, since it did not receive complete records for finalising the accounts. It was apparent that there were certain disputes and differences between petitioner and TIL. Held: In terms of clause (8) of First Schedule to the Act, there is no requirement for an auditor to secure a no objection certificate from previous auditor as only requirement is that Chartered Accountant, who accepts position as an auditor, must communicate with previous auditor about the same. Therefore, petition was dismissed.
REFERRED :
FAVOUR : Petition dismissed
A.Y. :
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