Audit of accounts

SK Sharma (Querist) 29 December 2011 This query is : Resolved
A court has appointed a firm of Chartered Accountants to prepare and audit the accounts of a firm suspected to be involved in fraud in connivance with other individuals/ firms. i) Does audit of accounts cover investigation of fraud also?
ii)If yes, can you please give case law, if any available.

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M.Sheik Mohammed Ali (Expert) 29 December 2011
if the fact in issue then the court will consider for appointing CA, but you submit for petition to Chartered Accountant appointment for that verify.

prabhakar singh (Expert) 29 December 2011
If any bungling of business money is involved then that can be detected through a/c books of the firm involved by audit of the books for which a CA is competent expert professional whose aid can be taken by court to decide any such issue just like any expert,why so much surprise for it??????
Don't you know court powers to appoint experts for opinions on special issues,why looking for any case law????????????

Devajyoti Barman (Expert) 29 December 2011
When the court itself has directed such audit then it would definitely cover the point s of fraud.

Deepak Nair (Expert) 29 December 2011
Teh court can appoint auditors. Agree with the experts.

Rajeev Kumar (Expert) 29 December 2011
The court has directed for audit and the court may appoint auditor. The matter is certainly of fraud as the court interferes

Guest (Expert) 29 December 2011
The court has the right to verify the facts for its satisfaction in order to deliver the right judgment in the case.

Shonee Kapoor (Expert) 01 January 2012
Nothing more to add.

Regards,

Shonee Kapoor
harassed.by.498a@gmail.com

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