| Penalties under companies act for Auditor | |||||||||||
| Section | Indicated in | Description | Auditors | Company | Officers of Company in Default | ||||||
| Basic contravention | Basic contravention | Basic contravention | Contravention done knowingly with an intent to deceive the company,shareholder,creditors or tax authorities | Fine | Imprisoment | Fine | Both? | ||||
| Fine | Refund of remuneration | Damages for loss on account of incorrect or misleading statements in the report | Fine | Imprisonment | |||||||
| 139 | 147 | Appointment of auditor | Rs 25,000 to 5,00,000 | Yes | Yes | Rs 1,00,000 To 25,00,000 | upto 1 Year | Rs 25,000 to 5,00,000 | upto 1 Year | Rs 10,000 to 1,00,000 | Yes |
| 140 | 147 | Removal,resignation of auditor and giving of special notice reasons and facts of resignation | NO penalty | NO penalty | NO penalty | NO penalty | NO penalty | Rs 25,000 to 5,00,000 | upto 1 Year | Rs 10,000 to 1,00,000 | Yes |
| 140(2) | 140(3) | Removal,resignation of auditor and giving of special notice- when an auditor regisns he needs to file a statement with the company/register & CAGG | Rs 50,000 TO 5,00,000 | Rs 25,000 to 5,00,000 | upto 1 Year | Rs 10,000 to 1,00,000 | Yes | ||||
| 141 | 147 | Eligibility,Qualification and Disqualification of auditors | NO penalty | NO penalty | NO penalty | NO penalty | NO penalty | Rs 25,000 to 5,00,000 | upto 1 Year | Rs 10,000 to 1,00,000 | Yes |
| 142 | 147 | Remuneration of auditors | NO penalty | NO penalty | NO penalty | NO penalty | NO penalty | Rs 25,000 to 5,00,000 | upto 1 Year | Rs 10,000 to 1,00,000 | Yes |
| 143 (Except subsec 12) | 147 | Powers and duties of auditors standard, audit report contents, inquiries to be made by the auditor, branch audit,govt company audit AND C&AG | Rs 25,000 to 5,00,000 | Yes | Yes | Rs 1,00,000 To 25,00,000 | upto 1 Year | Rs 25,000 to 5,00,000 | upto 1 Year | Rs 10,000 to 1,00,000 | Yes |
| 143(12) | 143(15) | Fraud reporting | Fine ranging from Rs 1,00,000 to 25,00,000 | Rs 25,000 to 5,00,000 | upto 1 Year | Rs 10,000 to 1,00,000 | Yes | ||||
| 144 | 147 | Auditor not to render certain services | Rs 25,000 to 5,00,000 | Yes | Yes | Rs 1,00,000 To 25,00,000 | upto 1 Year | Rs 25,000 to 5,00,000 | upto 1 Year | Rs 10,000 to 1,00,000 | Yes |
| 145 | 147 | Auditor to sign audit reports | Rs 25,000 to 5,00,000 | Yes | Yes | Rs 1,00,000 To 25,00,000 | upto 1 Year | Rs 25,000 to 5,00,000 | upto 1 Year | Rs 10,000 to 1,00,000 | Yes |
| 146 | 147 | Auditor to attend general meeting | NO penalty | NO penalty | NO penalty | NO penalty | NO penalty | Rs 25,000 to 5,00,000 | upto 1 Year | Rs 10,000 to 1,00,000 | Yes |
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Wednesday, June 17, 2015
Penalties relating to Auditor under Companies Act 2013
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