ATHAR AND CO., CHARTERED ACCOUNTANTS versus DIRECTOR (ENFORCEMENT), SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN
Generating and submitting false and illegal audit reports through the Section 260 Securities and Exchange Commission of Pakistan Act (XLII of 1997), Section 33 Audit Auditor. Was that the auditor failed to adequately amend its opinion on the account despite the serious concerns faced by the company when, according to the audit report company's history, the company said the uncertainty was due to inappropriate market conditions. Due to which your work has to be suspended. The company defaulted on its obligations to pay its obligations against the banks. All employees of the company were relieved. And power supply and other facilities were shut down and so on. The Director of the Commission (Enforcement) imposed a fine of Rs 70,000 on the auditor under Section 260 (1) of the Companies' Ordinance, 1984 Accuracy Auditor. It was his responsibility to look into its suitability. The use of management concern assumptions in the preparation of financial statements and to consider if there was a material uncertainty of continuing as an entity concern that the auditor needs to disclose in the financial statements should the auditor consider whether There were events or circumstances and the associated business risks that could raise significant doubts about the entity's ability to continue as a critical situation. The audit report should include special reference to the fact that there was a material uncertainty. Can raise significant doubts about the merits of existence. Continuing the auditor's offer that the operation be restored later, results of operations in half-yearly accounts
Related judgments — Securities and Exchange Commission of Pakistan, 2013
