Revision of audited report by CA before adoption of earlier audit report in AGM would not constitute misconduct

CA Sandeep Kanoi A careful analysis of  Guidance Note on Revision of the Audit Report issued by the Council of the Institute of Chartered Accountants of India would reveal that it is permissible for the respondent to rectify and revise the audit report even after it is submitted.  There is no embargo or prohibition as such.  The guidance note of 2003 lends further support to the same.  A perusal of the extracted portion would go to confirm that the Council per se did not find revising the audit report as an irregularity, but the Council was of the opinion that not specifically mentioning a...