Failure of CA to investigate transactions in depth is gross negligence in performing professional duties

Brief of the case:

The Hon’ble Delhi High Court in the above cited case held that a Chartered Accountant while doing concurrent audit is expected to check the transactions falling within the scope of audit in depth. Thus, non-checking of the same would be gross negligence on his part while performing professional duties.Accordingly, he is liable to face the charge of professional misconduct under clause 7 of the First Schedule

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