adjudication order on auditor

SEBI has passed an adjudication order in the matter of statutory auditors of Tarini International Limited for giving false and misleading certificate of utilisation of funds post a public issue. The issue was addressed in much exhaustive detail in the order and a fine of Rs.15 lakhs levied on the auditor. The onus on the auditors is very onerous and it behoves him to apply his mind 1000% to the matter and rely only on actual facts corroborated by documentary evidence and not rely on the management representation in this matter. It is not a matter to be taken lightly by the auditors. There should not be price cutting by auditors to secure such mandates as such job entails great responsibility.

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