SECP Vs. Chartered Accountants.

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SECP Vs. Chartered Accountants.

smraza
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#66

09-16-2003, 12:16 AM

Dear Pervez,
I want some guidance on a matter regarding qualification in audit report,
the case is that the company obtained a loan from a bank, which was restuctured two years back, and the markup was freezed by the bank, but the company made default in making payment to the bank, now today,
the bank is still showing the same markup (frozen) in books of accounts, and auditor receives the confirmation from bank which shows the mark up up to today's balance sheet date. the company doesnt provide the addtional mark up in it books, on the contention that they will negotiate with the bank and will not pay the mark up additional to the frozen mark up, but in auditor's opinion said markup should be provided in books of accounts.
Now if the company agrees to disclose the figure of additional mark up which is not provided in accounts, and also discloses the same "claims not acknowledged as debt" under the head "Contingencie", then what is the auditor's liability in this respect.
Whether he should qualify the report for underprovison of markup, or he can insert a matter of emphasis without qualifying his opinion and referring said issue in notes to the financial statments????

S M R

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SECP Vs. Chartered Accountants. - by smraza - 07-17-2003, 12:47 AM

[No subject] - by Pervez - 07-17-2003, 09:33 AM

[No subject] - by jbladeus - 07-17-2003, 08:35 PM

[No subject] - by smraza - 07-18-2003, 03:34 AM

[No subject] - by Pervez - 07-18-2003, 09:26 AM

[No subject] - by smraza - 07-18-2003, 08:04 PM

[No subject] - by Pervez - 07-19-2003, 07:22 AM

[No subject] - by smraza - 07-20-2003, 04:14 AM

[No subject] - by irfanahmedmeer - 08-01-2003, 07:16 PM

[No subject] - by CBPian - 08-02-2003, 02:47 AM

[No subject] - by CBPian - 08-02-2003, 02:49 AM

[No subject] - by Pervez - 08-02-2003, 08:25 AM

[No subject] - by smraza - 08-03-2003, 12:23 AM

[No subject] - by Pervez - 08-03-2003, 01:35 AM

[No subject] - by smraza - 08-04-2003, 12:24 AM

[No subject] - by CBPian - 08-07-2003, 08:13 PM

[No subject] - by smraza - 08-08-2003, 04:43 AM

[No subject] - by Pervez - 08-08-2003, 08:57 AM

[No subject] - by Bowman - 08-08-2003, 03:26 PM

[No subject] - by Pervez - 08-08-2003, 08:10 PM

[No subject] - by Bowman - 08-09-2003, 03:07 AM

[No subject] - by smraza - 08-11-2003, 04:16 PM

[No subject] - by Bowman - 08-11-2003, 08:58 PM

[No subject] - by Pervez - 08-12-2003, 10:08 AM

[No subject] - by smraza - 08-15-2003, 06:19 AM

[No subject] - by n/a1 - 08-15-2003, 05:51 PM

[No subject] - by jbladeus - 08-15-2003, 06:51 PM

[No subject] - by sumaaan - 08-15-2003, 07:54 PM

[No subject] - by smraza - 08-16-2003, 06:59 AM

[No subject] - by sumaaan - 08-16-2003, 07:33 AM

[No subject] - by zubair - 08-16-2003, 08:51 AM

[No subject] - by Pervez - 08-17-2003, 09:06 AM

[No subject] - by Bowman - 08-18-2003, 01:01 AM

[No subject] - by Pervez - 08-18-2003, 03:16 AM

[No subject] - by smraza - 08-31-2003, 12:24 AM

[No subject] - by Pervez - 08-31-2003, 06:47 AM

[No subject] - by smraza - 08-31-2003, 10:38 AM

[No subject] - by Pervez - 09-01-2003, 01:27 AM

[No subject] - by smraza - 09-01-2003, 03:31 AM

[No subject] - by Pervez - 09-01-2003, 05:13 AM

[No subject] - by smraza - 09-01-2003, 07:29 AM

[No subject] - by Pervez - 09-01-2003, 12:27 PM

[No subject] - by smraza - 09-02-2003, 12:29 AM

[No subject] - by smraza - 09-08-2003, 06:45 PM

[No subject] - by Pervez - 09-09-2003, 10:45 AM

[No subject] - by smraza - 09-09-2003, 05:03 PM

[No subject] - by jbladeus - 09-09-2003, 08:31 PM

[No subject] - by smraza - 09-10-2003, 05:49 AM

[No subject] - by Pervez - 09-10-2003, 12:00 PM

[No subject] - by smraza - 09-10-2003, 08:48 PM

[No subject] - by Pooooh - 09-11-2003, 07:40 AM

[No subject] - by Pervez - 09-11-2003, 10:58 AM

[No subject] - by Pooooh - 09-11-2003, 02:57 PM

[No subject] - by smraza - 09-11-2003, 07:50 PM

[No subject] - by Pervez - 09-11-2003, 08:46 PM

[No subject] - by smraza - 09-12-2003, 02:53 AM

[No subject] - by Pervez - 09-12-2003, 03:10 AM

[No subject] - by Pooooh - 09-12-2003, 03:40 PM

[No subject] - by Pervez - 09-12-2003, 07:54 PM

[No subject] - by smraza - 09-13-2003, 12:58 AM

[No subject] - by Pooooh - 09-13-2003, 03:41 AM

[No subject] - by Pervez - 09-13-2003, 06:32 AM

[No subject] - by Bowman - 09-13-2003, 03:23 PM

[No subject] - by smraza - 09-13-2003, 05:11 PM

[No subject] - by Pervez - 09-15-2003, 08:28 AM

[No subject] - by smraza - 09-16-2003, 12:16 AM

[No subject] - by Pervez - 09-16-2003, 11:56 AM

[No subject] - by smraza - 09-16-2003, 07:50 PM

[No subject] - by Pervez - 09-17-2003, 09:52 AM

[No subject] - by smraza - 09-17-2003, 03:25 PM

[No subject] - by Pervez - 09-17-2003, 08:21 PM

[No subject] - by smraza - 09-17-2003, 08:44 PM

[No subject] - by alizain - 09-21-2006, 03:07 PM

[No subject] - by CBPian - 09-24-2006, 07:05 AM