06-07-2009, 08:44 PM
Please be specific in your question,However,
If Company has appointed auditor but did not conduct audit then auditor shall in non of the case be liable if the default does not relate to any of the disqualification specified under section 254 of the company ordinance 1984.
The following Penalities may be imposed on the company under different sections of the ordinance( if it is default on company's part)
1. If under section 244, company has issued balance sheet without annexing thereto the Auditor's Report then company & every officer shall be liable to fine up to Rs.5,000.
2. If u/s 255 , Clause No. 16.7, if any officer refuses or fails to allow auditor to access books or paper or does not give required information to the auditor then such officer shall be liable to fine upto Rs. 5000 & further fine of Rs. 100 for each day of default.
3. If default relates to Section 252 - 254 or 256 - 258 (on the part of the company) i.e regarding Appointment, Remuneration,Removal, Qualification/Disqualfication etc. then company & every officer will be fined upto Rs. 2000.
Best Regards,
If Company has appointed auditor but did not conduct audit then auditor shall in non of the case be liable if the default does not relate to any of the disqualification specified under section 254 of the company ordinance 1984.
The following Penalities may be imposed on the company under different sections of the ordinance( if it is default on company's part)
1. If under section 244, company has issued balance sheet without annexing thereto the Auditor's Report then company & every officer shall be liable to fine up to Rs.5,000.
2. If u/s 255 , Clause No. 16.7, if any officer refuses or fails to allow auditor to access books or paper or does not give required information to the auditor then such officer shall be liable to fine upto Rs. 5000 & further fine of Rs. 100 for each day of default.
3. If default relates to Section 252 - 254 or 256 - 258 (on the part of the company) i.e regarding Appointment, Remuneration,Removal, Qualification/Disqualfication etc. then company & every officer will be fined upto Rs. 2000.
Best Regards,
