Sir, how should I distinguish between clause 5 & clause 6 of first part of second schedule?

Questions › Category: CA-Final Prof Ethics › Sir, how should I distinguish between clause 5 & clause 6 of first part of second schedule?

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Jaspreet Singh asked 5 years ago

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Ravi Staff answered 5 years ago

5 is for omission — 1. asset and corresponding loan omitted / 2. DRR omitted / 3. contingent liability omitted
6 is for misstatement — assets overvalued / liabilities undervalued / knowingly gave wrong documents to IT department / wrong fund utilisation to bank