Pritam BhatPritam Bhat asked 2 years ago
1 Answers
RaviRavi Staff answered 2 years ago

Clause 5 focuses on Material Ommission 
Examples 
Fixed Assets are under mortgage not shown in FST
Fixed Assets Revalued not Shown in FST
DRR not made
Loan taken from PF Trust of Employee but not shown in FST
Contingent Liabilities not shown in FST
Clause 6 focuses on Material Misstatements (other than Omission)
Fixed Asset Overvalued
Liability Undervalued 
Fund Utilisation Statement sent to Bank is Incorrect 
Documents sent to income tax department are incorrect 
 
If ca in practice did not report in all above cases of 5 and 6 knowingly he will be deemed to be guilty of professional misconduct
 
 

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