When a CA in industry prepares financial reports during the course of their employment, it may be under the specific instruction or with the agreement of their employer. So what happens in these cases if the CA prepares misleading financial reports? Well, ultimately the CA is still responsible.
That's one of the lessons Steve* learned after getting a bit "creative" with some financial statements.
The situation
Steve works as the chief financial officer for a group of five companies. Mike, not a CA, is the group's principle owner.
Among these companies is Thetis Incorporated ("Thetis"), which is registered as an exchange contracts dealer and a portfolio manager. …
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