25 December 2015

New Fraud Reporting

Govt sets threshold for fraud reporting by auditors at Rs 1 crore

Auditors are now required to report any suspected corporate fraud amounting Rs 1 crore or more to the central government, as stringent measures are being put in place to curb misdoings.

Under the Companies Act, 2013, auditors are required to report to the government when they come across instances of fraud at a firm, but the threshold was not specified.

To introduce the threshold, the Corporate Affairs Ministry, which implements the Act, has issued the Companies (Audit and Auditors) Amendment Rules, 2015.

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