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REPORTING FRAUDS BY AUDITORS

Corporate Laws / Banking / SEBI / LLP - By: - Mr. M. GOVINDARAJAN - Dated:- 24-3-2015 Last Replied Date:- 25-3-2015 - Section 143 (14) of the Companies Act, 2013 ( Act for short) provides that notwithstanding anything contained in this section, if an auditor of a company, in the course of the performance of his duties as an auditor, has reasons to believe that an offence involving fraud is being or has been committed against the company by officers or employees of the company, he shall immediate .....

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ing their reply or observations within 45 days; On receipt of such reply or observations from the Board or the Audit Committee within the stipulated period of 45 days he shall forward his report to the Central Government along with a note containing the details of his report that was earlier forwarded to the Board or the Audit Committee for which he failed to receive any reply or observations within the stipulated time. The report shall be sent to the Secretary, Ministry of Corporate Affairs in .....

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contravened by reason of his reporting the matters if it is done in good faith. The report shall, among other things, contain the following: Date of the annual general meeting when the Auditor was appointed or reappointed; Address of the office or location where the suspected offence is believed to have been or is being committed; Full details of the suspected offence involving fraud (documents in support should be attached); Particulars of officers or employees who are suspected to be invo .....

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