Guidance Note on Reporting on Fraud under Section 143(12) of the Companies Act, 2013
Auditors have always had an important role to play in enhancing the credibility of the financial information. With the introduction of section 143(12) of the Companies Act, 2013, the Central Government is apparently seeking the support of the auditors in bringing in greater transparency and discipline in the corporate world to protect the interests of the shareholders as also the public, at large.
Guidance Note on Reporting on Fraud under Section 143(12) of the Companies Act, 2013 is aimed to address the intent, scope, implementation and collateral repercussions of the provisions of this section and the related Rules on the auditors and the companies which were subject matter of much debate before this Guidance Note.
Full Text of the Guidance Note: