Reporting on Fraud under Section 143(12) of the Companies Act, 2013

       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. The Institute of Chartered Accountants has come out with a Guidance Note on Reporting on Fraud under Section 143(12) of the Companies Act, 2013 with a aim to address auditors responsibility while carrying out a limited review or other attest services, issues in reporting on section 143(12) in audit of consolidated financial statements and more of such incidental issues that would arise before the auditors in complying with the requirements of this section and the related Rules. Besides, this Guidance Note gives much needed guidance on the concepts of reasons to believe”, “suspicion”, etc., and other procedures involved.

Following presentation is based on the above subject:-

https://drive.google.com/file/d/0B1rRav-P4-8JYkdERGdLTG1Ib2c/view?usp=sharing