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DETECTION OF FRAUD The Auditor shall exercise professional judgment and maintain professional scepticism throughout the planning and performance of the audit to detect and report the fraud envisaged under the provisions of Section 143(12) of the Companies Act, 2013 read with Companies (Audit and Au
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Professional scepticism means an auditor maintains a questioning mind, is alert to conditions that might indicate misstatement due to error or fraud, and critically assesses audit evidence.
If an auditor has sufficient reason to believe an offence involving fraud has been committed by officers or employees, they must report it to the Audit Committee/Board or the Central Government as per the Companies Act, 2013.
An auditor must report suspected fraud to the Central Government within sixty days of gaining knowledge, after seeking the Board or Audit Committee's reply within forty-five days.
No, Section 143(12) of the Companies Act, 2013, specifically covers fraud by officers or employees of the company and does not include fraud by third parties like vendors or customers.
An event or action having a major bearing significantly affects the company's going concern, alters its charter, capital structure, management, business operations, or control.
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