caro
This query is : Resolved
02 February 2009
can i have mao caro 21 provisions (if any amendments over there)
VINAYAK D PRABHU
(Expert)
02 February 2009
MAOCARO is changed .. now apllicable only CARO..
As per CARO, POINT NO.21 is
4 (xxi) Whether any fraud on or by the
company has been noticed or
reported during the year; If
yes, the nature and the amount
involved is to be indicated;
Explanation: Reporting is required in respect of frauds on or by the company which were:
1)noticed or
2)reported
Though, it is not explicitly specified, the reporting may be in respect of such
frauds noticed or reported by the management and not by the auditors.
The term ‘reported’ may mean ‘reported to law enforcing authorities’ and/or to
‘related regulatory authorities’.
The extent to which the information is to be detailed for reporting ‘the nature
and the amount involved’ needs to be examined.
As per CARO, POINT NO.21 is
4 (xxi) Whether any fraud on or by the
company has been noticed or
reported during the year; If
yes, the nature and the amount
involved is to be indicated;
Explanation: Reporting is required in respect of frauds on or by the company which were:
1)noticed or
2)reported
Though, it is not explicitly specified, the reporting may be in respect of such
frauds noticed or reported by the management and not by the auditors.
The term ‘reported’ may mean ‘reported to law enforcing authorities’ and/or to
‘related regulatory authorities’.
The extent to which the information is to be detailed for reporting ‘the nature
and the amount involved’ needs to be examined.
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