Government contract
Querist : Anonymous
Terms and conditions says that the price charged for the supplied item under the contract shall in no event exceeds the lowest price at which the contractor sells this medicine to other person.
Now at the time of audit auditors finds that company is selling medicines to government at very high price as compared it is selling to other.
and government is not aware about this, Now what will auditor do to safe guard himself.
Querist : Anonymous
please suggest if it has any impact on financial statements or audit report also under which section or act we can report
Fraud is defined in section 17 of Indian contract Act 1872, a promise made without the intention of performing it.
Querist : Anonymous
Is their any reporting requirment under ICFR.
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