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Reporting of Fraud

Statutory Audit 444 views 3 replies

Dear All,

A company is carrying out illegal activities which came to knowledge of auditor from 3rd party.

What precautions we can take as a statutory auditor and how can we report the same. Also, the same does not have any the monetary impact on financial statements.

Replies (3)
The monetary impact of financial statements are very simple.
Yes penalty should be levied
Please read 143(12) of The companies Act 2013


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